ABB 1Q Net Profit Rose; Issues 2Q Outlook
April 27 2021 - 1:35AM
Dow Jones News
By Mauro Orru
ABB Ltd. said Tuesday that net profit for the first quarter
increased but struck a cautious tone on the second quarter as it
expects growth rates to reflect the low levels of business activity
in the second quarter of 2020.
The Swiss engineering company said quarterly net profit rose to
$502 million from $376 million, below expectations of $541 million
from analysts polled by FactSet.
ABB confirmed that its closely-watched operational earnings
before interest, taxes and amortization----an adjusted metric that
measures income from operations--climbed to $959 million from $636
million, with a corresponding margin of 13.8%.
The company said earlier this month that its first-quarter
operational Ebita margin would rise to about 13.5% from 10.2%.
First-quarter revenue rose to $6.90 billion from $6.22 billion
on year as preannounced, while orders increased to $7.76 billion
from $7.35 billion.
ABB said comparable orders and revenue for the second quarter
should grow more than 10%, with orders growing more than
revenues.
It also expects the operational Ebita margin to significantly
improve on year to around 14%.
For the year, ABB said it continues to expect comparable revenue
growth of around 5% or higher.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
April 27, 2021 01:20 ET (05:20 GMT)
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