ABB Q3 Profit Down, Operational EBITA, Orders Up; Likely To Meet FY23 Margin Target In FY22

(RTTNews) - Swiss engineering company ABB Ltd.(ANN.L, ABB) reported Thursday that its third-quarter net income attributable to the company declined 45 percent to $360 million from prior year's $652 million.

Basic earnings per share were $0.19, down from $0.33 last year.

Operational EBITA, however, increased 16 percent year-on-year to $1.23 billion, and Operational EBITA margin grew to 16.6 percent from 15.1 percent a year ago.

Revenues grew 5 percent to $7.41 billion from prior year's $7.03 billion. Comparable revenue growth was up 28 percent.

Orders increased 4 percent on a reported basis and 16 on a comparable basis from last year to $8.19 billion.

Looking ahead for the fourth quarter of 2022, the company anticipates a low double-digit comparable revenue growth, impacted by the high level of revenues recorded last year. The company expects the typical pattern of a sequentially lower Operational EBITA margin.

In full-year 2022, ABB said it is likely to achieve early the 2023 target of an Operational EBITA margin of at least 15 percent, supported by increased efficiency as it fully incorporates the decentralized operating model and performance culture in all divisions and strong top-line execution.

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