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ABB continues its transformation
Delivers higher revenues, base orders and net income
Revenues up 3 percent
Base order growth of 2 percent
Total orders reflects lower large contract awards; book to bill ratio 1.07x
Operational EBITA margin 12.1%; solid operating leverage considering 60 bps positive insurance reserve adjustment in 2016
Net income $724 million versus $500 million; operational EPS +1%
Cash flow from operating activities $509 million reflects delay of incentive payments caused by the South Korea case
Active portfolio management: high-voltage cables divestment closed, B&R acquisition announced April 4
Commercial launch of ABB Ability™
“ABB delivered its second consecutive quarter of revenue growth. Underlying operational performance improved considering last year’s communicated correction of insurance reserves,” said ABB CEO Ulrich Spiesshofer. “We are seeing the first signals of market stabilization in some process industries, as well as some growth signals in early-cycle businesses. Power Grids’ order pattern for the quarter reflects a Chinese HVDC project, which was awarded in Q1 2016. Overall, underlying demand in China remains positive.”
“We commercially launched ABB Ability, our industry-leading digital offering and are really pleased with the very positive customer response,” he said. “With the completed sale of the cables business and the recently announced acquisition of B&R, an innovation leader in machine and factory automation, we continue our active portfolio management, as we further de-risk the portfolio and continue to shift ABB’s center of gravity to higher growth segments and strengthened competitiveness.”
The complete press release including the appendices is available at www.abb.com/news.
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