ZURICH (dpa-AFX) - Swiss engineering company ABB Ltd.(ANN.L, ABB) reported Thursday that its second-quarter net income attributable to ABB surged 139 percent to $906 million from last year's $379 million.
Basic earnings per share were $0.49, up 145 percent from $0.20 a year ago.
Operational EBITA grew 25 percent to $1.43 billion from last year's $1.14 billion.
Revenues for the quarter climbed 13 percent to $8.16 billion from last year's $7.25 billion. Comparable revenues went up 17 percent.
In the quarter, orders meanwhile dropped 2 percent to $8.67 billion from prior year's $8.81 billion. Orders grew 2 percent on a comparable basis.
Looking ahead for the third quarter, ABB expects a low double-digit comparable revenue growth and the Operational EBITA margin to be slightly up from the 16.6 percent reported in the third quarter last year.
In fiscal 2023, despite current market uncertainty, the company still anticipates comparable revenue growth to be at least 10 percent.
The company now projects annual operational EBITA margin to be above 16 percent, while previous expectation was to improve Operational EBITA margin.
Bjorn Rosengren, CEO, said, 'The positive book-to-bill ratio and new record-high Operational EBITA earnings and margin add to our confidence about ABB's 2023 outcome allowing us to sharpen our margin expectations.'
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