ABB 1Q Profit Rose on Strong Customer Activity; Raises 2023 Guidance
April 25 2023 - 12:43AM
Dow Jones News
By Christian Moess Laursen
ABB Ltd. said Tuesday that net profit rose 72% in the first
quarter of 2023 on strong customer activity, and it raised its
full-year guidance.
The Swiss industrial company said net profit grew to $1.04
billion from $604 million in the same quarter of 2022, as the
company was able to convert its order backlog into customer
deliveries.
Revenue increased 22% to $7.86 billion a year prior, while
orders rose 9% to $9.45 billion, both on a comparable basis. ABB
said in its fourth-quarter results that it anticipated double-digit
revenue growth in the first quarter of 2023.
This beat the expectations of $877 million for net profit and
$7.55 billion for revenue, according to analysts' consensus
provided by the company.
Operational earnings before interest, taxes and amortization--a
key metric for the company--grew 33% to $1.28 billion, with a
margin of 16.3%, up from 14.3%.
Looking ahead, the company expects double-digit revenue growth
in the second quarter of 2023, while seeing revenue growth of at
least 10% for the full year and an improved operational Ebita
margin. It had previously guided for revenue growth above 5% and an
operational Ebita margin of at least 15%.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
April 25, 2023 01:28 ET (05:28 GMT)
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