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ABB Shares Gain On Solid Q2 Results

ABB Shares Gain On Solid Q2 Results
  • ABB Ltd (NYSE: ABBreported second-quarter revenue growth of 21% year-over-year to $7.45 billion, beating the analysts’ consensus of $7.02 billion. Comparable revenue grew +14% year-over-year.
  • EPS of $0.37, an increase of 150% Y/Y, beats consensus of $0.34.
  • The company’s orders grew 32% Y/Y to ~$8 billion, comparable at +24% Y/Y.
  • The gross margin expanded by 140 basis points to 33.7%.
  • Operating income increase by 92% Y/Y, and margin improved to 14.7%.
  • Operational EBITA was up 71% Y/Y to $1.13 billion, and margin expanded by 440 bps to 15%.
  • Cash flow from operating activities year-to-date was $1.19 billion, compared to $252 million a year ago.
  • The company recently announced the acquisition of ASTI Mobile Robotics Group to drive the next generation of flexible automation with Autonomous Mobile Robots.
  • The company has cash and marketable securities of $4.23 billion as of June 30, 2021, and net debt stands at $2.26 billion.
  • Outlook: ABB expects third-quarter comparable revenues to grow ~10%, with orders growing more than revenues.
  •  It anticipates FY21 comparable revenue growth of just below 10% (update from ~5% or more).
  • Price action: ABB shares traded higher by 1.14% at $36.25 in the premarket session on the last check Thursday.

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