ABB Posts Lower Profit Despite Higher Earnings, Revenue
By Nina Kienle
ABB posted lower profit despite higher earnings and revenue.
The Swiss technology company said Thursday that first-quarter net profit dropped 13% from a year earlier to $905 million. Operational earnings before interest, taxes and amortization increased 11% to $1.42 billion and revenue rose to $7.87 billion from $7.85 billion. Orders dropped 5% to $8.98 billion from last year's record high, it said.
For the second quarter, the company anticipates a mid-single-digit comparable revenue growth year-on-year and operational Ebita margin to be slightly higher than the first quarter.
For full-year 2024, the company expects a positive book-to-bill, comparable revenue growth around 5% and operational Ebita margin around 18%.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
April 18, 2024 01:22 ET (05:22 GMT)
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