ABB Reports Higher 4Q Profit Despite Lower Revenue -- Earnings Review

Date : 02/05/2020 @ 1:34PM
Source : Dow Jones News
Stock : ABB Ltd (ABB)
Quote : 18.1  0.27 (1.51%) @ 1:00AM
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ABB Reports Higher 4Q Profit Despite Lower Revenue -- Earnings Review

ABB (NYSE:ABB)
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3 Months : From Jan 2020 to Apr 2020

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By Kim Richters

 

Swiss engineering company ABB Ltd. (ABBN.EB) reported fourth-quarter results on Wednesday. Here's what you need to know:

 

REVENUE: The company's revenue declined 4% to $7.07 billion, due to "challenging market conditions," it said. Analysts had expected revenue of $7.14 billion for the period, according to a consensus provided by the company.

 

NET PROFIT: Net profit rose to $325 million from $317 million the year-earlier period. Analysts expected net income of $230 million.

 

OPERATIONAL EBITA: Quarterly operational earnings before interest, taxes and amortization rose 22% to $710 million. According to the consensus, analysts expected operational Ebita to be $711 million.

 

ABB reported a "good enough set of numbers with good order intake progression and resilient margins despite weaker revenues," analysts at UBS said, calling the company's results a "decent end to 2019."

 

WHAT WE WATCHED:

 

-COST-CUTTING PROGRESS: The company's management said ABB's overhaul was on track, adding that it was "clearly starting to see the positive effects of implementing our new operating model and new culture."

 

-OUTLOOK 2020: ABB expects revenues for the full-year 2020 to be steady or slightly higher on comparable basis amid "continued weakness in some end-markets." This doesn't include possible impacts from the coronavirus outbreak, ABB said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

February 05, 2020 08:19 ET (13:19 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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