ABB Ltd Announces Q1 2024 Financial Results

ABB Ltd reported its financial outcomes for the first quarter of 2024, revealing several positives despite mixed overall results. The company experienced a slight decrease in orders by 5% to $8,974 million, compared against Q1 2023. However, on a comparable basis, this represents only a 4% decrease. In terms of revenue, ABB saw a stable performance, posting $7,870 million, marking a 2% increase on a comparable basis.

Notably, the company achieved a record high operational EBITA margin of 17.9%, an increase from last year's 16.3%. The income from operations also saw a slight increase to $1,217 million. Cash flow from operating activities significantly jumped by 157% to $726 million, highlighting an improved cash performance. Although basic earnings per share fell by 12% to $0.49, the overall financial position of ABB remains robust.

CEO Björn Rosengren emphasized the stronger-than-expected order momentum and excellent cash delivery as key factors contributing to the firm's optimistic outlook for 2024. The operational results support ABB's expectation to increase its margin over the year.

The financial disclosures were compounded by news of Rosengren's planned retirement by mid-2024, with Morten Wierod set to take over as CEO. The company anticipates continued revenue growth and margin improvements under the new leadership.