ABB Reports Second Quarter Gains

ABB Group of Zurich, Switzerland reported higher revenues and earnings in the second quarter of the year despite challenging global markets. Corporate revenues rose from $9.7 billion during the second quarter of 2012 to $10.2 billion in the second quarter of 2013, according to a company press release.

Operational EBITDA in the second quarter of 2013 amounted to $1.6 billion, an increase of 6 percent. Income from operations amounted to approximately $1.2 billion, 19 percent higher compared to the same quarter in 2012. ABB Group’s net income for the quarter increased 16 percent to $763 million, mainly related to foreign exchange and commodity timing differences as well as lower acquisition-related expenses and certain non-operational items. Basic earnings per share in the second quarter amounted to $0.33 versus $0.29 a year earlier.  

“We continue to see the positive impact on our results from our balanced geographic and business portfolio,” said Joe Hogan, CEO, in a press release. “We grew orders in a number of key sectors and geographies, including China, and we saw an encouraging trend with sequential order growth in most of our product business compared to the first quarter of the year.”

Hogan said the firm’s long-term growth drivers—such as the need for greater industrial productivity, more reliable and efficient power delivery and growth in renewables—remain in place. “Shorter-term trends such as industrial production growth and government policy are expected to remain the key drivers of demand over the rest of 2013. There are no clear changes in demand trends seen in the first half of the year as we head into the second half of 2013.”

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