ABB has reported its financial results for the third quarter of 2024, showing modest growth in key areas. Orders reached $8,193 million, a 2% increase compared to the same period in 2023. Revenues also rose by 2% to $8,151 million. The company’s income from operations stood at $1,309 million, representing a margin of 16.1%. ABB’s operational EBITA reached $1,553 million, with a margin of 19.0%, maintaining a record level despite challenges in certain sectors.
The company’s gross profit grew 13% year-on-year, with a gross margin improving by 3.5 percentage points to 38.2%. ABB’s net income attributable to shareholders increased 7% to $947 million, while basic earnings per share grew 8% to $0.51. Cash flow from operating activities remained stable at $1.345 billion.
CEO Morten Wierod noted that ABB’s Electrification business offset weaker performances in Robotics & Discrete Automation and E-mobility. The company also experienced slower revenue growth, largely due to weaker performance in discrete automation and the Motion business area. However, strong year-on-year improvements were seen in most business areas, contributing to the solid EBITA margin.
ABB recently completed two acquisitions, expanding its service offerings. These include the Födisch Group, enhancing ABB’s capabilities in emission measurement, and SEAM Group, a US-based asset management provider. Looking ahead, ABB expects full-year 2024 comparable revenue growth below 5% and an operational EBITA margin slightly above 18%.
