ABB - ABB doubles full-year revenue guidance after strong Q1

2023-04-25 10:15:24 ET

ABB Ltd. ( NYSE: ABB ) +3.1% in Tuesday's trading after reporting better than expected Q1 earnings and sales, and doubling its full-year revenue forecast .

Q1 net profit surged to $1.04B from $604M in the year-earlier quarter, beating forecasts of $877M in a company-gathered consensus of analyst estimate, as ABB ( ABB ) was able to convert its order backlog into customer deliveries.

Q1 operational EBITA jumped 28% to $1.28B, beating forecasts for $1.15B, with a margin of 16.3%, up from 14.3%, and revenues rose 13% to $7.86B, topping forecasts of $7.55B, while orders increased 9% to $9.45B.

CEO Bjorn Rosengren said the start to the year made him "very comfortable" about doubling ABB's ( ABB ) full-year sales guidance to increase by at least 10%, up from 5% previously, and raising its operational EBITA margin by at least 15%.

ABB's ( ABB ) stock price return shows a 19% gain so far this year and a 24% increase during the past 12 months .

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