ABB - ABB shares surge after Q1 earnings beat big jump in orders

ABB Ltd. (NYSE:ABB) +5.9% pre-market Thursday after reporting stronger than expected Q1 GAAP earnings and a big jump in orders, offsetting raw materials inflation and component shortages. Q1 net profit jumped 20% Y/Y to $604M, beating the consensus forecast of $562M, operating EBITDA improved 4% to $997M, and orders surged 28% on a comparable basis to $9.37B, but revenues inched higher to $6.97B and missed consensus estimates. The strong order intake was driven by "high general customer activity" and not by large orders, the company said. ABB (ABB) maintained its full-year guidance and confirmed that it expects to make a decision on a spinoff or sale of its turbocharging business in Q2. "Cash delivery will clearly be in focus going forward and I expect a solid full-year cash flow," CEO Bjorn Rosengren said, after a sharper than expected drop in cash outflow from operating activities to $573M due to a buildup of net

For further details see:

ABB shares surge after Q1 earnings beat, big jump in orders