Q3 2020 results
Zurich, Switzerland, October 23, 2020 - Strong underlying performance
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Orders $6.1 billion, -9%; comparable -8%1
- Revenues $6.6 billion, -4%; comparable -4%
- Income from operations $71 million; margin 1.1%
- Power Grids gain of $5.3 billion, pre-tax, recorded in discontinued operations
- Operational EBITA1 $787 million; margin1 12.0%
- Net income $4.5 billion, +780%, including Power Grids gain
- Basic EPS $2.14, +785%2; operational EPS1 $0.21, -36%
- Cash flow from operating activities $408 million, after $273 million negative impact from pensions; resilient cash delivery expected for the full year
“Third quarter revenues in all business areas were still dampened due to the impact of COVID-19, although a strong recovery in China and ongoing cost mitigation efforts supported a strong underlying performance. On the upside, the integration of GEIS and turnaround of Installation Products in Electrification is starting to bear fruit and Motion is performing robustly. Robotics and Industrial Automation, on the other hand, are taking more time to recover,” said Björn Rosengren, CEO of ABB. “We are pushing ahead with the decentralization of the group and the ongoing review of our portfolio, while carrying out our share buyback program as planned. We look forward to presenting further details on our strategic progress at our Capital Markets Day on November 19.”
The complete press release including the appendices is available at www.abb.com/news.
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1 For a reconciliation of non-GAAP measures, see “supplemental reconciliations and definitions” in the attached Q3 2020 Financial Information.
2 EPS growth rates are computed using unrounded amounts. Comparable operational earnings per share is in constant currency (2019 exchange rates not adjusted for changes in the business portfolio).
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