Swiss industrial drives and motors company, ABB, reported an operational EBITA of $1.4 billion for Q3 on Wednesday, matching their predictions. However, the net income fell short of expectations, coming in at $882 million against the consensus forecast of $919 million. The company's revenues rose by 8%, reaching $8 billion, which was slightly under the projected $8.1 billion.
The company attributed a 2% reduction in order intake to a decrease in Chinese orders for robotics and construction. This decline was partially offset by double-digit growth in the US market.
Looking forward, ABB forecasts Q4 revenue growth to be in the low- to mid-single digit range. They also predict a full-year operational margin of 16.5% to 17%, and low double-digit full-year revenue growth.
ABB competes with Siemens and Schneider Electric (EPA:SCHN) in the industrial drives and motors sector. The company plans to announce new mid-term targets on their investor day scheduled for November 30, 2023.
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