ABB Ltd Stock Price: Quote, Forecast, Splits & News (ABB)

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ABB Ltd Price & Performance (ABB)

Stock Performance

Updated May 22, 2023, 8:00 PM UTC

ABB Ltd

$37.13USD

+$15.04 (+68.09%)

After Hours

-$37.13 (-100%)

Prev Close

$37.56

Market Cap

$69.02B

Day Range

$37.12 - $37.57

Open

$37.51

P/E Ratio

23.6

52W Range

$24.27 - $37.76

24H Volume

$237.19M

Dividend Yield

1.61%

EPS

1.57

Latest News

ABB Considers $3.5 Billion Robotics Sale Amid Strategic Review
May 11, 2025
ABB is weighing a potential $3.5 billion sale of its robotics division as an alternative to a previously planned spinoff. The company has begun engaging advisers to evaluate both options, with a final decision expected ahead of a possible listing in 2026. Analyst consensus rates ABB as a 'Hold.'123
Shares of ABB Rally but Analysts Signal Caution on Future Volatility
May 3, 2025
ABB Ltd stock continued its recent upward trend, gaining 1.39% on Tuesday. Despite positive momentum and buy signals from moving averages, analysts warn of potential volatility ahead, with forecasts suggesting a possible 7% decline in the next quarter. Technical indicators point to mixed near-term prospects.45
Quarterly Results Show ABB's Muted Growth Despite Strong Order Inflow
May 13, 2025
ABB reported modest Q1 revenue and profit growth, with revenues up 2.6% and net profit up 3.3% year-on-year. While the robotics segment grew 37%, process automation declined 20%. Analysts note that a sustained uptick in order inflows will be crucial for ABB to meet its medium-term growth targets.67

What's Happening

Peers

Earnings

Report Date

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Rev Estimate

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Avg 1d Change

2.47%

Report Period

Q1 2025

EPS Estimate

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Implied Move 1d

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Transcript

4m 43s

And a warm welcome also from my side. I would say that we had a strong start to the year. The team did a good job at staying focused in what has been a quarter with intense news flow. I would guess that we all have had tariffs on our radar screens. And, but if I was to pick up a few highlights from the quarter, those would be First of all, market activity was high. It was good to see that demand was strong throughout the quarter with a good finish in March. In total, we increased comparable orders by 5% from last year. Secondly, we beat our own expectation for operational EBITA margin in all business areas. Top of this, our margin got an extra boost from a one timer contributed 170 basis points to the margin of 20.2%. The third point I want to mention is the free cash flow of $652,000,000 This is good for a first quarter, which usually is a softer period for our cash generation. It puts us now in a good position to improve our annual free cash flow from the SEK3.9 billion we generated last year. We also made good progress towards our sustainability targets.

5m 57s

My final point is that we continue to be active with the business portfolio. In early March, the team in smart building closed the acquisition of the Siemens Wiring Accessories business in China. This adds to our already strong product portfolio. And importantly, it gives us additional market reach through our distribution network across two thirty cities. The deal adds about $150,000,000 in sales, and it is margin accretive. Today we also announced our plan to spin off the Robotics division as a separately listed company In our view, this change will support value creation for both companies. And as Ansi mentioned already, we will cover this separately later on. As part of the annual reporting suite, we published our sustainability statement. We made good progress in 2024. We are already close to fulfilling our 02/1930 targets for 80% reduction of CO2 emissions. At the end of 2024, we were down 78%. From the 2019 base level. But it's not only about us. I'm proud to say that with our technology we helped our customers avoid 66 megatons of emissions. With our products sold in 2024. Over the last three years, we have accumulated nearly two five megatons of avoided customer emissions.

7m 21s

I also want to mention safety. As this is something we cover in all our internal reviews. Keeping our people safe is an important KPI that we follow carefully. Zero incidents is always the target. And it's good to see that we continue to track on a low score, and we achieved 0.15 for 2024. Let's take a look at the market developments. And the short version is that orders were stable or up in most of our customer segments. Like I mentioned, comparable orders were up by 5%. This was driven by mid single digit growth in our short cycle orders which improved in all business areas. We also had 11% growth in the service business. But we had a slightly lower contribution from large orders. Some of the stronger areas were utilities, marine, ports, commercial buildings and most of the process related areas. Although chemicals and pulp and paper are generally more muted segments. Our robotics business had increased orders from the automotive segment. And our paint technology is the best on the market and we had customers choosing to remain with us as they expanded their international footprint. One can say we travel with the customer. Data center is usually a focused topic, and there has been quite some news flow in Q1.

8m 45s

The general sentiment remains very strong. We see some customers even accelerating their investments, even if some slower activity from one of the hyperscalers is noted in this quarter. Rail remains a strong area. One example from our traction business is the collaboration with Starlet in The U. S. We will supply converters and Pro Series batteries for train sets in Illinois and California. As The U. S. Moves towards greener rail transport. But even if the market is strong, orders in rail dropped from a high large order comparable. Switching to the revenue chart, €7,900,000,000 and 3% comparable growth was a bit below our original expectation. Did not convert the backlog or recent short cycle orders as quickly as expected. Volumes were the larger driver to growth, with some added contribution from positive pricing. Turning to look at the different geographies, we were actually up all three regions. The Americas, with good support from The U. S, was again the main growth engine and by 11%. Asia, Middle East, Africa improved by 4% and China turned to positive order growth after ten quarters in decline. All business areas contributed to the China growth of 13%. Europe was up 1% with a mixed picture between the countries.

10m 8s

Looking at our large markets, Germany declined while, for example, Italy improved. Uncertainty triggered by the tariff news load has put focus on footprint and operational setup between regions. I've said to our teams to continue to focus on what we can control. And take action to defend our market position and profitability. We have been successful in this area before. Our legacy of a local for local footprint serves us well. In The United States, we cover as much as 75% to 80% of our sales with local production. And we invest to increase this number. In Europe and China, have already reached an even higher local value chain. So I feel we are in a relatively good situation when it comes to local for local. In addition, we'd also benefit from an exemption such as the USMCA. Turning to earnings. Chart shows that we continued the upward trend for both absolute operational EBITA and margin. I said that I wanted us to become a plus 40% gross margin company That is what we delivered in Q1 when gross margin improved by two eighty basis points to forty one point seven. Admittedly, there was about 110 basis points of improvement coming from FX and commodity timing differences.

11m 29s

But we have shown we can reach the 40% level, and now have to work towards consistency. The team did a good job also on operational EBITA. Margin improved in three out of our four business areas. Only Robotics and Discrete Automation declined from last year. Importantly, they showed a positive sequential development and the machine automation division improved to a breakeven level. Top of the improved business performance, we had support from a property sale we completed here in Zurich. Which added about $140,000,000 This was booked in Corporate and Other and supported the margin by about 170 basis points. To the total of 20.2%. Even without this one timer, it has a good start to the year. And it sets us up to deliver on our guidance to improve margin from last year. Assuming no significant changes in the global economy. And now I hand it over to you, Timo. Thank you, Morten. And welcome to you all from my side as well. Let's now talk through the different business areas starting with electrification.

12m 41s

And the EL team keeps delivering new records. In Q1, they achieved a new all time high orders of $4,400,000,000 This is up 2% on a comparable basis from the previous high. A testament to strong underlying markets. Customer activity was stable to positive in most customer segments. This includes our two largest segments of utilities and buildings. Demand in buildings continues to be driven by the commercial market outside of China. And the residential market was overall stable although the China market is still weak. Morten talked about the data center segment earlier. And the slower activity we saw from one of the hyperscalers. I want to emphasize that outside of this specific event, we still see a very strong data center market. If we exclude this one hyperscaler, orders in data centers increased at mid teens pace. The base is now quite sizable as we data center orders of about 2,500,000,000.0 last year. So generally it is still a very strong general environment in this tech segment. Turning now to revenues. Electrification delivered 6% comparable growth with contribution from virtually all divisions. Volumes were driven by conversion of the order backlog related to medium voltage and power protection.

14m 15s

And also, the short cycle business improved by mid single digit. The profit chart on the right side shows the steady improvement Friend Electrification has achieved. And this quarter was no exception. Operational EBITA was up by 7%, to $886,000,000 with a margin of 23.2%. The gains from higher volumes operational efficiencies more than offset higher expenses mainly related to SG and A. All in all, a very strong quarter for Electrification adding to adding to our confidence for the year. Now looking into the second quarter. We currently expect low double digit growth in comparable revenues and the operational EBITA margin to improve slightly. From last year. Now turning to Motion, which delivered another quarter with order intake above $2,000,000,000 That said, lower large order bookings, mainly in Traction division, triggered a decline from last year's record high level. The strongest growth was noted in the Service division, while the short cycle improved slightly versus the prior year. We saw favorable order development in HVAC commercial buildings as well as in power generation. The softer areas included the process related segments of oil and gas chemicals and food and beverage. Rail also declined, but this was linked to the larger order comparable I just mentioned.

15m 55s

Shifting now to revenues, which was supported by both higher volumes and a positive price impact. The long cycle divisions improved as they executed on their high order backlogs. Even if this was slightly below our original expectation. This improvement was partly offset by a decline in the Service division while the short cycle areas were broadly stable. In total, this sums up to an increase of three percent in comparable revenues, to just over $1,800,000,000 The positive price development, coupled with continued operational improvements, contributed to a strong margin improvement of 110 basis points to 19.6%. And most divisions improved their profitability year on year. For the second quarter, we anticipate comparable revenue growth in the mid single digit range and the operational EBITA margin to remain broadly stable year on year. In Process Automation, we saw a continued healthy market environment. And orders came in at the high level of $2,000,000,000 increasing 23% year on year. The PA team delivered yet another quarter with a positive book to bill, At this time, 1.24 and the backlog is now $8,100,000,000 The Marine and Port segment continues to be growth driver. In this segment, we are mainly exposed to passenger vessels, and specialized vessels, which could, for example, include icebreakers or coast guard.

17m 34s

Port automation also continued to see strong underlying demand. As for the other segments, we saw a stable to positive order development in most of the energy and process related industries. The business climate, however, remains more muted in chemical, pulp and paper and mining. Revenues got off to a good start. And increased by 5% on a comparable basis. The team executed on their steadily increasing order backlog with added support from pricing. The team has done a really good job on quality of revenues as the order backlog gross margin has been increasing. As they now execute on this backlog, we see this supporting profitability in the business area. The contribution from the backlog more than offset the impact from lower volumes in the Product division. All in all, it resulted to a new record EBITA margin of 15.8% improving 20 basis points year on year. Looking at our expectation for the second quarter, we foresee comparable revenues to improve in the mid single digit range and the operational EBITA margin to be stable or slightly up. Year on year. If we flip now to robotics and discrete automation, it was good to see that this time both divisions contribute to the strong order growth of 17%.

19m 2s

The Robotics division saw positive order developments in the Automotive and consumer electronics sectors. Both of these important segments remain generally challenging. But we were able to grow orders as customers stick with our leading technology as they expand their geographical exposure. Other positive segments included food and beverage, the fashion industry as well as industrial machinery. In machine automation, orders increased sharply from last year's low level Inventory levels at our customers are normalizing, but we will have some inventory adjustments spilling over into the second quarter. But we still expect orders to continue to slightly improve sequentially. Moving now to revenues. The Robotics division reported a mid single digit growth rate driven by higher volumes from the book and bill business. This was however clearly offset by significant lower volumes in machine automation. In total, this resulted in comparable revenues being down 11% year on year. Although the profitability was down sharply year on year, due to the lower production volumes in machine automation, the sequential improvement was better than anticipated. The previously announced cost savings measures in Measurement machine automation helped improve the margin and this business is now back at breakeven level. The Robotics division increased margin from last year supported by higher volumes, and efficiency measures.

20m 41s

It remains well into the double digit territory. Combined, this resulted in an operational EBITA margin of 9.9% down three thirty basis points year on year but up 200 basis points sequentially. For RA, in the second quarter, we expect a slight sequential increase in absolute revenues and operational EBITA. Now let's move on to the cash flow. All business areas had a positive operating cash flow. It was supported by strong earnings, which offset the typical buildup of net working capital in the first quarter. The $652,000,000 of free cash flow was, in my view, very good. For a first quarter. The year on year increase of $101,000,000 was mainly driven by the real estate sale. The improved operational performance was mostly offset by higher payments related to taxes and interest. Net working capital remained broadly stable. I think the first quarter puts us on a good path to improve our free cash from last year's €3,900,000,000 The last time we met, we mentioned some reporting changes including return on capital employed. We now report group on quarterly basis and it remains a focus area for us. The chart here shows that the strong trend continued in the first quarter.

22m 18s

ROCE reached 23%, and improved two fifty basis points from last year. The increase was driven by three out of four business areas, as a result of higher earnings, the positive one timer and focused networking capital management. And with that, I hand it back to you, Morten.

22m 39s

Thanks, Timo. And with that, let's talk about today's portfolio announcement. Our plan to spin off the Robotics division as a separately listed company. We start these preparations now will work towards a proposal for the twenty twenty six AGM. If all goes to plan, we will distribute the business to shareholders as a dividend in kind. Meaning shareholders in ABB will receive shares in the robotics company in proportion to their existing holding. We plan for the robotics company to start trading during the second quarter of twenty twenty six. But we have not yet decided where the listing will take place. We are now looking at different alternatives, including Sweden and Switzerland. So why are we doing this? The prerequisite is of course that we think that it will benefit value in both companies. Robotics is a strong performer in its industry. And this will become more transparent we think it will be rewarded for its strong position and performance as a pure play robotics company. As you see in the chart to the left, robotics represents 7% of ABB Group revenues and 5% of earnings. And I should also mention that numbers on these slides are pre carve out estimates.

23m 55s

Some balance sheet numbers may change for the standalone entity. Robotics' performance profile is different versus the three larger business we have. And we believe it will benefit from being evaluated on its own merits. Instead of competing over capital allocation within ABB. Also, while it's a strong contender in its industry, there are limited synergies with other businesses in ABB. It almost already has a standalone profile, but without getting the full benefits. Last year Robotics generated about $2,300,000,000 in revenues, and in my view, they have proven themselves under the ABB way decentralized operating model. They have delivered a double digit margin in most quarters since 2019. A strong achievement in what has been an unusually volatile market. First, it was COVID, when they had to shut down the hub in China. Then the component shortages with the significant pre buys followed by the normalization periods. No, they have shown order growth in the last four quarters. They've also been active on their portfolio. The low margin system business has been exited. They now have the broadest mechatronics portfolio after expanding with cobots and AMRs. On top of the already most advanced robotic offering with its control and software platform.

25m 17s

So ABB Robotics is well positioned to help customers improve productivity, and flexibility to solve operational challenges such as labor shortages, and the need to operate more sustainable. I mentioned earlier the double digit operational EBITA margin. It is good to see that this has been supported by a strong gross margin improvement. Since 2022, the Robotics gross margin is up by 600 basis points. Free cash flow margin is at the average of 10% since 2019. And the business is well invested. Have state of the art hubs for manufacturing and R and D in China and US. And we recently started the construction for a major upgrade of the European hub in Sweden. They have spent 5% to 6% of revenues on R and D, and launched its unique Omnicore platform last year, and their picker technology is a good example of their strong AI based solutions. All in all, we think a listing of the robotics business will support its ability to create customer value growth and attract talent. We also think it will benefit ABB, which would consist of three business areas with sales and technology synergies. And why do I say three business areas? We will move the machine automation business to be a division in process automation to build on their software and control synergies.

26m 46s

For example, hybrid industries. While robotics is only 7% of group revenues, this portfolio change will have a slight positive impact on ABB's performance. The main target is to allow for both companies to optimize its value creation. We start working towards this now. And will come back with more details in due course and in good time before the AGM in 2026. So finally, let's finish off with the outlook. We leave our 2025 outlook unchanged. But acknowledge the increased uncertainty for the global business environment. Still expect a positive book to bill and we see comparable revenue growth in the mid single digit range, and we expect to further improve the operational EBITA margin from last year. Since we had a positive one timer in the first quarter, I want to mention that the margin outlook for the year is supported by improvements in our businesses. It's not only driven by one off gains. For the second quarter, we foresee comparable growth in the mid single digit range and the operational EBITA margin to remain broadly stable with 19% last year. Some of you may say that that stable margin development is underwhelming. But actually, it means we need to improve our business results in Q2 twenty twenty five to offset the positive impact of 30 basis points from a non repeat last year.

28m 15s

So now on Sea. Let's open up for questions.

28m 18s

Yes. Let's do so. And just as a quick reminder for those of you who have dialed in on the phone, press 14 to register to ask a question. And I kindly ask you to limit it to one question, That way, we will allow for as many of you as possible to be heard. And I can see there 's a queue already You can also put questions through the online tool in the webcast and I will then voice them over from here. And with that, we open up for the first question. And we have Matt from Morgan Stanley first in line. Max, can you hear us?

28m 58s

Yes, I can. Can you hear me?

29m

Yes, indeed.

29m 2s

Yes.

29m 2s

Good morning, everyone. So just the first question I'd like to focus on is just the data center business. And look, while I appreciate kind of the business is up in order terms, mid teens ex this large customer, we obviously know it is a very large customer that we're talking about. I just wanted to understand, I think you mentioned this customer had paused ordering by thirty to forty five days. During the quarter. Have we now seen that go back to normal? And should we now expect that kind of data center orders as a whole will be more in that kind of double digit order growth range for the rest of the year. [indiscernible] while we don't want to kind of talk about one specific customer, it obviously is moving the needle on what's happening to the overall business. So just trying to kind of understand that a good approximation for what we should see for the rest of the year? Or do we think that particular customer continue to be the exception in the industry and be a bit more volatile? Thank you.

30m 1s

Thanks, Max. As you said, we had with the with that exception, we had mid teens growth in the data center segments and long term, we are confident also with the growth rate in data centers due to the AI trend that we see these days. So what we look at, and I don't want to speculate, I think there on the outlook from on single or individual customer performance. I think you will see that in the news as well. So I rather refer, let's say, directly to the source and or the current news flow. More than that we come out with any firm statements on what our other company's plans. Okay.

30m 44s

Thank you.

30m 45s

Thanks, Max. And then we move to the next question comes from Andre at UBS. Your line should be open.

30m 54s

Yes. Good morning. Thank you very much for taking my question. I'll go with the obvious one on on tariffs. I just wanted to ask whether you've taken any pricing action so far to respond towards been announced in The US? And also just quite into kind of double click on The U. For U. S. Piece, which you very helpfully laid out. But within that, US to US, have you looked into your suppliers and their sourcing and kind of geographical arrangements, and have you seen any evidence of them coming to you with price increases if they happen to source from China or other high tariff countries and how you're responding to that, please?

31m 36s

No. We have, of course, looked at all of these elements as you say. First of all, the main part is what we produce, the 75% to 80% We have, as ABB, more or less no import from China coming into those So that is not an impact for us. The other part is we already also a lot of the Mexico and Canada import, a lot of that is with exemption, from tariffs based on the USMCA trade agreement So that helps as well. And then it's the what comes from Europe where that will be exposed later on for tariffs. And there, we will take price actions you mentioned. There has been already taken price actions this year, but that is more of the steel and aluminum tariffs that has been implemented and because that has been as a general price increase in the market on raw materials, And of course, that is something that goes through on to the other side. So that's how we work with it when we talk about the suppliers and the suppliers of our suppliers. We have an overview on where it comes from. We have been working on that for quite some time to minimize especially the China exposure.

32m 51s

I don't have details to give you on. More I can say, I can confirm, that it's worked on, it's understood, and it's mitigated to a vast effect. That is why we can come also out with the guidance that we're doing that we don't believe I don't see this with the current knowledge, I mean, as of today or as of now, we don't have see any significant impact on our overall performance.

33m 17s

Yes. Maybe if I can just add super quickly on this one. So we have done, as Morten said, a thorough analysis with and without tariffs. And the tariffs itself they don't have a big impact. It really is the economic uncertainty which are now dealing with which we have to then see how it plays out. But as said, all of this has been taken up in our thinking on the guidance for the year.

33m 41s

And can I we have a coming through online here sort of linked to tariffs, would assume? Somebody asked you please tell us if there was any pull forward in orders in Q1?

33m 55s

No, we did not see that in the first quarter. That people were prebuying. I think that is just due to the uncertainty of what kind of would you buy to be able to mitigate. So no, we have not seen that.

34m 8s

Very good. Then we go back to the conference call and we open up the line for Martin at Citi.

34m 17s

Martin? Yes, thank you. Good morning, it's Martin.

34m 19s

Yes. Thank you. Good morning. It's Martin.

34m 22s

Can I ask on the order pipeline? So it seems no immediate impact on tariffs and orders so far. But when you are talking to customers about pipeline for the remainder of the year, are customers worried about the environment and potential for significant pause on decisions with the year. Ahead and and perhaps which industries are more worried around that. And linked to it, obviously talked about some capacity expansion in The US Is that primarily demand driven, or or is it more to to give you further hedging? Against tariffs as well? Thank you.

34m 55s

Yes. Well, thanks, Martin. We the order pipeline we're looking at the it's still strong when it comes to the overall and the long term need for electrification and automation. That is clearly there. You see some of the decision making, as we mentioned, may take and you saw that already in the first quarter that it takes a bit may take a bit longer time to get that final decision. We win and we get the order, but sometimes you take another round maybe with the Board for major investments What we see is that the no regret moves, they are being taken. That's the on our side. And others, where there is much bigger uncertainty, they saw where you take another extra round and may discuss. So that's the how I mean uncertainty is not good for decision making. That's clear. So that's the but we are taking this uncertainty into account when we also make our forecast for second quarter and year end. So it's something we believe we have under control. [indiscernible] kind of worried about it, but it will take a bit more sales work also to get get the papers signed. And I think the second point help me here, Ansi, Capacity increase, demand driven or tariff driven?

36m 12s

Yes. Thank you.

36m 13s

It is driven very much by its demand driven because we don't have many of these investments is driven by it's kind of products that has special U. S. Or what we call NEMA North America standards. And therefore, we need more capacity because the demand has over time been bigger, larger than supply. So we are expanding because we see also a long term that goes with the two announcements we had in Electrification business in San Antonio, Mississippi, and Selmer in Tennessee is about $120,000,000 expanding those two facilities for low voltage bus bars and for low circuit breakers that is used by utilities, it's used in industry and in data centers. So that goes into that general capacity buildup. And of course, there will not be U. S. Tariffs on it when it's produced in U. S, but that's not the primarily driver of it.

37m 9s

Very good.

37m 10s

We've had thanks, Martin. We've had a couple of questions come through here online regarding the portfolio change announcement. Basically, the question is why now Yes, we believe the Robotics business is now ready to stand on its own two feet. The synergies with the rest of ABB is limited when you look at technology and customers, Their electrification, motion and process automation very much have common much more common technology, common go to market common customer base and even common competitors. So we believe this is a good value creation opportunity both for ABB and also for the ABB Robotics division being a separately listed company. So therefore, it will take a bit of time. We know we said that in Q2, so a year a good year from now, is when we can do the listing as there are some internal work on the carve out and the preparation to be done. So therefore, we need that time, but I believe now it's good timing because Robotics business is among the very best in their class and being measured against peers, you will also see that and I think then they need to fight for capital inside ABB, but have now access also for investor in the market, you have there is now an opportunity to get $100 on the dollar on the Robotics investment as was not the case at ABB where it's about 7% of revenue and 5% of our earnings.

38m 45s

So that's where we believe the timing and the team is ready to stand on its own feet, and it's a long term good business in automation and robotics.

38m 56s

Yes. I mean, just add there, of course, it's important also what ABB will look like after the spin happens. And there we are seeing increased gross margin, maybe 40 basis points increased operating margin maybe 50 basis points, clearly higher return on capital think the growth rates probably will be about similar. If you look at history, we would also have a notch higher there. So it really kind of like shows that that these are a little bit different kind of companies.

39m 27s

And with that, we have a question coming through from Alex at Bank of America Merrill Lynch.

39m 36s

Yes. Thanks, Anthony. Morning, Morton, Timo. I appreciate you taking the question. I wanted to talk about electrification if I could, please. And I I appreciate it. It's one question with two parts. Question on the acceleration on growth guide into Q2. Low double digits, very strong. I just wondered if you could give us a sense of of what's driving that and the visibility that you obviously got in Q2, for the for the full year. And just linked to that, the margin expansion, you mentioned about a month or so ago, at the conference, the differential on margins between the North American business and the rest of the world in electrification I just wondered if we're starting to see that gap starting to close we see the margins moving up here and whether that's something that can accelerate through the year. Thank you.

40m 25s

Yes. So let's start on the Q2 growth outlook. So we have some of the revenue where we were bit short in Q1. We saw that some of those deliveries were slipping over to Q2. That's why we are confident we have strong order backlog and order book now being on a record high level, even at just to mention, like on Electrification, it grew by another 11% in Q1, even if the order growth just for the quarter were 2%, but the order book increased by another up 11%. So that's a good setup in and a good outlook when it comes to the second quarter. And we talk about margin expansion, as we say there, especially for the we mentioned that in the Electrification business is North America. Is dilutive to the Electrification margin, It still was in Q1. It will still be in Q2, but that gap is getting smaller. I think that's focus for the team and has been for for several years and how we can close the gap to the rest of the world level. So we have you will see not just in Electrification, but we have all four business areas are expecting a margin improvement for the full year So I'm sure Timo can mention a bit about the the one off that's special, but the operational performance is expected to increase in all four of our business areas at year end.

42m

Do you want me to throw it Yes, A bit of an opening there, yes. So when we look at this, I mean, when you look at our corporate guidance last year, had a very strong sort of corporate performance. We were about CHF150 million. Now saying CHF200 million. So that would be a bit of a negative on the full year. But when you combine that, with e mobility, we are going to see some tens of basis points positive on that whole corporate e mobility combined then as Morten said also, the businesses, we are expecting them to improve.

42m 30s

Okay.

42m 30s

Then we take the next question from Sean at HSBC. Your line should be open.

42m 39s

Yes, good morning. Thank you. A question around process automation. You make a very interesting point on your competitive advantage of being the only supplier with direct access to electrification and motion. The how much are you seeing that already as part of the existing strength in process automation orders? Is this something that will be, let's say, something that you push much harder on going [indiscernible] And you've also highlighted the marine side of things. Just wondering if there's any regional focus of where you've seen particular order stroke. There. Thank you.

43m 21s

Yes. I think that is very much a play. The strength between our process automation, electrification and motion business is very clear in areas, for instance, in LNG. Where you do drilling, you do the whole pipeline with compression, and you do the terminals. And later on, you even do the LNG ships. So if you look at these four applications, that's a nice ABB combination of automation systems, of motors and drives that is to get like the right compression for compressors. And it's also with electrification because no motor or no drive or any automation system is working without electricity and all the switchgear that is needed. So these, if you look at LNG to be as one, we have some very successful, especially North America project. We are working the three business areas or the divisions that is relevant here. They work together as a team, a common task force. And that's how we go to market and how we support project OEMs and end users on the ground and later on also with service and taking care of that equipment over the lifetime of twenty five, thirty years plus, which is the expected lifetime. And it's the same if you're talking about our Marine business, our propulsion of the cruise ship, you will see there from [indiscernible] you will have the electric generator, the switch gear, the drives that is driving the speed of the motor and the torque and then the propeller system known as OcciPod leading in the cruise industry.

44m 58s

So these are just a couple of examples where you see that this electrification, motion and process automation really working together in tandem where often process automation takes the lead versus the end customer. They are the one carrying the ABB flag there, but then with strong support from their brothers and sisters [indiscernible] coming from the other divisions. So that's how we we work together. And I think that's what I know is a unique combination, is highly appreciated by customers latest confirmed that was in Houston at the CERAWeek this year, And this is one of the winning arguments why we are performing really well in these segments compared to many of our competitors.

45m 40s

I think there was this regional comment, I can just confirm that BA orders were very strong, broad based. So actually also in China, grew, but also Europe grew and U. S. Grew or Americas. So very broad based.

45m 55s

Very good. And then we take we have a question from Simon at Jefferies here via via the online tool. Can you please elaborate a bit on what you saw in The U. S. During the quarter? Did the market hold up? And perhaps particularly so in the short cycle business?

46m 11s

Yes.

46m 12s

No, it did. We had growth in all four business areas, In The United States, it was 9% on order intake overall and all business areas contributed to that growth rate. And we had also a strong March, so there was not a really big change throughout the quarter. It was a healthy business generated in all three months. That was overall a good start to the year in The United States.

46m 43s

Very good. And we take the next question from James at Redburn.

46m 49s

Yeah. Hi. Good morning, everyone. Thanks for the time. Timo, you mentioned that economic uncertainty is the biggest risk, and I totally agree. That makes sense. And I got the impression from other comments that your orders at the April are kinda largely unchanged, a comment we're hearing from a number of companies. But I [indiscernible] tariffs didn't start in the April.

47m 11s

This is the first week and I wouldn't normally ask about live trading. But are you seeing anything? In the order running rate and the daily rate of this week that is materially different particularly in The US.

47m 21s

That would suggest that we are going to see any economic impact. And tagging to that, where where you've got that import, the the the 20, 25% import, some of it comes from Europe. Where you've got a product coming from Europe to US customers, and you're raising price, are you seeing customers accept that or do you think that they will switch to a local producing competitor?

47m 46s

I can start on last part of that question.

47m 50s

In Again, giving you an example from the electrification business, where the portfolio is so wide it is very difficult, especially to have a full production in everywhere in the world. And some of the what you know, there are different standards between U. S. We call the NIMA standards, and in Europe and the rest of the world, where it's IAC. And there is the use of some of these IAC products that is produced in Europe by all companies which goes into, for instance, into a machine built in or a project built in The U. S. That is re exported or exported outside The United States. So this is accounts for some of those products that is not produced in The United States And we don't see I also don't think or I know that anyone nobody is really producing those components in in The United States and therefore it will come as as price change in the market because most of these cases, is no local alternative available.

48m 56s

Yes. And on the trading, think we can only say there that we have not seen anything kind of like in the trading sort of this month, would sort of fundamentally change any view, any customer behavior or anything like that. But I think we need to leave it at that.

49m 13s

Thank you very much.

49m 15s

Thanks, James. And then we open up the line for Daniela. At Goldman Sachs.

49m 22s

Hi. Good morning. Thank you so much for taking my question. I just wanted to ask regarding low voltage and supply and demand in the market. You're adding capacity. We also see a lot of your peers adding capacity. Just maybe if you could give some color on that, especially like where are lead times, what's the sort of visibility that is there. Especially if if we go into a slightly softer, US macro part of these products are short cycle. But just to give us a picture of how the supply demand is As you said, the increased the expansion of our facilities is to to meet that extended or the expanded demand that we see in the market. And again, to also to limit the number of imports that comes from outside because that's why we also take some of the components that comes from Europe today is because we don't have enough capacity in United States. So I see there's still much longer lead time than than the industry we're used to. So we still have work to do there to get it further down. I don't see any short term or midterm kind of overcapacity or issues in the market.

50m 44s

It is the whole the trend of electrification even if there is the global economy goes bit slower, nobody is immune, but I see that the electrification and the automation trend that we are facing especially and I mentioned in infrastructure, that is not going to change quickly. Because those CapEx plans are made, those are ongoing projects and we see that that is desperately needed, especially in The United States. In some of the infrastructure investments. So therefore, I don't have any short or mid term worries when it comes to capacity It's more as I say, we are still building capacity at this point of time.

51m 27s

Very good. Thank you.

51m 28s

Thanks, Daniela. And then we take we have a question here from Olof at Danske Bank. He says, what impact do you expect from the stimulus package announced in Germany? And when can you when do you expect that to impact, if so?

51m 43s

Yes.

51m 44s

I mean, overall, it's good. That Germany starts also to investing again. It has been a bit of a tough situation in Germany for the last two years, and we do see some more optimism on the ground, while also with large customers but it's still too early. There was no impact in the first quarter and we will not see that in the second quarter either It is because from planning permitting into starting building until the electrification and automation is in the ground is more of a so from there, an impact point of view, we are more into the 2026 onwards. So I think it's kind of it's good to see that there is a more environment of investing again I think the mood starts to change and that is maybe the I think is the first and important part that customers and our partners start to look at the opportunities and not kind of looking backwards so everything that went wrong, but more of what what can we do in the marketplace. And there is a bit more of optimism that will help And for us, it's about all those investments in either in infrastructure, getting more affordable but more reliable energy supplies of Europe and Germany especially will support the business of ABB So I think there we are well positioned to take part in those investments that will come but still a bit early.

53m 13s

Very good. We open up the line for Anders at ABG. Are you with us?

53m 21s

Yes, thank you.

53m 23s

Just yes, exciting news on the robotics spin. I just wondered about the thought process behind going for a spin.

53m 31s

Rather than a trade sale. Is there anything to I mean, if those discussions came up here, is there anything that would sort of prevent you from or would you engage in such discussions? If it came up here? [indiscernible] continue to. We have looked at, of course, the different options when we do bake such decision. And the options what we are launching now is the separate listing of the robotics company because we believe that is also a good opportunity for the shareholders to participate in that value creation opportunity that we are confident about. So therefore, that's why we've chosen this role. We are but portfolio management is an important part of the whole Way operating model and we are always looking at different options and that would also be the same here as we have over obligation to our shareholders to to consider any option may occur. But right now, we are at this on the path of listing and that's the work that ongoing So that is our clear primary plan at the moment. But Yes. Maybe a little bit also on the thought process. So if you look at some of the previous transactions, what we have done So I think the key point is that is there a natural industrial consolidator in the business?

54m 59s

Hopefully, two or three of them And then it's sort of easier to go for the trade sale. Was very much the case, for example, in the bearings business. Whereas in Acceleron that didn't exactly exist. And here, it's not necessarily the case either. So I think that's sort of a little bit just on the thought process.

55m 21s

While That's very helpful.

55m 22s

Thank you.

55m 23s

Thanks, Anders. And while we're on this top topic, there's a question here from Ben, just to clarify. Will machine automation be separate division in Process Automation? Or could there be other changes in Process automation?

55m 36s

There will be a separate division there. And I believe they are on a clear path of improving their performance. So we talked earlier about they had a record performance in Q1 last year. That has declined since when they had used the backlog and customers were sitting on a large inventory. Now they are grinding back, we said that now in Q2, they will come we will be ending that situation of at the customer side. And therefore, we are more back to more normal order pattern on revenue situation. And therefore, I'm also satisfied to see that we are able that plan that was made is followed, that was good to see now. So that will remain in process automation. And they will keep as a separate divisions, but working together on projects even with the Motion business or Electrification where this makes sense, or they will work with their colleagues and team members in process automation when automation solutions or PLC for instance, in tunnel projects in energy industry it's done, then they will be a contributor into those projects as one example. So this is how we work across the company one division takes the lead to the towards the customer, but then working also with their their colleagues in other divisions.

57m 2s

So of course, that will continue also when they are in process automation.

57m 7s

And we keep going on the portfolio spin topic here. Here is one question from Gail. Could you also talk about the competitive environment in the for the Robotics business?

57m 22s

Yes. Think the if you look at the how robotics are doing and again, when I say I think they will benefit from being measured, and compared with their peers in the robotics industry. And there, you will see that they are having a very strong performance, both from a top line, but also by bottom line performance. So being among the top and the very best in their class. Therefore, that's the also I see the benefit of having that focused company which which we know will have. And then on and I think they are also doing a good job when I look at what's happening in China. Coming up now and launching this year. More of a China for China portfolio with for lighter application, which is kind of it's the robotics market in China is quite different from the rest of the world. And therefore, we have also adopted to that new reality not just from a competition, but also from an application and technology point of view. And there, I think, done a really good job both of coming up with new products that is fit for purpose, fit for some of these light applications.

58m 31s

But at the same time also using local components and subassemblies, not using imports from, let's say, the West but using those local Chinese components at at the right cost level versus what they use in China, but also they are having [indiscernible] that is expected from customers because that's again what drives it. So think there is how you need to adopt this local for local strategy when it's a new application and things which robots being used in China for other things. I mentioned, I think on these calls earlier, the the soup kitchen, ramen soup or noodle soup being one, but many of these kind of a much higher robot density than what we see in Europe and especially in The United States. So therefore, it's also a different portfolio I'm happy to see that, that portfolio is coming online and now with a kind of big expansion now in 2025.

59m 33s

Okay. We changed topics for a little while and maybe towards you, Timo, could you elaborate on why backlog execution was lower than planned in the first quarter? And does it change your view on the full year outlook?

59m 48s

Yes, happy to. I think that really is only a timing issue. So there is nothing dramatic on that. A little bit more in Motion and a little bit in in EL. And then in Motion also, had a little lower service revenue actually than we expected. But looking forward, we actually saw very strong growth in base orders, actually higher than our normal order growth. We don't usually talk about but just wanted to mention that because it converts faster. We also had that was six percent, we had eleven % growth in service, which also service orders, which also supports revenue for the year. And then when we look at the overall backlog we have maybe 3% to 4% coming from backlog when you look at the backlog conversion. Of the €23,000,000,000 and 60% expected to convert this year. So we should be overall in a pretty good place regarding our revenue guidance for the year.

1h 47s

Very good.

1h 48s

Then we open up the line for Erik at CIC Market Solutions.

1h 56s

Yes, hi. Good morning, I got a question on The U. S. Reassuring.

1h 1m 2s

I understand the objective of the Trump administration is to accelerate accelerate reshoring, but to reduce immigration as well. And I suspect you are well placed with your automation business there. And I was wondering what's your view on that. Do you currently observe any acceleration on that side? Do you observe any I don't know, more optimism from your local teams on that particular issue? Thank you.

1h 1m 26s

Yes. On the automation Reshoring.

1h 1m 29s

Reshoring. Reshoring. Reshoring of The U. S. Well, yes, this is I have to say, it's been a trend that has been ongoing for for quite a few years now.

1h 1m 39s

Because with the risk of tariffs being one, but also I think the importance of being closer to customers is just a trend that has been kind of more and more important. So we have done it as ABB, but I know we're not the only company in the world that has moved production closer to customers. I think that was a bit of a learning after the whole COVID shutdown in the beginning of twenty twenty one. So think this is just the trend what we're seeing and we do say that's what we are helping also our customers when they are building up more of their local manufacturing. I think that's the important but I can also use an example that we had even from China. Which just shows this where the electric vehicle space when some of the leading electric vehicle companies go outside China and set up new that being Indonesia, that being in Thailand or here in in Europe, then we are also following customers abroad. Why it's important to have this global presence, but then you can also travel with the customers out when they establish new production so that we what we have done in China or what we've done in Europe or in The U. S. When they go out to a new region, then we can bring that technology and the know how from their original design and also do kind of more of a copy paste outside.

1h 3m 5s

So that is where some really good wins also in this quarter in that space not just in The U. S, but even going out of China becoming more local in Asia or in Europe in the automotive industry as one example. And we don't see it only there, but also in other industries. So this importance of being truly global, but acting local and having service having people on the ground that can support it's one of the key elements why our customer choose to work with us on large projects.

1h 3m 40s

Okay. Thank you. But do you think the Trump policy could accelerate that trend in The US?

1h 3m 48s

Yes, mean there will be more investments in local manufacturing in The United States. That is clear. So I think the flip side here as Timo mentioned, is kind of the question mark, how will it affect the global economy? But of course it will drive some more investments in United States in manufacturing that's clear. But how what effect it will have on the global economy is for me more the question mark, but that it will drive some more investments in The United States, that's clear.

1h 4m 21s

Understood, understood. Thank you.

1h 4m 22s

Thank you. And time flies when you're having fun. We're going to have to make that our last question. Thank you very much for joining us today. And have a lovely spring break if you're getting one. I'll see you soon.

1h 4m 37s

Thank you.

Key Insights

ABB reported a strong start to the year, with comparable orders up 5% year-on-year, operational EBITA margin at 20.2% (boosted by a one-time gain), and free cash flow of $652 million, positioning the company well to improve on last year’s SEK 3.9 billion annual free cash flow.
The company announced plans to spin off its Robotics division as a separately listed company by Q2 2026, aiming to unlock value for shareholders; Robotics represented 7% of group revenues and 5% of earnings in 2023, with a double-digit EBITA margin in most quarters since 2019.
All business areas except Robotics and Discrete Automation improved operational EBITA margins year-on-year; Electrification achieved record orders and expects low double-digit revenue growth and slight margin improvement in Q2, while Motion and Process Automation anticipate mid-single digit revenue growth and stable or slightly improved margins.
ABB’s local-for-local production strategy has minimized exposure to tariffs, especially in the US, where 75-80% of sales are covered by local production; management does not expect significant tariff impact on performance and has already implemented price actions to offset raw material cost increases.
The company reaffirmed its 2025 outlook, expecting mid-single digit comparable revenue growth and further operational EBITA margin improvement from last year, with Q2 guidance for mid-single digit revenue growth and stable margins; economic uncertainty is seen as the main risk, but strong order backlog and ongoing electrification/automation trends support a positive outlook.

Recent Transcripts

Strong Q1 with 5% order growth, margin improvement, and Robotics spin-off announced.

20.2% EBITA (+170bps one-off)

Aussie Broadband delivered strong H1 FY25 growth, upgraded EBITDA guidance, and announced dividends.

Upgraded to $133M-$138M

ABB achieved record 2024 results with strong margin, cash flow, and electrification growth.

Income Statement

Revenue

	2018	2019	2020	2021	2022
Revenue	$28B	$28B	$26B	$29B	$29B
Cost of Revenue	$19B	$19B	$18B	$19B	$20B
Gross Profit	$8.5B	$8.9B	$7.9B	$9.5B	$9.7B
Gross Profit %	31%	32%	30%	33%	33%
R&D Expenses	$1.1B	$1.2B	$1.1B	$1.2B	$1.2B

2018

2019

2020

2021

2022

Revenue

$28B

$26B

$29B

Cost of Revenue

$19B

$18B

$19B

$20B

Gross Profit

$8.5B

$8.9B

$7.9B

$9.5B

$9.7B

Gross Profit %

31%

32%

30%

33%

R&D Expenses

$1.1B

$1.2B

$1.1B

$1.2B

Cash Flow

Net Income

	2018	2019	2020	2021	2022
Net Income	$1.6B	$1.1B	$345M	$4.7B	$2.6B
Dep. & Amort.	$916M	$961M	$915M	$893M	$814M
Def. Tax	-$146M	-$83M	-$280M	-$289M	-$348M
Stock Comp.	$50M	$46M	$44M	$0	$0
Chg. in WC	$50M	-$372M	$352M	$308M	-$1.7B

2018

2019

2020

2021

2022

Net Income

$1.6B

$1.1B

$345M

$4.7B

$2.6B

Dep. & Amort.

$916M

$961M

$915M

$893M

$814M

Def. Tax

-$146M

-$83M

-$280M

-$289M

-$348M

Stock Comp.

$50M

$46M

$44M

Chg. in WC

$50M

-$372M

$352M

$308M

-$1.7B

Balance Sheet

Cash

	2018	2019	2020	2021	2022
Cash	$3.4B	$3.5B	$3.3B	$4.2B	$4.2B
ST Investments	$712M	$566M	$2.1B	$1.2B	$725M
Cash & ST Inv.	$4.2B	$4.1B	$5.4B	$5.3B	$4.9B
Receivables	$7.5B	$7.5B	$7.8B	$7.5B	$7.8B
Inventory	$4.3B	$4.2B	$4.5B	$4.9B	$6B

2018

2019

2020

2021

2022

Cash

$3.4B

$3.5B

$3.3B

$4.2B

ST Investments

$712M

$566M

$2.1B

$1.2B

$725M

Cash & ST Inv.

$4.2B

$4.1B

$5.4B

$5.3B

$4.9B

Receivables

$7.5B

$7.8B

$7.5B

$7.8B

Inventory

$4.3B

$4.2B

$4.5B

$4.9B

$6B

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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Earnings

Report Date

—

Rev Estimate

—

Avg 1d Change

2.47%

Report Period

Q1 2025

EPS Estimate

—

Implied Move 1d

—

Transcript

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So now on Sea. Let's open up for questions.

28m 18s

28m 58s

Yes, I can. Can you hear me?

29m

Yes, indeed.

29m 2s

Yes.

29m 2s

30m 1s

30m 44s

Thank you.

30m 45s

Thanks, Max. And then we move to the next question comes from Andre at UBS. Your line should be open.

30m 54s

31m 36s

32m 51s

33m 17s

33m 41s

And can I we have a coming through online here sort of linked to tariffs, would assume? Somebody asked you please tell us if there was any pull forward in orders in Q1?

33m 55s

34m 8s

Very good. Then we go back to the conference call and we open up the line for Martin at Citi.

34m 17s

Martin? Yes, thank you. Good morning, it's Martin.

34m 19s

Yes. Thank you. Good morning. It's Martin.

34m 22s

34m 55s

36m 12s

Yes. Thank you.

36m 13s

37m 9s

Very good.

37m 10s

38m 45s

So that's where we believe the timing and the team is ready to stand on its own feet, and it's a long term good business in automation and robotics.

38m 56s

39m 27s

And with that, we have a question coming through from Alex at Bank of America Merrill Lynch.

39m 36s

40m 25s

42m

42m 30s

Okay.

42m 30s

Then we take the next question from Sean at HSBC. Your line should be open.

42m 39s

43m 21s

44m 58s

45m 40s

45m 55s

46m 11s

Yes.

46m 12s

46m 43s

Very good. And we take the next question from James at Redburn.

46m 49s

47m 11s

47m 21s

47m 46s

I can start on last part of that question.

47m 50s

48m 56s

49m 13s

Thank you very much.

49m 15s

Thanks, James. And then we open up the line for Daniela. At Goldman Sachs.

49m 22s

50m 44s

51m 27s

Very good. Thank you.

51m 28s

51m 43s

Yes.

51m 44s

53m 13s

Very good. We open up the line for Anders at ABG. Are you with us?

53m 21s

Yes, thank you.

53m 23s

Just yes, exciting news on the robotics spin. I just wondered about the thought process behind going for a spin.

53m 31s

54m 59s

55m 21s

While That's very helpful.

55m 22s

Thank you.

55m 23s

55m 36s

57m 2s

So of course, that will continue also when they are in process automation.

57m 7s

And we keep going on the portfolio spin topic here. Here is one question from Gail. Could you also talk about the competitive environment in the for the Robotics business?

57m 22s

58m 31s

59m 33s

59m 48s

1h 47s

Very good.

1h 48s

Then we open up the line for Erik at CIC Market Solutions.

1h 56s

Yes, hi. Good morning, I got a question on The U. S. Reassuring.

1h 1m 2s

1h 1m 26s

Yes. On the automation Reshoring.

1h 1m 29s

Reshoring. Reshoring. Reshoring of The U. S. Well, yes, this is I have to say, it's been a trend that has been ongoing for for quite a few years now.

1h 1m 39s

1h 3m 5s

1h 3m 40s

Okay. Thank you. But do you think the Trump policy could accelerate that trend in The US?

1h 3m 48s

1h 4m 21s

Understood, understood. Thank you.

1h 4m 22s

1h 4m 37s

Thank you.

Key Insights

ABB reported a strong start to the year, with comparable orders up 5% year-on-year, operational EBITA margin at 20.2% (boosted by a one-time gain), and free cash flow of $652 million, positioning the company well to improve on last year’s SEK 3.9 billion annual free cash flow.
The company announced plans to spin off its Robotics division as a separately listed company by Q2 2026, aiming to unlock value for shareholders; Robotics represented 7% of group revenues and 5% of earnings in 2023, with a double-digit EBITA margin in most quarters since 2019.
All business areas except Robotics and Discrete Automation improved operational EBITA margins year-on-year; Electrification achieved record orders and expects low double-digit revenue growth and slight margin improvement in Q2, while Motion and Process Automation anticipate mid-single digit revenue growth and stable or slightly improved margins.
ABB’s local-for-local production strategy has minimized exposure to tariffs, especially in the US, where 75-80% of sales are covered by local production; management does not expect significant tariff impact on performance and has already implemented price actions to offset raw material cost increases.
The company reaffirmed its 2025 outlook, expecting mid-single digit comparable revenue growth and further operational EBITA margin improvement from last year, with Q2 guidance for mid-single digit revenue growth and stable margins; economic uncertainty is seen as the main risk, but strong order backlog and ongoing electrification/automation trends support a positive outlook.

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