ABB Results Hit Targets, Expects Positive Performance in 2024

By Andrea Figueras

ABB Ltd. said Thursday that its fourth-quarter and 2023 results were in line with its guidance and that it expects another year of good performance in 2024, despite the geopolitical situation adding uncertainty.

The Swiss technology group said Thursday that it made $921 million in net profit for the fourth quarter compared with $1.13 billion in the prior-year period. Revenue increased to $8.245 billion from $7.82 billion in the same period a year ago.

Analysts had expected $872 million in net profit and $8.10 billion in revenue, according to a company-compiled consensus.

The company booked operational earnings before interest, taxes and amortization of $1.33 billion, up from $1.15 billion and slightly below analysts' estimates of $1.35 billion, according to company-compiled consensus.

Orders were flat on year at $7.65 billion.

ABB is proposing an ordinary dividend of CHF0.87 a share, up from CHF0.84. "We also plan to continue utilizing share buybacks as a tool to return excess cash to shareholders also during 2024," the company said.

For the year as a whole, it forecasts a positive book-to-bill, comparable revenue growth of around 5% and the operational EBITA margin to slightly improve from 17% in 2023.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

February 01, 2024 01:36 ET (06:36 GMT)

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