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ABB: Q3 2020 Results

Freitag, 23.10.20 06:46
Monitoransicht mit Chart.
Bildquelle: pixabay

ZURICH –

“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.”

KEY FIGURES

 

 

CHANGE

 

 

CHANGE

($ millions, unless otherwise indicated)

Q3 2020

Q3 2019

US$

Comparable

9M 2020

9M 2019

US$

Comparable

 

Orders

6,109

6,688

-9%

-8%

19,509

21,702

-10%

-7%

 

Revenues

6,582

6,892

-4%

-4%

18,952

20,910

-9%

-7%

 

Income from operations

71

577

-88%

 

1,015

1,290

-21%

 

 

Operational EBITA1

787

806

-2%

-5%3

2,074

2,397

-13%

-14%3

 

as % of operational revenues

12.0

11.7

+0.3 pts

 

10.9

11.5

-0.6 pts

 

 

Net income attributable to ABB

4,530

515

+780%

 

5,225

1,114

+369%

 

 

Basic EPS ($)

2.14

0.24

+785%2

 

2.45

0.52

+370%2

 

 

Operational EPS ($)1

0.21

0.33

-36%2

-35%2

0.73

0.97

-25%2

-24%2

 

Cash flow from operating activities4

408

670

-39%

511

414

+23%

Q3 2020 Group results

Summary

Trading conditions during the third quarter remained challenging, influenced by the ongoing COVID-19 pandemic. Demand decreased year-on-year in all regions despite a strong rebound in China, which drove improved order development, particularly in Robotics. Short-cycle product businesses developed positively, but this was outweighed by lower large orders and the ongoing pull-back of service activities. Operating margins for the group were weighed by non-core charges and a loss in Industrial Automation in relation to the Kusile project in South Africa. Excluding these effects, margins showed good underlying resilience, reflecting sustained cost mitigation in all business areas, and strong progress in Electrification with the integration of GEIS and turnaround of Installation Products. Motion maintained its track record of solid performance.

Orders

Orders were 9 percent lower (8 percent comparable) in the quarter compared to the prior year period. Foreign exchange translation effects had a neutral impact and portfolio changes a net negative impact of 1 percent. The order backlog was $13,878 million at the end of the quarter.

Regional overview

– Orders from Europe were 9 percent lower (10 percent comparable) with mixed results at the country level. Sweden, Norway and the Netherlands showed solid growth, while orders declined in most other countries including Switzerland, the UK, Italy and Spain, when compared to the prior year period. In Germany, orders were 11 percent lower (14 percent comparable).

– Orders from the Americas were 14 percent lower (11 percent comparable), with most countries reporting lower order levels. In the US, orders declined by 13 percent (12 percent comparable).

– In Asia, Middle East and Africa (AMEA), orders were 1 percent lower (2 percent comparable). Orders were materially lower in India, Japan and Singapore, while order developments in South Korea were robust. China’s growth was strong, with orders up 7 percent (8 percent comparable).

End-market overview

– In discrete industries, orders were mixed. While the group benefited particularly from select order wins in the automotive and 3C sectors, demand from machine builders was weak. Some end-markets, such as food & beverage and logistics, grew strongly.

– Process and energy industry activities were materially lower in the quarter. Service activities were still constrained by travel restrictions, as well as customers delaying service spend. Capital expenditure projects continue to be deferred as most customers adjust to the weaker demand outlook.

– In transport & infrastructure, investments in rail, e-mobility, wind and data centers were healthy. Furthermore, orders were resilient in electrical distribution utilities. Marine activities declined steeply.

– Buildings were mixed, depending on geography.

Revenues

Revenues were 4 percent lower (4 percent comparable) year-on-year reflecting weakness across all four business areas. Foreign exchange translation effects had a net positive impact of 1 percent and portfolio changes a net negative impact of 1 percent. The book-to-bill ratio for the quarter was 0.93x1, compared to 0.97x in the prior year period.

Income from operations and operational EBITA

Income from operations was $71 million. The result for the quarter includes approximately $311 million goodwill impairment and $203 million of charges due to changes in obligations related to divested businesses.

In addition, the result reflects regular non-operational items including amounts related to timing differences on commodities and foreign exchange and expenses related to restructuring and integration efforts.

Operational EBITA1 was 2 percent lower (5 percent in local currencies), at $787 million. The operational EBITA1 margin of 12.0 percent expanded 30 basis points year-on-year. Margins were higher in Electrification, while all other businesses reported lower margins on a year-on-year basis, mainly reflecting lower volumes. Corporate and Other improved by $24 million compared to a year ago, due to the removal of stranded costs and lower ongoing corporate costs, partially offset by higher charges for non-core business activities.

The 12.0 percent operational EBITA margin includes a negative 80 basis points impact from the proposed settlement in South Africa with Eskom in relation to the Kusile project which resulted in a further project revaluation and, in addition, a negative 130 basis points impact from the aforementioned charges for non-core business activities.

Net income and basic earnings per share

Group net income attributable to ABB was $4,530 million. Net income benefited from the net income from discontinued operations of $5.0 billion, which included a $5.3 billion pre-tax book gain on the sale of Power Grids and income tax expenses related to the divestment. ABB also recorded non-operational pension costs of $343 million. Further details on this item follow below. Income tax expense was $164 million in continuing operations.

Basic EPS of $2.14 was up 785 percent on a year-on-year basis. Operational EPS of $0.211, down 36 percent2 compared to the prior year period.

Cash flow from operating activities

Cash flow from operating activities was $408 million including a $273 million negative impact from a cash outflow to facilitate the transfer of certain pension schemes, compared to $670 million in the third quarter of 2019. Cash flow benefited from favorable timing of tax payments and net working capital movements, which offset the effects of a reduction in business activities. As a percent of revenues, net working capital was 12.5 percent at quarter end.

Q3 2020 business area results

All commentary by business area relates to third quarter results on a year-on-year basis.

Electrification (EL)

KEY FIGURES

 

 

CHANGE

 

 

CHANGE

($ millions, unless otherwise indicated)

Q3 2020

Q3 2019

US$

Comparable

9M 2020

9M 2019

US$

Comparable

 

Orders

2,952

3,188

-7%

-5%

8,810

9,890

-11%

-7%

 

Order backlog

4,471

4,537

-1%

+2%

4,471

4,537

-1%

+2%

 

Revenues

3,031

3,161

-4%

-2%

8,568

9,490

-10%

-6%

 

Operational EBITA1

493

450

+10%

 

1,159

1,267

-9%

 

 

as % of operational revenues

16.3%

14.2%

+2.1 pts

13.5%

13.3%

+0.2 pts

 

Short-cycle activities showed good resilience overall with healthy momentum in distribution utilities, data centers, food and beverage, wind, rail and e-mobility, offset by fewer large orders and weaker long-cycle demand. Buildings were mixed, depending on geography, and oil and gas activities declined materially. Demand from the Americas and AMEA showed continued COVID-19 impacts, offsetting the strong recovery in China.

Resilient short-cycle business revenues were dampened by a more challenged project business, mainly in the US.

Margin accretion of 210 basis points reflects solid operational performance. The third quarter result includes benefits of approximately 100 basis points from items that may not repeat. Good cost mitigation and supportive pricing actions helped offset the impact of lower volumes. The exit of the solar inverter business and improved performance from Installation Products and GEIS also supported margins.

Industrial Automation (IA)

KEY FIGURES

 

 

CHANGE

 

 

CHANGE

($ millions, unless otherwise indicated)

Q3 2020

Q3 2019

US$

Comparable

9M 2020

9M 2019

US$

Comparable

 

Orders

1,164

1,438

-19%

-20%

4,226

4,726

-11%

-9%

 

Order backlog

5,152

4,944

+4%

+2%

5,152

4,944

+4%

+2%

 

Revenues

1,403

1,492

-6%

-7%

4,247

4,590

-7%

-6%

 

Operational EBITA1

89

135

-34%

 

348

530

-34%

 

 

as % of operational revenues

6.4%

9.0%

-2.6 pts

8.2%

11.5%

-3.3 pts

 

Industrial Automation results were impacted by the proposed settlement in South Africa with Eskom in relation to the Kusile project which resulted in a further project revaluation. This lowered both orders and revenues by 3 percent and operational EBITA margin by 400 basis points. A revaluation of the same project had a similar margin impact in the same period a year ago.

Orders were otherwise materially impacted by the ongoing downturn in energy and marine, although the business area benefited from select large order wins and resilience in process industries, including Pulp & Paper. Orders were lower in all regions, with a severe drop in the Americas. Subsequent to the quarter, the business area secured a marine order in excess of $300 million.

Revenue weakness reflects a substantial drop in book-and-bill activities, particularly mobility constrained services.

Aside from the project impact in South Africa, margins improved sequentially as the business worked to fast-track cost savings, but remained impacted by lower volumes and unfavorable mix, with service activities still hampered by COVID-19 restrictions.

Motion (MO)

KEY FIGURES

 

 

CHANGE

 

 

CHANGE

($ millions, unless otherwise indicated)

Q3 2020

Q3 2019

US$

Comparable

9M 2020

9M 2019

US$

Comparable

 

Orders

1,535

1,618

-5%

-5%

5,022

5,180

-3%

-1%

 

Order backlog

3,349

2,947

+14%

+10%

3,349

2,947

+14%

+10%

 

Revenues

1,611

1,630

-1%

-2%

4,704

4,876

-4%

-2%

 

Operational EBITA1

281

290

-3%

 

790

828

-5%

 

 

as % of operational revenues

17.4%

17.8%

-0.4 pts

16.8%

17.0%

-0.2 pts

 

Moderate growth in short-cycle products and strong rail demand was outweighed by broad-based weakness in project and services activities from the continued downturn across sectors such as oil & gas. Orders were up in the Americas but declined in AMEA and Europe.

Revenue development reflects resilience in short-cycle business, as well as good execution on the order backlog.

Margins held up well versus a tough comparable, benefiting from mix and cost mitigation efforts.

Robotics & Discrete Automation (RA)

KEY FIGURES

 

 

CHANGE

 

 

CHANGE

($ millions, unless otherwise indicated)

Q3 2020

Q3 2019

US$

Comparable

9M 2020

9M 2019

US$

Comparable

 

Orders

720

709

+2%

+0%

2,169

2,559

-15%

-14%

 

Order backlog

1,442

1,416

+2%

-2%

1,442

1,416

+2%

-2%

 

Revenues

806

831

-3%

-5%

2,106

2,527

-17%

-16%

 

Operational EBITA1

76

107

-29%

 

178

307

-42%

 

 

as % of operational revenues

9.5%

12.9%

-3.4 pts

8.5%

12.1%

-3.6 pts

 

Orders were steady relative to an easier comparison period as a result of select robotics investments in the 3C and automotive sectors, mostly in China, while activity levels among machine builders was weak. Orders fell sharply in Europe and the Americas, mitigated by very strong growth in the AMEA region.

Revenues declined on a year-on-year basis, but improved relative to the previous quarter, driven by catch-up in backlog execution in robotics for automotive and general industry, as COVID-19 restrictions lessened.

Margins were materially lower relative to the prior year period but improved sequentially. Ongoing cost mitigation efforts continued to soften the impact of lower volumes and adverse mix.

Corporate and Other

KEY FIGURES

 

 

CHANGE

 

 

CHANGE

 

($ millions, unless otherwise indicated)

Q3 2020

Q3 2019

US$

9M 2020

9M 2019

US$

Orders

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