- ABB (ABB +0.7%) rallies to a new all-time high after reporting better than expected Q2 earnings and revenues, and nearly doubling its full-year sales guidance.
- ABB says Q2 net profit surged to $752M from $319M in the year-earlier period, well above expectations, and operational EBITDA jumped to $1.11B from $651M, with a corresponding margin of 15%.
- Q2 revenues rose to $7.45B from $6.15B a year ago, while orders increased 32% to $7.99B, as the company sees strong increases in all business areas as factories ramped up production.
- For the full year, ABB raises guidance for comparable revenue growth to just below 10%, above its previous outlook for a 5% increase, with its process industry related part of the business expected to recover during H2.
- J.P. Morgan analysts say ABB's Q2 results were strong overall, as the market had expected due to favorable industry trends for electricals, with orders standing out, highlighted by the robotics and discrete automation unit.
- ABB shares touched an all-time high $36.12 today after rising 44% Y/Y.