(RTTNews) – Swiss engineering company ABB Ltd. (ANN.L, ABB) reported on Thursday that its first-quarter attributable net profit rose 20% to $604 million from $502 million a year ago.
Basic earnings per share were $0.31, up 25% from $0.25 last year. Revenue from continuing operations increased 17% to $643 million.
Revenue edged up 1% to $6.97 billion from $6.90 billion last year. Comparable revenue growth was 7%. Orders were $9.37 billion, up 21% on a reported basis and 28% on a comparable basis.
For the second quarter, ABB expects revenue to trend sequentially higher in absolute terms, supporting a slight sequential margin increase, assuming no escalation of lockdowns in China.
For the full year 2022, the company expects steady margin improvement towards the 2023 target of at least 15%, supported by improved efficiency.
The company also announced continued share buybacks of up to $3 billion, including the fulfillment of the promise to return the remaining $1.2 billion in proceeds from the Power Grids divestiture. The new buyback program was launched on April 1.
Additionally, the company said it expects an exit from the Turbocharge business, although geopolitical uncertainties led it to postpone a final decision on a spin-off or sale until the second quarter.
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