ABB Swings to 4Q Loss

By Joshua Stein

ABB Ltd. said Thursday that it swung to a loss in the fourth quarter while revenue rose.

The Swiss engineering company said quarterly net loss was $79 million compared with a profit of $325 million in the same period last year. Its operational earnings before interest, taxes and amortization increased 16% to $825 million.

ABB's revenue rose 2% to $7.18 billion, while the company's orders for the quarter rose 2% to $7.00 billion.

The company proposed an ordinary dividend of 0.80 Swiss francs ($0.89) a share for 2020, which is subject to shareholder approval at the annual general meeting.

Analysts had forecast ABB's net income at $104 million, operational Ebita at $768 million, and revenue at $6.94 billion for the quarter, according to a consensus provided by the company.

ABB said market conditions improved in comparison to the third quarter, with orders staying broadly stable after a strong performance by the company's industrial automation's marine business. Strong performances by ABB's electrification and motion businesses supported operating margins.

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(END) Dow Jones Newswires

February 04, 2021 01:50 ET (06:50 GMT)

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