Blog Coverage ABB on a Growth Spree; Wins Another HVDC Contract
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LONDON, UK / ACCESSWIRE / April 10, 2017 / Active Wall St. blog coverage looks at the headline from ABB Ltd. (NYSE: ABB) as the Company announced on April 7, 2017, that it has won an order worth €270 million from the UK grid operator National Grid and Réseau de Transport d'Electricité (RTE), the French network owner and operator. Under the terms of the order, ABB will provide key HVDC (high-voltage direct current) technology to help interconnect the electricity networks of France and the UK. Register with us now for your free membership and blog access at:
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One of ABB Ltd's competitors within the Diversified Machinery space, 3M Co. (NYSE: MMM), is expected to report for its fiscal quarter ending March 2017 earnings results on April 25, 2017 before market open. AWS will be initiating a research report on 3M Co. following the release of its next earnings results.
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Breaking down the Order
ABB will deliver two high-voltage direct current HVDC Light converter stations, linked with a subsea cable, and will be located in France and England. Each station will convert alternating current into direct current and then back again, prior to distribution. The key advantage of HVDC technology is minimal iron and copper losses arising due to alternating current in conventional supply networks over long distances.
The converter stations will be equipped with ABB's advanced MACH control and protection system, hence supporting the Company's ABB Ability based digital offering. MACH acts as the control unit of the HVDC link to monitor, control, and protect the sophisticated technology in the stations, managing thousands of operations to ensure reliable power supplies.
ABB's HVDC Portfolio
Under terms of the agreement, ABB will participate in the interconnection project which further integrates the English and French electricity markets. The project will have a capacity of 1,000 megawatts and will run from Chilling, Hampshire, on the southern coast of England to Tourbe in northern France, covering a distance of 240 kilometres across the English channel.
ABB launched the HVDC technology about 60 years ago and has been awarded over 110 HVDC projects to date, representing a total installed capacity of about 120 thousand megawatts, which currently accounts for half of the global installed base. ABB further developed HVDC in the 1990s by introducing a voltage converter solution named HVDC Light and pioneered in the segment by delivering 18 out of 24 VSC VDC projects commissioned in the world. Currently, ABB's interconnector portfolio enables more than 15 countries to transport reliable power over long distances.
Bernecker+Rainer Industries Acquisition
On April 04, 2017, ABB announced the acquisition of B&R, the largest independent provider of product and software based open-architecture solutions for machine and factory automation worldwide. This acquisition was accretive to ABB's digital offering, ABB Ability and allowed the Company to strengthen its IoT offerings. B&R reported a revenue CAGR of 11% over the last two decades and annual sales >$600 million for FY16 in the $20 billion machine and factory automation segment.
ABB's Growth Portfolio
ABB is one of the leading firms in the industrial digitalization segment with operations in more than 100 countries and about 132,000 employees. ABB has won a series of HVDC orders recently, where it received an order worth around $75 million to supply advanced converter transformers for the Belo Monte 800 kV ultra-high voltage direct transmission link on January 13, 2017. Through the 2,158 km link, ABB enabled transmission of clean power generated in the north of Brazil, from the Xingu substation to the Rio substation in the southeast.
The Company additionally won an order worth more than $100 million from the US utility Los Angeles Department of Water and Power to modernize the existing Sylmar HVDC converter station in California. Through this agreement, ABB developed the electricity link between the Pacific Northwest and southern California commissioned in 1970.
Stock Performance
On Friday, April 07, 2017, the stock closed the trading session at $23.29, slightly falling 0.09% from its previous closing price of $23.31. A total volume of 1.02 million shares have exchanged hands. ABB Ltd's stock price advanced 7.82% in the last three months, 1.79% in the past six months, and 25.16% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 10.54%. The stock is trading at a PE ratio of 26.65 and has a dividend yield of 3.22%. ABB's net market capital for stood at $51.73 billion.
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