Stock Monitor: Lennox Intl. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 25, 2018 / If you want access to our free earnings report on ABB Ltd (NYSE: ABB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ABB. The Company reported its financial results on July 19, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The Swedish-Swiss multinational corporation surpassed analysts' estimates for earnings for Q2 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the second quarter ended June 30, 2018, ABB's total revenues improved 5.1% to $8.89 billion compared to $8.45 billion in the second quarter of the fiscal year 2017. The Company's revenue numbers lagged analysts' estimates of $9.09 billion.
ABB had total orders of $9.48 billion in Q2 FY18, up by 13.6% from $8.35 billion in Q2 FY17.
During Q2 FY18, ABB incurred total cost of sales of $6.16 billion versus $5.86 billion in Q2 FY17, increasing 5.1% on a y-o-y basis. The Company gross profit rose 5.2% to $2.73 billion in the reported quarter compared to $2.60 billion in the year ago same period.
For the reported quarter, ABB's income from operations grew 9.7% to $962.0 million versus $877.0 million in the comparable quarter of last year. The Company reported operational earnings before interest, tax, depreciation, and amortization (EBITDA) of $1.17 billion in Q2 FY18 compared to $1.04 billion in Q2 FY17, increasing 12.0% on a y-o-y basis. The Company's operational EBITDA margin was 13.0% in Q2 FY18 compared to 12.4% in Q2 FY17.
ABB's net income scaled 29.7% to $681.0 million in the reported quarter compared to $525.0 million in the prior year’s corresponding period. The Company posted diluted earnings per share (EPS) of $0.32 in the reported quarter compared to $0.24 in the same period of the prior fiscal year, increasing 33.3% on a y-o-y basis. The Company's operational earnings per share (EPS) climbed 26.7% to $0.38 in Q2 FY18 compared to $0.30 in Q2 FY17, beating analysts' projections of $0.36.
ABB operates through four segments, namely: (i) Power Grids; (ii) Electrification Products; (iii) Industrial Automation; and (iv) Robotics and Motion.
During Q2 FY18, ABB's Power Grids segment's revenues declined 6.1% to $2.35 billion from $2.51 billion in Q2 FY17, mainly due to lower opening order backlog. The segment's orders grew 6.2% to $2.58 billion in the reported quarter compared to $2.43 billion in the year ago same period.
For the reported quarter, ABB's Electrification Products segment's revenues grew 6.5% to $2.67 billion versus $2.51 billion in the year ago comparable period. The segment’s orders were $2.73 billion in Q2 FY18, up by 8.6% from $2.51 billion in Q2 FY17.
ABB's Industrial Automation segment generated revenues of $1.84 billion in Q2 FY18, up by 16.8% from $1.58 billion in Q2 FY17. The segment's orders jumped 34.4% to $2.01 billion in Q2 FY18 compared to $1.49 billion in Q2 FY17.
For Q2 FY18, ABB's Robotics and Motion segment's revenues soared 11.2% to $2.32 billion compared to $2.08 billion in Q2 FY17. The segment's orders were $2.54 billion in Q2 FY18 compared to $2.22 billion in Q2 FY17, increasing 14.5% on a y-o-y basis.
As of June 30, 2018, ABB's cash and equivalents stood at $3.28 billion compared to $5.02 billion as of June 30, 2017. The Company had a long-term debt of $6.66 billion as of June 30, 2018, versus $6.71 billion as of December 31, 2017. For the reported quarter, the Company generated a cash inflow from operating activities of $1.01 billion compared to $467.0 million in year earlier corresponding quarter. As of June 30, 2018, the Company had a free cash flow of $2.43 billion compared to $2.93 billion as of December 31, 2017. The Company acquired GE Industrial Solutions ("GEIS") on June 30, 2018, and annual cost synergies of approximately $200.0 million are expected by the fifth year of the acquisition.
Stock Performance Snapshot
July 24, 2018 - At Tuesday's closing bell, ABB's stock slightly advanced 0.63%, ending the trading session at $22.47.
Volume traded for the day: 2.08 million shares, which was above the 3-month average volume of 2.02 million shares.
After yesterday's close, ABB's market cap was at $48.02 billion.
Price to Earnings (P/E) ratio was at 21.73.
The stock has a dividend yield of 3.69%.
The stock is part of the Industrial Goods sector, categorized under the Diversified Machinery industry. This sector was up 0.8% at the end of the session.
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