December 2004News
Access Control & Identity Management
ABB, a leading power and automation technology group, reports a steady improvement in orders and revenues, earnings before interest and taxes (EBIT) as well as cash flow from operations in the third quarter of 2004.
Net income amounted to $98 million in the third quarter and $188 million for the first nine months of 2004, compared to losses of $283 million and $388 million, respectively, in the same periods of 2003. Cash flow from operating activities increased to $322 million, up $205 million from the same quarter last year.
"We continue to strengthen our performance," said Jürgen Dormann, ABB chairman and CEO. "We are on track to deliver a positive net income for 2004 and are confident that we will reach a Group EBIT margin of 8% in 2005, even though the Power Technologies division faces challenges to achieve its 2005 margin target."
The Automation Technologies division turned in a strong performance, reporting a 54% increase in EBIT. Power Technologies division EBIT was lower, mainly due to the remaining under utilisation in the power lines business and in other parts of the systems business.
Orders received in the core divisions amounted to $4,853 million, up 17% (11% in local currencies) in the third quarter of 2004 compared to the same quarter last year. The improvement was driven by continued growth in base orders (less than $15 million) in both divisions and a significant increase in large orders (more than $15 million) in the Automation Technologies division.
Both divisions saw strong order growth in both US dollar and local currency terms in China, the US, Latin America and Eastern Europe. Local currency orders from Western Europe were slightly higher in Automation Technologies and lower in Power Technologies. Group orders grew 9% to $4,782 million compared to the same quarter in 2003 (5% higher in local currencies).
Orders were sharply lower in non-core activities as a result of the divestment of most of the Building Systems businesses in the third quarter of last year. Excluding the difference in orders resulting from the Buildings Systems divestment, group orders were 16% higher (12% in local currencies).
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