ABB Report Solid Q3 2013 Across its Businesses

MarineLink.com
Friday, October 25, 2013
ABB's 2013 AGM: Photo courtesy of ABB

ABB reported higher revenues, earnings and cash flows in the third quarter of 2013, on improved performance across all divisions.

Financial highlights
    •    Revenues and operational EBITDA higher in all divisions, net income up 10 percent
    •    Base orders return to year-on-year growth, large project awards remain slow
    •    New CEO outlines priorities on growth, collaboration and execution

Orders in early-cycle businesses, driven mainly by customer investments in improved productivity and efficiency, grew compared to the same quarter in 2012, while further delays in large project awards – mainly the result of ongoing economic uncertainties - and the strategic repositioning of the Power Systems division resulted in lower large orders.

“It was a solid quarter where we executed well to grow revenues, earnings, cash and net income despite the continued mixed business climate,” said Ulrich Spiesshofer, ABB’s CEO. “We drove good order growth in a number of key markets, including China and Germany, and our base orders returned to year-over-year growth. Project tendering activity in sectors like power transmission and oil and gas continues to increase but the award of large orders remained slow."

Outlook
“Looking ahead, the long-term growth drivers are fully intact but several forward-looking indicators are mixed and we still face some near-term market uncertainty,” Spiesshofer said. “But even in a volatile environment, our strong market positions, leading technologies and broad business portfolio will allow us to capture profitable growth opportunities. Therefore, we will continue to drive the top line in a very targeted way while executing on cost, business-led collaboration and improved capital efficiency.”

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TOTE Finalizes Charter for LNG Containerships

World’s first LNG powered containerships to serve Puerto Rico TOTE, Inc. announced an agreement today between its operating companies TOTE Shipholdings Inc.

Hamburg Süd Opens Office in India

Hamburg Süd announced the opening of an office in Gandhidham, India, on October 1, 2014. It is the second branch office in the state of Gujarat. Hamburg Süd already has three offices in Mumbai,

GAC Marine Logistics Shifts Central Office to Singapore

In a move that brings it closer to key Asian markets, ship spares logistics specialist GAC Marine Logistics (GML) has relocated its head office to Singapore. The

Technology

Unlocking Seabed Secrets with Underwater Robots

From September 22 to October 13, 2014, the NATO Research Vessel Alliance is conducting the Multinational AutoNomy Experiment (MANEX ‘14) along the Ligurian coast

Jaccar Holdings & Hartmann form JV

Jaccar Holdings of Luxemburg and Hartmann Group of Leer, Germany, announce the establishment of a joint venture for the commercial management of ethane carriers.

Keel Laid in S. Korea for 1,200-passenger Vessel

The keel of the 1,200 passenger vessel designed by the engineering and technology group SENER was recently laid in the Factory No. 2 of POSCO PLANTEC, in Ulsan, South Korea.

Finance

Oil Traders Say OPEC May Be Heading for Price War

Saudi Arabia's decision to slash the official selling price for its oil has sparked trader talk of an emerging OPEC price cutting war, as members of the producer

Yara Completes Acquisition of OFD Holding

Yara International ASA has obtained relevant regulatory approvals and closed the acquisition of OFD Holding Inc. (OFD) allowing the integration process to start.

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte.

Offshore Energy

Wave Energy Conversion Competition Offers Cash Prize

Ricardo has been selected by the U.S. Department of Energy (DOE) Office of Energy Efficiency and Renewable Energy to administer a ocean Wave Energy Converter (WEC) prize challenge,

Seismic Cooperation in Barents Sea Gives New Perspectives

Statoil and its partners have completed their joint seismic acquisition project in the south-eastern Barents Sea. New forms of cooperation have ensured resource-efficient acquisition.

Vallianz Acquires OER Holdings for $28m

Vallianz Holdings Limited, a provider of offshore support vessels and integrated marine solutions to the oil and gas industry, has today announced that it is acquiring OER Holdings Pte.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3177 sec (3 req/sec)