ABB Cuts 2021 Guidance as Revenue Hit by Supply-Chain Constraints
21 Octobre 2021 - 7:50AM
Dow Jones News
By Ed Frankl
ABB Ltd. cut its full-year guidance as a tight supply chain bit
into its revenue, despite orders climbing, the company said at its
third-quarter results.
The Swiss engineering company said Thursday that it anticipates
comparable revenue growth in 2021 of 6%-8%, down from "just below"
10% previously, as supply chains continued to impact customer
deliveries.
ABB posted net profit of $652 million in the three months to the
end of September, from $4.53 billion in the same period of the
2020. Last year's figure included the book gain related to the
divestment of its power-grids unit to Hitachi.
The Zurich-based company's closely watched operational earnings
before interest, taxes, and amortization climbed, however, to $1.06
billion, from $787 million the previous year.
Revenue also ticked up, to $7.03 billion from $6.58 billion,
though the company said sales were hampered by logistics
constraints primarily related to semiconductors and imbalances in
the overall supply chain.
Orders also rose 29% to $7.87 billion.
"3Q painted a mixed picture, containing on one hand a high level
of demand driving strong order growth, while on the other hand the
tight supply chain impacted our revenues more than anticipated,"
Chief Executive Bjorn Rosengren said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 21, 2021 01:35 ET (05:35 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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