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Summary of ABB's Q3 2024 Results

Summary of ABB's Q3 2024 Performance:
- The order value was $8.193 billion, a 2% year-on-year growth and a 2% growth on a comparable basis.
- The sales revenue reached $8.151 billion, a 2% year-on-year growth and a 2% growth on a comparable basis.
- The operating profit was $13.09 billion, with a profit margin of 16.1%.
- The operating EBITA was $15.53 billion, with a profit margin of 19.0%.
- The basic earnings per share was $0.51, an 8% increase.
- The cash flow from operating activities was $13.45 billion, remaining the same as last year.

CEO Comments:
- Almost all items on the income statement showed year-on-year growth. The strong development of the Electrical Department offset the weakness of the Robotics and Discrete Automation Department and the Electric Vehicle business. The operating EBITA margin reached a new historical high of 19.0%. The cash flow from operating activities was basically stable at $13 billion, and the cumulative free cash flow this year reached $26 billion, laying the foundation for the annual target.
- The order-to-shipment ratio was 1.01. The growth in order value benefited from the Electrical Department and the Process Automation Department. Short-cycle orders increased, but large orders decreased compared to last year's peak. The data center, power, and infrastructure departments performed strongly, while the mechanical equipment manufacturing department related to discrete automation faced challenges.
- The growth in sales revenue was lower than expected, which was related to the discrete automation business and some motion control business. The 19.0% operating EBITA margin was better than expected, reflecting the strong year-on-year growth of the three departments, offsetting the weak performance of some businesses. The costs related to group management were lower than expected, providing additional support.

Recent Acquisitions:
- The Measurement and Analysis Business Unit of the Process Automation Department acquired the Födisch Group, expanding the product line in the industry emission measurement and analysis solutions field, with an expected annual increase in sales revenue of approximately $55 million.
- The Business Unit of the Electrical Department acquired the SEAM Group, expanding the existing service business, with an expected annual increase in sales revenue of approximately $90 million.

Personnel Changes:
- Since August 1st, Giampiero Frisio (Jiang Peirui) has served as the global president of the Electrical Department, and Brandon Spencer (Bai Yuanteng) has served as the global president of the Motion Control Department.

Outlook:
- It is expected that in the fourth quarter of 2024, the sales revenue will achieve a low to medium single-digit growth on a comparable basis, the order-to-shipment ratio will be less than 1, and the operating EBITA margin will be lower than that of the previous quarter.
- It is expected that for the whole year of 2024, the order-to-shipment ratio will be greater than 1, the growth in sales revenue on a comparable basis will be less than 5%, and the operating EBITA margin will be slightly higher than 18%.