The following is a summary of the ABB, Ltd. (ABBNY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ABB Q1 2024 orders reached a record of $9 billion, driven by performances from Electrification and Motion divisions, despite a decrease in Process Automation.

• Operational EBITDA margin has also achieved a new high of 17.9%, predominantly propelled by successes in the Electrification and Process Automation sectors.

• Cash flow remains at a robust level of $550 million and the company predicts its free cash flow for 2024 will be similar to 2023.

• Despite a softening in short-cycle business, gross margins have seen improvement, particularly in the large motors and generators division, ranging between 10% and 15%.

Business Progress:

• Positive trends and high customer activity observed in the Electrification business.

• The company upheld its environmental commitments, aiding customers to avoid 74 megatons of greenhouse gas emissions in the previous year.

• Morten Wernli set to succeed retiring CEO Bjorn Rosengren, with plans to persist with ABB's current operational model.

• Confidence is displayed in expected revenue growth from orders throughout 2024, planning for strategic investments to support this growth.

• Continued efforts in maintaining leading market position through growth and portfolio evaluation, potential acquisitions in software and technology.

• A strong focus has been placed on Robotics and Discrete Automation divisions citing positive performance especially in European and Chinese markets.

More details: ABB LTD SPON ADR EACH REP 1 ORD SHS IR

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