ABB reported a 10% increase in orders and an 8% increase in revenues in the second quarter compared to the first quarter of 2002. ABB incurred $185 million in restructuring costs, asset write-downs, and charges in the first half of the year to improve the company's fundamentals. The company confirmed its full-year target of a 4 to 5 percent EBIT margin. First-half orders amounted to $11.9 billion, down 6% from the same period in 2001. Three divisions experienced order growth in the first half: Power Technology Products (8%), Automation Technology Products (3%), and Oil, Gas and Petrochemicals (6%).
The ABB Update presents ABB’s financial performance for the second quarter of 2002. Orders increased 10 % and revenues 8 % compared with Q1, while the first‑half net income was US$ 101 million. EBIT for the first half was US$ 368 million, giving an EBIT margin of 3.4 %.
The report also outlines ABB’s outlook for the remainder of 2002, sustainability initiatives, division reviews and key technology developments such as the Industrial IT certification milestone and new power transformer controls.
ABB reported a first‑half net income of US$ 101 million.
The half‑year EBIT margin was 3.4 percent.
Orders grew 10 percent in the second quarter.
ABB launched its annual Sustainability Report in June 2002.