(RTTNews) – ABB (ANN.L, ABB) reported first quarter net income attributable to company of $502 million, up 34% year-on-year. Basic earnings per share was $0.25 compared to $0.18. Operational EBITA was $959 million compared to $636 million. Operational EBITA was up 51% (40% constant currency) year-on-year, increasing the margin by 360 basis points to 13.8%.
First quarter revenues were $6.90 billion, increasing by 11% (7% comparable). Orders were $7.8 billion, up 6%; comparable up 1%.
ABB expects second quarter growth rates to reflect the low level of business activity in second quarter of prior year. Comparable orders and revenues are expected to grow above 10%, with orders growing more than revenues. Operational EBITA margin is projected to significantly improve year-on-year, to approximately 14%.
ABB continues to expect comparable revenue growth of approximately 5% or higher for full-year 2021. In 2021, ABB targets a steady pace of improvement from 2020 toward the 2023 operational EBITA margin target of upper half of the 13%-16% range.