ZURICH -- (BUSINESS WIRE) --

Continued growth despite market headwinds; transformation progressing

• Total orders +1%¹, order backlog +7%
• Revenues +2%, book-to-bill² 1.03x
• Operational EBITA margin² 11.5%, impacted 60 basis points by GEIS dilution and additional 90 basis points by stranded costs
• Net income $64 million, includes $455 million charge related to planned exit of solar inverter business
• Operational EPS² $0.34, -10%³
• Cash flow from operating activities zero, solid cash delivery expected for the full year
• Announced sale of solar inverter business to streamline portfolio

“ABB continued to generate top-line momentum during the second quarter despite macroeconomic headwinds and geopolitical uncertainty,” said Peter Voser, Chairman and CEO of ABB. “Going forward we will drive long-term growth across our businesses, while staying focused on costs and portfolio management. We are instilling a new culture of empowerment to build ABB into a stronger and more agile group.”

“Overall total orders and revenues continued to grow, led by Electrification and Motion while Robotics and Discrete Automation in particular felt the downturn in automotive and machine building,” said Timo Ihamuotila, CFO of ABB. “At the same time, we are making good progress with the carve-out of our Power Grids business, the integration of GEIS and the roll-out of our ABB-OS operating model, which all are planned to make ABB more profitable.”