ABB Delivers Surprisingly Good Margins, But End-Market Weakness Still Significant [Seeking Alpha]
ABB Ltd (ABB)
Last abb ltd earnings: 7/25 12:46 am
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new.abb.com/investorrelations
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Source: Seeking Alpha
SummaryABB beat on revenue and significantly beat on margins, but orders were only in line (and down year over year), as a fragile short-cycle recovery is still offset by weakness elsewhere.Weakness in buildings within Electrical is worth watching, but ABB may be outperforming in robotics, and overall performance in industrial/discrete automation was encouraging.With a November CMD, look for more commentary/guidance on margin improvement, the industrial software strategy, and potential asset disposals.ABB shares look priced for a high single-digit annualized return (on DCF), which isn't bad on a sector-relative basis.You wouldn't necessarily know it by the share price reaction, but(NYSE:I'm looking forward to ABB's November 19 Capital Day, and particularly with respect to management commentary on further expense/margin initiatives, the software strategy, and potential non-strategic disposals. As far as valuation goes, I think the long-term return potential (in the low high-single-dig
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