UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE

ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of ~~April~~May 2024

Commission File Number 001-16429

ABB Ltd

(Translation of registrant’s name into English)

Affolternstrasse 44, CH-8050, Zurich, Switzerland

(Address of principal executive office)

Indicate by check mark whether

the registrant files or will file

annual reports under cover of Form 20-F

or Form 40-F.

Form 20-F

☒

Form 40-F

⬜

Indicate by check mark if the registrant

is submitting the Form 6-K in paper

as permitted by Regulation S-T Rule

101(b)(1):

⬜

Note:

Regulation S-T Rule 101(b)(1) only

permits the submission in paper of

a Form 6-K if submitted solely to provide

an attached

annual report to security holders.

Indication by check mark if the registrant

is submitting the Form 6-K in paper

as permitted by Regulation S-T Rule

101(b)(7):

⬜

Note:

Regulation S-T Rule 101(b)(7) only

permits the submission in paper of

a Form 6-K if submitted to furnish a

report or other

document that the registrant foreign

private issuer must furnish

and make public under the laws

of the jurisdiction in which the

registrant is incorporated, domiciled

or legally organized (the registrant’s “home country”), or

under the rules of the home country

exchange on which the registrant’s securities are traded,

as long as the report or other document

is not a press release, is not required

to be and has not been distributed to

the registrant’s security holders, and, if discussing

a material event, has already been

the subject

of a Form 6-K submission or other Commission

filing on EDGAR.

Indicate by check mark whether

the registrant by furnishing the

information contained in this Form is

also thereby furnishing the

information to the Commission pursuant

to Rule 12g3-2(b) under the Securities

Exchange Act of 1934.

Yes

⬜

☒

If “Yes” is marked, indicate below the file number assigned to the

registrant in connection with Rule 12g3-2(b):

82-

This Form 6-K consists of the following:

Press release issued by ABB Ltd dated

May 23, 2024, titled “ABB

appoints new Business Area Presidents”.

Q1 2024 Financial Information.

Executive Committee.

Securities and Exchange Commission.

—

~~“Against high~~ZURICH, ~~comparables~~SWITZERLAND, ~~our Q1 performance shows the year has started off well with~~

MAY

23,

2024

~~stronger than~~ABB ~~expected~~appoints ~~order~~new ~~momentum,~~Business ~~record-high~~Area ~~margin and strong cash delivery. This~~

~~makes us~~Presidents ~~confident to nudge up our margin expectation for 2024.”~~

ABB today announced the appointment

of Giampiero Frisio as the new

President of its Electrification

Business Area and Brandon Spencer

as the new President of its

Motion Business Area. Both will

take over

their new roles and join ABB’s Executive

Committee on August 1, 2024.

ABB CEO Björn Rosengren said:

“Both Giampiero and Brandon

are proven leaders with strong track

records

in their current roles driving profitable

growth in two of our

largest Divisions. I am particularly

happy that we

are appointing internal

candidates – this shows the strength of ABB’s pool

of senior leaders. I am confident

that they will build on the strong performance

achieved in Electrification

and Motion over the past years.”

Morten Wierod, CEO designate, added:

“I am excited to work with

Giampiero and Brandon also

in their new

roles when I take over as ABB CEO

later this year. With them we will continue to have a

strong Executive

Committee that will drive ABB’s financial

and sustainability performance.”

Giampiero Frisio, Division President

Smart Power (Electrification

Business Area) since 2018, will

succeed

Morten Wierod who, as announced

previously, will become ABB’s new CEO as of August 1, 2024.

Giampiero joined ABB in 1995

and has held numerous managerial

positions in roles ranging from operations

to marketing and sales. From January

2011 to November 2018, he was the Managing

Director for Protection

and Connection Business Unit, Electrification

Products. He holds a Master’s

degree in Electrical Engineering

from Pavia University in Italy. Giampiero is an Italian

citizen.

Brandon Spencer, Division President Energy Industries

(Process Automation Business

Area) since 2020, will

succeed Tarak Mehta, who as announced previously, will leave ABB to assume the role of

CEO of Timken

Group after more than 25 years with

ABB. Brandon joined ABB in 2006

and has held a range of leadership

roles with a focus on the energy sector. Between

2018 and 2020, he was

Global Managing Director for

ABB

Process Industries. Prior to joining

ABB, Brandon held various roles

at Siemens Power Generation. He

holds

a bachelor’s degree

in Economics and a Masters’ degree

in Business Administration from the

Crummer

School of Business at Rollins

College in Winter Park, Florida.

Brandon is a US citizen.

As of August 1, 2024, ABB’s Executive

Committee will consist of: Morten

Wierod (Chief Executive Officer),

Timo Ihamuotila (Chief Financial Officer), Carolina

Granat (Chief Human Resources

Officer), Karin Lepasoon

(Chief Communications and Sustainability

Officer), Giampiero Frisio (President,

Electrification), Peter

Terwiesch (President, Process Automation), Brandon Spencer

(President, Motion) and Sami Atiya

(President, Robotics & Discrete

Automation). In addition, Mathias

Gaertner will join the Executive

Committee

latest on October 1, 2024 as

General Counsel and Company Secretary.

~~Björn Rosengren~~1/2

~~, CEO~~ ABB

is a technology leader in electrification

and automation, enabling

a more sustainable and

resource-efficient future. The company’s solutions

connect engineering

know-how and software to optimize

how things are manufactured, moved,

powered and operated.

Building on over 140 years of excellence,

ABB’s more than 105,000 employees are

committed to driving

innovations that accelerate industrial

transformation. www.abb.com

—

For more information please

contact:

Q1 2024 results

strong cash flow

●

—

Q1 2024

First three months

Press Release

KEY FIGURES

CHANGE

($ millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Comparable

Orders

8,974

9,450

-5%

-4%

Revenues

7,870

7,859

Gross Profit

2,935

2,716

as % of revenues

37.3%

34.6%

+2.7 pts

Income from operations

1,217

1,198

Operational EBITA

1,417

1,277

11%

as % of operational revenues

17.9%

16.3%

+1.6 pts

Income from continuing operations, net of tax

914

1,065

-14%

Net income attributable to ABB

905

1,036

-13%

0.49

0.56

-12%

Cash flow from operating activities

726

282

157%

Free cash flow

551

162

240%

EPS growth rates are computed using unrounded amounts.

₂

2030.

announced in November.

Björn Rosengren

CEO

In the

second quarter of 2024

In full-year 2024

CEO summary

Outlook

market.

were utilities and datacenters.

comparable growth.

Revenues by region

($ in millions,

unless otherwise

indicated)

CHANGE

Q1 2024

Q1 2023

US$

Comparable

Europe

2,748

2,872

-4%

-5%

The Americas

2,789

2,653

Asia, Middle East

and Africa

2,333

2,334

ABB Group

7,870

7,859

Orders by region

($ in millions,

unless otherwise

indicated)

CHANGE

Q1 2024

Q1 2023

US$

Comparable

Europe

3,298

3,582

-8%

-9%

The Americas

2,904

2,985

-3%

Asia, Middle East

and Africa

2,772

2,883

-4%

ABB Group

8,974

9,450

-5%

-4%

Growth

Change year-on-year

Orders

Revenues

Comparable

-4%

-1%

Portfolio changes

-1%

Total

-5%

Gross profit

Income from operations

Finance net

cash deposits.

Income tax

Operational EBITA

($ in millions)

Q1 2024

Q1 2023

Corporate and Other

E-mobility

(54)

(28)

Corporate costs, intersegment

eliminations and other

(64)

(83)

Total

(118)

(111)

Majority of which relates to underlying corporate

Earnings

Net working capital

percentage of revenues

13.9% one year ago.

Capital expenditures

Net debt

initial dividend payment.

Cash flows

inventories.

Share buyback program

1,882,002,575.

unless otherwise indicated)

Mar. 31

2024

Mar. 31

2023

Dec. 31

2023

Short term debt and current

maturities of long-term debt

Long-term debt

Total debt

Cash & equivalents

Restricted cash - current

short-term investments

Cash and marketable securities

Net debt (cash)*

Net debt (cash)* to EBITDA ratio

Net debt (cash)* to Equity ratio

Balance sheet & Cash flow

Orders and revenues

●

(2% comparable).

●

Profit

●

spend.

●

CHANGE

($ millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Comparable

Orders

4,392

4,141

Order backlog

7,389

7,101

12%

Revenues

3,680

3,590

Operational EBITA

826

677

22%

as % of operational revenues

22.4%

19.0%

+3.4 pts

Cash flow from operating activities

547

395

38%

No. of employees (FTE equiv.)

50,700

51,130

Growth

Change year-on-year

Orders

Revenues

Comparable

Portfolio changes

-2%

-3%

Total

—

Electrification

Orders and revenues

businesses were noted.

●

Olympics.

●

Growth

Change year-on-year

Orders

Revenues

Comparable

-6%

-1%

Portfolio changes

Total

-6%

—

Motion

CHANGE

($ millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Comparable

Orders

2,303

2,262

Order backlog

5,612

5,102

10%

11%

Revenues

1,829

1,940

-6%

Operational EBITA

343

366

-6%

as % of operational revenues

18.5%

18.9%

-0.4 pts

Cash flow from operating activities

352

149

136%

No. of employees (FTE equiv.)

22,380

21,000

Orders and revenues

●

Profit

●

revenues.

●

CHANGE

($ millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Comparable

Orders

1,697

2,113

-20%

Order backlog

7,343

6,893

Revenues

1,601

1,436

11%

12%

Operational EBITA

253

205

23%

as % of operational revenues

15.6%

14.2%

+1.4 pts

Cash flow from operating activities

229

112

104%

No. of employees (FTE equiv.)

21,340

20,500

Growth

Change year-on-year

Orders

Revenues

Comparable

-20%

12%

-1%

Portfolio changes

Total

-20%

11%

—

Process Automation

Orders and revenues

●

The

●

Machine Automation

latter part of the summer.

●

Profit

on-year to 13.2%.

●

Robotics business.

●

CHANGE

($ millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Comparable

Orders

701

1,001

-30%

Order backlog

1,918

2,782

-31%

-29%

Revenues

864

937

-8%

-7%

Operational EBITA

113

140

-19%

as % of operational revenues

13.2%

14.9%

-1.7 pts

Cash flow from operating activities

130

-27%

No. of employees (FTE equiv.)

11,380

10,850

Growth

Change year-on-year

Orders

Revenues

Comparable

-30%

-7%

-1%

Portfolio changes

Total

-30%

-8%

—

Robotics & Discrete Automation

Events from the Quarter

●

kilotonnes of CO

₂

use by 10-15%.

●

for around 5,000 people.

●

sustainability.

●

society at large.

Q1 outcome

●

28%

₂

e emissions due to a

our operations.

●

at a low level.

●

—

Sustainability

Q1 2024

Q1 2023

CHANGE

12M ROLLING

₂

Ktons scope 1 and 2

-28%

143

frequency / 200,000 working hours

0.14

0.15

-7%

0.13

Proportion of women in senior management

roles in %

21.5

19.0

+2.5 pts

20.8

₂

₆

During Q1 2024

●

dividend proposal.

●

Significant events

Divestments

Company/unit

Closing date

Revenues, $ in

millions

No. of employees

2023

Electrification

Power Conversion division

3-Jul

~440

1,500

Electrification

Industrial Plugs & Sockets business

3-Jul

~12

Process Automation

UK technical engineering consultancy

business

1-May

~20

160

Additional 2024 guidance

($ in millions, unless otherwise stated)

FY 2024

Net finance expenses

↓

~(50)

from ~(120)

Effective tax rate

~25%

Capital Expenditures

~(900)

($ in millions, unless otherwise stated)

FY 2024

Q2 2024

Corporate and Other Operational EBITA

~(300)

~(75)

Non-operating items

Acquisition-related amortization

~(210)

~(60)

Restructuring and related

~(200)

~(60)

ABB Way transformation

↑

~(200)

~(50)

from ~(180)

Additional figures

ABB Group

Q1 2023

Q2 2023

Q3 2023

Q4 2023

FY 2023

Q1 2024

EBITDA, $ in million

1,389

1,494

1,453

1,315

5,651

1,418

Return on Capital Employed, %

n.a.

21.10

n.a.

Net debt/Equity

0.30

0.31

0.21

0.14

0.16

Net debt/ EBITDA 12M rolling

0.9

0.8

0.5

0.4

Net working capital, % of 12M rolling revenues

13.9%

14.7%

12.8%

10.2%

11.2%

Earnings per share, basic, $

0.56

0.49

0.48

0.50

2.02

0.49

Earnings per share, diluted, $

0.55

0.48

0.47

0.50

2.01

0.49

Dividend per share, CHF

n.a.

0.87

n.a.

Share price at the end of period, CHF

31.37

35.18

32.80

37.30

41.89

Number of employees (FTE equivalents)

106,170

108,320

107,430

107,870

108,700

No. of shares outstanding at end of period (in millions)

1,862

1,860

1,849

1,842

1,851

Excludes Operational EBITA from E-mobility business.

Acquisitions

Company/unit

Closing date

Revenues, $ in

millions

No. of employees

2024

Process Automation

Real Tech Water

1-Feb

Robotics & Discrete Automation

Meshmind

1-Feb

2023

Robotics & Discrete Automation

Sevensense

21-Dec

E-mobility

Imagen Energy Inc

13-Nov

Motion

Spring Point Solutions Llc

1-Nov

E-mobility

Vourity AB

25-Oct

Electrification

Eve Systems

1-Jun

~20

Motion

Siemens low voltage NEMA Motors

2-May

~60

600

Acquisitions and divestments, last twelve months

For additional information please contact:

Media Relations

~~Email~~Phone: +41 43 317 71 11

Email: media.relations@ch.abb.com

Investor Relations

~~Email~~Phone: +41 43 317 71 11

Email: investor.relations@ch.abb.com

ABB Ltd

Affolternstrasse 44

8050 Zurich

Switzerland

~~Financial calendar~~ABB APPOINTS NEW BUSINESS AREA PRESIDENTS

~~2024~~ 2/2

July 18

Q2 2024 results

October 17

Q3 2024 results

statements

ABB’s website.

Important notice about forward-looking information

Q1 results presentation on April 18, 2024

ABB

April 18, 2024

Q1 2024

Financial information

—

Contents

06 ─

28 ─

—

Key Figures

CHANGE

($ in millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Comparable

(1)

Orders

8,974

9,450

-5%

-4%

Order backlog (end March)

22,015

21,607

Revenues

7,870

7,859

Gross Profit

2,935

2,716

as % of revenues

37.3%

34.6%

+2.7 pts

Income from operations

1,217

1,198

Operational EBITA

(1)

1,417

1,277

11%

(2)

as % of operational revenues

(1)

17.9%

16.3%

+1.6 pts

Income from continuing operations, net of tax

914

1,065

-14%

Net income attributable to ABB

905

1,036

-13%

Basic earnings per share ($)

0.49

0.56

-12%

(3)

Cash flow from operating activities

726

282

157%

Free cash flow

(1)

551

162

240%

Supplemental Reconciliations and Definitions

” on page 28.

CHANGE

($ in millions, unless otherwise indicated)

Q1 2024

Q1 2023

US$

Local

Comparable

ABB Group

8,974

9,450

-5%

-4%

Electrification

4,392

4,141

Motion

2,303

2,262

Process Automation

1,697

2,113

-20%

Robotics & Discrete Automation

701

1,001

-30%

142

196

Intersegment eliminations

(261)

(263)

Order backlog (end March)

ABB Group

22,015

21,607

Electrification

7,389

7,101

12%

Motion

5,612

5,102

10%

11%

Process Automation

7,343

6,893

Robotics & Discrete Automation

1,918

2,782

-31%

-29%

(incl. intersegment eliminations)

(247)

(271)

ABB Group

7,870

7,859

Electrification

3,680

3,590

Motion

1,829

1,940

-6%

-5%

-6%

Process Automation

1,601

1,436

11%

12%

Robotics & Discrete Automation

864

937

-8%

-7%

125

169

Intersegment eliminations

(229)

(213)

Income from operations

ABB Group

1,217

1,198

Electrification

769

655

Motion

301

353

Process Automation

234

200

Robotics & Discrete Automation

115

Corporate and Other

(incl. intersegment eliminations)

(178)

(125)

Income from operations %

ABB Group

15.5%

15.2%

Electrification

20.9%

18.2%

Motion

16.5%

18.2%

Process Automation

14.6%

13.9%

Robotics & Discrete Automation

10.5%

12.3%

Operational EBITA

ABB Group

1,417

1,277

11%

Electrification

826

677

22%

23%

Motion

343

366

-6%

Process Automation

253

205

23%

Robotics & Discrete Automation

113

140

-19%

-18%

Corporate and Other

(incl. intersegment eliminations)

(118)

(111)

ABB Group

17.9%

16.3%

Electrification

22.4%

19.0%

Motion

18.5%

18.9%

Process Automation

15.6%

14.2%

Robotics & Discrete Automation

13.2%

14.9%

Cash flow from operating activities

ABB Group

726

282

Electrification

547

395

Motion

352

149

Process Automation

229

112

Robotics & Discrete Automation

130

(incl. intersegment eliminations)

(497)

(504)

Operational EBITA

Process

Robotics & Discrete

ABB

Electrification

Motion

Automation

($ in millions, unless otherwise indicated)

Q1 24

Q1 23

Q1 24

Q1 23

Q1 24

Q1 23

Q1 24

Q1 23

Q1 24

Q1 23

Revenues

7,870

7,859

3,680

3,590

1,829

1,940

1,601

1,436

864

937

Foreign exchange/commodity timing

differences in total revenues

(16)

(22)

–

(5)

Operational revenues

7,935

7,843

3,693

3,568

1,858

1,940

1,626

1,446

859

938

Income from operations

1,217

1,198

769

655

301

353

234

200

115

Acquisition-related amortization

implementation costs

(1)

–

divested businesses

–

Gains and losses from sale of businesses

–

expenses and integration costs

–

Certain other non-operational items

(1)

–

Foreign exchange/commodity timing

differences in income from operations

(24)

(18)

(2)

(1)

(2)

Operational EBITA

1,417

1,277

826

677

343

366

253

205

113

140

Operational EBITA margin (%)

17.9%

16.3%

22.4%

19.0%

18.5%

18.9%

15.6%

14.2%

13.2%

14.9%

Depreciation and Amortization

Process

Robotics & Discrete

ABB

Electrification

Motion

Automation

($ in millions)

Q1 24

Q1 23

Q1 24

Q1 23

Q1 24

Q1 23

Q1 24

Q1 23

Q1 24

Q1 23

Depreciation

133

125

Amortization

including total acquisition-related amortization of:

Orders received and revenues by region

($ in millions, unless otherwise indicated)

Orders received

CHANGE

Revenues

CHANGE

Com-

Q1 24

Q1 23

US$

Local

parable

Q1 24

Q1 23

US$

Local

parable

Europe

3,298

3,582

-8%

-9%

2,748

2,872

-4%

-6%

-5%

The Americas

2,904

2,985

-3%

2,789

2,653

of which United States

2,139

2,130

2,110

1,984

10%

Asia, Middle East and Africa

2,772

2,883

-4%

2,333

2,334

of which China

1,050

1,355

-23%

-19%

-18%

998

1,155

-14%

-9%

ABB Group

8,974

9,450

-5%

-4%

7,870

7,859

—

Consolidated Financial Information

ABB Ltd Consolidated Income Statements (unaudited)

Three months ended

($ in millions, except per share data in $)

Mar. 31, 2024

Mar. 31, 2023

Sales of products

6,503

6,644

Sales of services and other

1,367

1,215

Total revenues

7,870

7,859

Cost of sales of products

(4,145)

(4,418)

Cost of services and other

(790)

(725)

Total cost of sales

(4,935)

(5,143)

Gross profit

2,935

2,716

Selling, general and administrative expenses

(1,381)

(1,339)

Non-order related research and development expenses

(363)

(304)

Other income (expense), net

125

Income from operations

1,217

1,198

Interest and dividend income

Interest and other finance expense

(37)

(61)

Non-operational pension (cost) credit

Income from continuing operations before taxes

1,253

1,184

Income tax expense

(339)

(119)

914

1,065

Loss from discontinued operations, net of tax

(1)

(5)

Net income

913

1,060

(8)

(24)

Net income attributable to ABB

905

1,036

Amounts attributable to ABB shareholders:

Income from continuing operations, net of tax

906

1,041

Loss from discontinued operations, net of tax

(1)

(5)

Net income

905

1,036

Basic earnings per share attributable to ABB shareholders:

Income from continuing operations, net of tax

0.49

0.56

Loss from discontinued operations, net of tax

–

Net income

0.49

0.56

Diluted earnings per share attributable to ABB shareholders:

Income from continuing operations, net of tax

0.49

0.56

Loss from discontinued operations, net of tax

–

Net income

0.49

0.55

Basic earnings per share attributable to ABB shareholders

1,839

1,861

Diluted earnings per share attributable to ABB shareholders

1,852

1,874

Due to rounding, numbers presented may not add to the totals provided.

See Notes to the Consolidated Financial Information

—

ABB Ltd Condensed Consolidated Statements of Comprehensive

Income (unaudited)

Three months ended

($ in millions)

Mar. 31, 2024

Mar. 31, 2023

1,063

1,153

redeemable noncontrolling interests, net of tax

(30)

1,071

1,123

Due to rounding, numbers presented may not add to the totals provided.

See Notes to the Consolidated Financial Information

—

ABB Ltd Consolidated Balance Sheets (unaudited)

($ in millions)

Mar. 31, 2024

Dec. 31, 2023

Cash and equivalents

4,102

3,891

Restricted cash

Marketable securities and short-term investments

2,097

1,928

Receivables, net

7,385

7,446

Contract assets

1,135

1,090

Inventories, net

6,170

6,149

Prepaid expenses

314

235

Other current assets

563

520

Total current assets

21,784

21,277

Property, plant and equipment, net

4,047

4,142

Operating lease right-of-use assets

863

893

Investments in equity-accounted companies

178

187

Prepaid pension and other employee benefits

755

780

Intangible assets, net

1,128

1,223

Goodwill

10,494

10,561

Deferred taxes

1,375

1,381

Other non-current assets

488

496

Total assets

41,112

40,940

Accounts payable, trade

5,018

4,847

Contract liabilities

2,866

2,844

Short-term debt and current maturities of long-term debt

1,957

2,607

Current operating leases

242

249

Provisions for warranties

1,191

1,210

Dividends payable to shareholders

857

–

Other provisions

1,056

1,201

Other current liabilities

4,595

5,046

Total current liabilities

17,782

18,004

Long-term debt

6,346

5,221

Non-current operating leases

642

666

Pension and other employee benefits

668

686

Deferred taxes

664

669

Other non-current liabilities

1,539

1,548

Total liabilities

27,641

26,794

Commitments and contingencies

Redeemable noncontrolling interest

Stockholders’ equity:

Common stock, CHF 0.12 par value

163

Additional paid-in capital

Retained earnings

18,622

19,724

Accumulated other comprehensive loss

(4,904)

(5,070)

Treasury stock, at cost

(1,150)

(1,414)

Total ABB stockholders’ equity

12,740

13,410

Noncontrolling interests

642

647

Total stockholders’ equity

13,382

14,057

41,112

40,940

Due to rounding, numbers presented may not add to the totals provided.

See Notes to the Consolidated Financial Information

—

ABB Ltd Consolidated Statements of Cash Flows (unaudited)

Three months ended

($ in millions)

Mar. 31, 2024

Mar. 31, 2023

Operating activities:

Net income

913

1,060

Depreciation and amortization

201

191

Changes in fair values of investments

(13)

Pension and other employee benefits

(13)

Deferred taxes

(6)

Loss from equity-accounted companies

Net gain from derivatives and foreign exchange

(8)

(37)

(5)

(26)

Net loss (gain) from sale of businesses

–

Other

Changes in operating assets and liabilities:

Trade receivables, net

(33)

(362)

Contract assets and liabilities

Inventories, net

(205)

(264)

Accounts payable, trade

Accrued liabilities

(473)

(324)

Provisions, net

Income taxes payable and receivable

122

(115)

Other assets and liabilities, net

Net cash provided by operating activities

726

282

Investing activities:

Purchases of investments

(877)

(660)

(181)

(151)

(30)

(19)

Proceeds from sales of investments

727

equity-accounted companies

(8)

(5)

Net cash from settlement of foreign currency derivatives

Changes in loans receivable, net

Other investing activities

–

(1)

Net cash used in investing activities

(331)

(741)

Financing activities:

Net changes in debt with original maturities of 90 days or less

(20)

(714)

Increase in debt

1,358

1,633

Repayment of debt

(565)

(36)

Delivery of shares

390

Purchase of treasury stock

(291)

(274)

Dividends paid

(919)

(1,294)

Dividends paid to noncontrolling shareholders

–

(3)

Proceeds from issuance of subsidiary shares

–

341

Other financing activities

(3)

Net cash used in financing activities

(50)

(240)

(134)

(5)

–

(13)

Net change in cash and equivalents and restricted cash

211

(717)

Cash and equivalents and restricted cash, beginning of period

3,909

4,174

Cash and equivalents and restricted cash, end of period

4,120

3,457

Supplementary disclosure of cash flow information:

Interest paid

Income taxes paid

228

207

Due to rounding, numbers presented may not add to the totals provided.

See Notes to the Consolidated Financial Information

—

ABB Ltd Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

($ in millions)

Common

stock

Additional

paid-in

capital

Retained

earnings

Accumulated

other

comprehensive

loss

Treasury

stock

stockholders’

equity

Non-

controlling

interests

Total

stockholders’

equity

Balance at January 1, 2023

171

141

20,082

(4,556)

(3,061)

12,777

410

13,187

Net income

(1)

1,036

1,061

Foreign currency translation

adjustments, net of tax of $(1)

Effect of change in fair value of

available-for-sale securities,

net of tax of $1

Unrecognized income (expense)

related to pensions and other

postretirement plans,

net of tax of $1

–

Change in derivative instruments

and hedges, net of tax of $0

Issuance of subsidiary shares

170

168

338

Other changes in

noncontrolling interests

–

(1)

Dividends to

noncontrolling shareholders

–

(5)

Dividends to shareholders

(1,706)

Share-based payment arrangements

Purchase of treasury stock

(253)

Delivery of shares

(53)

148

Other

(2)

Balance at March 31, 2023

171

279

19,411

(4,469)

(3,165)

12,227

604

12,831

Balance at January 1, 2024

163

19,724

(5,070)

(1,414)

13,410

647

14,057

Net income

(1)

905

914

Foreign currency translation

adjustments, net of tax of $3

131

(16)

115

Effect of change in fair value of

available-for-sale securities,

net of tax of $0

(1)

Unrecognized income (expense)

related to pensions and other

postretirement plans,

net of tax of $16

Change in derivative instruments

and hedges, net of tax of $0

Changes in noncontrolling interests

(1)

(30)

(31)

(30)

Dividends to

noncontrolling shareholders

–

(1)

Dividends to shareholders

(1,804)

Share-based payment arrangements

Purchase of treasury stock

(314)

Delivery of shares

(14)

(174)

578

390

Other

(3)

(1)

Balance at March 31, 2024

163

18,622

(4,904)

(1,150)

12,740

642

13,382

(1)

Amounts attributable to noncontrolling interests for the three months ended March 31, 2024 and 2023, exclude net losses of $1 million and $1 million, respectively, related to

redeemable noncontrolling interests, which are reported in the mezzanine equity section on the Consolidated Balance Sheets.

Due to rounding, numbers presented may not add to the totals provided.

See Notes to the Consolidated Financial Information

—

Notes to the Consolidated Financial Information (unaudited)

─

Note 1

The Company and basis of presentation

operated.

●

instruments,

●

warranties, self-insurance reserves, regulatory and other proceedings,

●

divestments.

Basis of presentation

not add to the totals provided.

Change in accounting policy

─

Note 2

Recent accounting pronouncements

Applicable for current periods

Improvements to reportable segment disclosures

Company’s consolidated financial statements.

Applicable for future periods

Improvements to Income tax disclosures

─

Note 3

Cash and equivalents, marketable securities and short-term investments

March 31, 2024

Cash and

Marketable

Gross

equivalents

securities

unrealized

and restricted

and short-term

($ in millions)

Cost basis

gains

losses

Fair value

cash

investments

recorded in net income

Cash

1,789

Time deposits

2,817

2,331

486

Equity securities

1,391

1,428

5,997

–

6,034

4,120

1,914

Changes in fair value recorded

in other comprehensive income

Debt securities available-for-sale:

U.S. government obligations

190

(9)

183

190

(9)

183

–

183

Total

6,187

(9)

6,217

4,120

2,097

Restricted cash, current

December 31, 2023

Cash and

Marketable

Gross

equivalents

securities

unrealized

and restricted

and short-term

($ in millions)

Cost basis

gains

losses

Fair value

cash

investments

Changes in fair value

recorded in net income

Cash

1,449

Time deposits

2,923

2,460

463

Equity securities

1,250

1,282

5,622

–

5,654

3,909

1,745

Changes in fair value recorded

in other comprehensive income

Debt securities available-for-sale:

U.S. government obligations

189

(8)

183

189

(8)

183

–

183

Total

5,811

(8)

5,837

3,909

1,928

Of which:

Restricted cash, current

─

Note 4

Derivative financial instruments

activities.

Commodity risk

Volume of derivative activity

Foreign exchange and interest rate derivatives

Type of derivative

($ in millions)

March 31, 2024

December 31, 2023

March 31, 2023

Foreign exchange contracts

14,331

12,335

13,273

Embedded foreign exchange derivatives

1,106

1,137

1,104

Cross-currency interest rate swaps

863

886

870

Interest rate contracts

3,075

1,606

2,963

Derivative commodity contracts

Company’s requirements for these commodities:

Type of derivative

Unit

March 31, 2024

December 31, 2023

March 31, 2023

Copper swaps

metric tonnes

38,116

35,015

27,920

Silver swaps

ounces

2,689,981

2,359,363

2,392,353

Steel swaps

metric tonnes

10,251

10,206

6,804

Aluminum swaps

metric tonnes

5,875

5,900

6,750

Cash flow hedges

hedge accounting activities.

Fair value hedges

Three months ended March 31,

($ in millions)

2024

2023

Interest rate contracts

Designated as fair value hedges

Hedged item

(14)

(10)

Cross-currency interest rate swaps

Designated as fair value hedges

(3)

(11)

Hedged item

Derivatives not designated in hedge relationships

hedged transaction.

Gains (losses) recognized in income

designated as a hedge

Three months ended March 31,

($ in millions)

Location

2024

2023

Foreign exchange contracts

Total revenues

(168)

Total cost of sales

(1)

SG&A expenses

(1)

Non-order related research and development

(2)

–

Interest and other finance expense

247

Embedded foreign exchange contracts

Total revenues

Total cost of sales

(4)

(1)

Commodity contracts

Total cost of sales

Other

Interest and other finance expense

(2)

–

Total

158

March 31, 2024

Derivative assets

Derivative liabilities

Current in

Non-current in

Current in

Non-current in

“Other current

“Other non-current

“Other current

“Other non-current

($ in millions)

assets”

liabilities”

Derivatives designated as hedging instruments:

Foreign exchange contracts

–

Interest rate contracts

–

Cross-currency interest rate swaps

–

256

Other

–

Total

–

259

Derivatives not designated as hedging instruments:

Foreign exchange contracts

179

Commodity contracts

–

Interest rate contracts

–

Embedded foreign exchange derivatives

Other

–

Total

220

109

Total fair value

227

115

273

December 31, 2023

Derivative assets

Derivative liabilities

Current in

Non-current in

Current in

Non-current in

“Other current

“Other non-current

“Other current

“Other non-current

($ in millions)

assets”

liabilities”

Derivatives designated as hedging instruments:

Foreign exchange contracts

–

Interest rate contracts

–

Cross-currency interest rate swaps

–

230

Other

–

Total

–

232

Derivatives not designated as hedging instruments:

Foreign exchange contracts

123

177

Commodity contracts

–

Interest rate contracts

–

Other equity contracts

–

Embedded foreign exchange derivatives

Total

159

207

Total fair value

169

230

246

occurrence of one or more pre-defined trigger events.

($ in millions)

March 31, 2024

Gross amount

Derivative liabilities

Cash

Non-cash

Type of agreement or

of recognized

eligible for set-off

collateral

Net asset

similar arrangement

assets

in case of default

received

exposure

Derivatives

225

(71)

–

154

Total

225

(71)

–

154

($ in millions)

March 31, 2024

Gross amount

Derivative liabilities

Cash

Non-cash

eligible for set-off

collateral

Net liability

similar arrangement

liabilities

in case of default

pledged

exposure

Derivatives

376

(71)

–

305

Total

376

(71)

–

305

($ in millions)

December 31, 2023

Gross amount

Derivative liabilities

Cash

Non-cash

eligible for set-off

collateral

Net asset

similar arrangement

in case of default

received

exposure

Derivatives

176

(111)

–

Total

176

(111)

–

($ in millions)

December 31, 2023

Gross amount

Derivative liabilities

Cash

Non-cash

Type of agreement or

eligible for set-off

collateral

Net liability

similar arrangement

liabilities

pledged

exposure

Derivatives

445

(111)

–

334

Total

445

(111)

–

334

─

Note 5

Fair values

to their estimated fair value due to impairments.

The levels of the fair value hierarchy are as follows:

Level 1:

using Level 1 inputs include exchange

‑

futures and certain actively traded debt securities.

Level 2:

Level 3:

Recurring fair value measures

March 31, 2024

($ in millions)

Level 1

Level 2

Level 3

Total fair value

Assets

Securities in “Marketable securities and short-term investments”:

Equity securities

–

1,428

–

1,428

Debt securities—U.S. government obligations

183

–

183

Derivative assets—current in “Other current assets”

–

227

–

227

Derivative assets—non-current in “Other non-current assets”

–

Total

183

1,682

–

1,865

Liabilities

Derivative liabilities—current in “Other current liabilities”

–

115

–

115

Derivative liabilities—non-current in “Other non-current liabilities”

–

273

–

273

Total

–

388

–

388

December 31, 2023

($ in millions)

Level 1

Level 2

Level 3

Total fair value

Assets

Securities in “Marketable securities and short-term investments”:

Equity securities

–

1,282

–

1,282

Debt securities—U.S. government obligations

183

–

183

Derivative assets—current in “Other current assets”

–

169

–

169

Derivative assets—non-current in “Other non-current assets”

–

Total

183

1,486

–

1,669

Liabilities

Derivative liabilities—current in “Other current liabilities”

–

230

–

230

Derivative liabilities—non-current in “Other non-current liabilities”

–

246

–

246

Total

–

476

–

476

●

March 31, 2024

($ in millions)

Carrying value

Level 1

Level 2

Level 3

Total fair value

Assets

maturities up to 3 months):

Cash

1,771

–

1,771

Time deposits

2,331

–

2,331

–

2,331

Restricted cash

–

Marketable securities and short-term investments

(excluding securities):

Time deposits

486

–

486

–

486

Liabilities

Short-term debt and current maturities of long-term debt

(excluding finance lease obligations)

1,927

1,890

–

1,927

Long-term debt (excluding finance lease obligations)

6,192

6,211

–

6,219

December 31, 2023

($ in millions)

Carrying value

Level 1

Level 2

Level 3

Total fair value

Assets

maturities up to 3 months):

Cash

1,431

–

1,431

Time deposits

2,460

–

2,460

–

2,460

Restricted cash

–

Marketable securities and short-term investments

(excluding securities):

Time deposits

463

–

463

–

463

Liabilities

Short-term debt and current maturities of long-term debt

(excluding finance lease obligations)

2,576

2,521

–

2,576

Long-term debt (excluding finance lease obligations)

5,060

5,096

–

5,101

●

investments (excluding securities):

are equal to the deposit amount.

●

approximate their fair values.

●

─

Note 6

Contract assets and liabilities

($ in millions)

March 31, 2024

December 31, 2023

March 31, 2023

Contract assets

1,135

1,090

1,009

Contract liabilities

2,866

2,844

2,339

collected within one year of the respective balance sheet date.

Three months ended March 31,

2024

2023

Contract

($ in millions)

assets

liabilities

assets

liabilities

(724)

(651)

819

707

(408)

(325)

23 percent of the obligations in 2025 and the balance thereafter.

─

Note 7

Supplier finance programs

─

Note 8

Debt

($ in millions)

March 31, 2024

December 31, 2023

Short-term debt

Current maturities of long-term debt

1,907

2,520

Total

1,957

2,607

Long-term debt

March 31, 2024

December 31, 2023

(in millions)

Nominal outstanding

(1)

Nominal outstanding

(1)

Bonds:

Floating Rate EUR Instruments, due 2024

EUR

500

554

0.625% EUR Instruments, due 2024

EUR

700

755

EUR

700

768

0.75% EUR Instruments, due 2024

EUR

750

805

EUR

750

819

0.3% CHF Bonds, due 2024

CHF

280

309

CHF

280

335

2.1% CHF Bonds, due 2025

CHF

150

165

CHF

150

179

1.965% CHF Bonds, due 2026

CHF

325

358

CHF

325

387

3.25% EUR Instruments, due 2027

EUR

500

536

EUR

500

551

0.75% CHF Bonds, due 2027

CHF

425

468

CHF

425

507

3.8% USD Notes, due 2028

(2)

USD

383

382

USD

383

382

1.9775% CHF Bonds, due 2028

CHF

150

165

CHF

150

179

3.125% EUR Instruments, due 2029

EUR

500

536

1.0% CHF Bonds, due 2029

CHF

170

188

CHF

170

203

0% EUR Instruments, due 2030

EUR

800

723

EUR

800

749

2.375% CHF Bonds, due 2030

CHF

150

165

CHF

150

178

3.375% EUR Instruments, due 2031

EUR

750

797

EUR

750

818

2.1125% CHF Bonds, due 2033

CHF

275

303

CHF

275

327

3.375% EUR Instruments, due 2034

EUR

750

802

4.375% USD Notes, due 2042

(2)

USD

609

591

USD

609

591

Total

8,048

7,527

2042, was USD 750 million.

Subsequent events

─

Note 9

Commitments and contingencies

Regulatory

General

Liabilities recognized

Other non

‑

General

Maximum potential payments

($ in millions)

March 31, 2024

December 31, 2023

Performance guarantees

3,370

3,451

Financial guarantees

Total

(1)

3,463

3,545

(1)

significant.

performance guarantees range from one to ten years.

and December 31, 2023, was approximately $2.2 billion.

Commercial commitments

Product and order-related contingencies

($ in millions)

2024

2023

Balance at January 1,

1,210

1,028

Claims paid in cash or in kind

(37)

(40)

Exchange rate differences

(37)

Balance at March 31,

1,191

1,060

─

Note 10

Income taxes

2023.

─

Note 11

Employee benefits

consistent with the local government and tax requirements.

($ in millions)

Defined pension benefits

Switzerland

International

Three months ended March 31,

2024

2023

2024

2023

Operational pension cost:

Service cost

Operational pension cost

Non-operational pension cost (credit):

Interest cost

Expected return on plan assets

(31)

(33)

(43)

(39)

Amortization of prior service cost (credit)

(2)

–

(1)

–

Amortization of net actuarial loss

–

Non-operational pension cost (credit)

(24)

(21)

Net periodic benefit cost (credit)

(13)

(12)

Consolidated Income Statements.

Employer contributions were as follows:

($ in millions)

Defined pension benefits

Switzerland

International

Three months ended March 31,

2024

2023

2024

2023

─

Note 12

Stockholder's equity

scheduled to be paid in the second quarter of 2024.

─

Note 13

Earnings per share

conditions under the Company’s share-based payment arrangements.

Basic earnings per share

Three months ended March 31,

($ in millions, except per share data in $)

2024

2023

Amounts attributable to ABB shareholders:

Income from continuing operations, net of tax

906

1,041

Loss from discontinued operations, net of tax

(1)

(5)

Net income

905

1,036

1,839

1,861

Basic earnings per share attributable to ABB shareholders:

Income from continuing operations, net of tax

0.49

0.56

Loss from discontinued operations, net of tax

–

Net income

0.49

0.56

Diluted earnings per share

Three months ended March 31,

($ in millions, except per share data in $)

2024

2023

Amounts attributable to ABB shareholders:

Income from continuing operations, net of tax

906

1,041

Loss from discontinued operations, net of tax

(1)

(5)

Net income

905

1,036

Weighted-average number of shares outstanding (in millions)

1,839

1,861

Effect of dilutive securities:

Call options and shares

1,852

1,874

Diluted earnings per share attributable to ABB shareholders:

Income from continuing operations, net of tax

0.49

0.56

Loss from discontinued operations, net of tax

–

Net income

0.49

0.55

─

Note 14

Reclassifications out of accumulated other comprehensive loss

Unrealized gains

Pension and

Foreign currency

(losses) on

other

Derivative

translation

available-for-sale

postretirement

instruments

($ in millions)

adjustments

securities

plan adjustments

and hedges

Total OCI

Balance at January 1, 2023

(3,691)

(19)

(838)

(8)

(4,556)

Other comprehensive (loss) income:

Other comprehensive (loss) income

before reclassifications

(8)

Amounts reclassified from OCI

–

Less:

Amounts attributable to

noncontrolling interests and

redeemable noncontrolling interests

–

Balance at March 31, 2023

(3,612)

(14)

(838)

(5)

(4,469)

Unrealized gains

Pension and

Foreign currency

(losses) on

other

Derivative

translation

available-for-sale

postretirement

instruments

($ in millions)

adjustments

securities

plan adjustments

and hedges

Total OCI

Balance at January 1, 2024

(3,977)

(8)

(1,075)

(10)

(5,070)

Other comprehensive (loss) income:

Other comprehensive (loss) income

before reclassifications

115

(1)

–

141

Amounts reclassified from OCI

–

115

(1)

150

Less:

Amounts attributable to

noncontrolling interests and

redeemable noncontrolling interests

(16)

–

(16)

Balance at March 31, 2024

(3,846)

(9)

(1,042)

(7)

(4,904)

─

Note 15

Operating segment data

●

Power Conversion Division.

●

Ports and Measurement & Analytics.

●

a comprehensive range of digital solutions.

Corporate and Other:

●

divested businesses),

●

2024, and December 31, 2023.

Three months ended March 31, 2024

Robotics &

Process

Discrete

Corporate

($ in millions)

Electrification

Motion

Automation

and Other

Total

1,154

488

555

490

2,748

1,529

630

447

140

2,789

of which: United States

1,186

516

285

2,110

936

558

593

231

2,333

of which: China

415

256

165

157

998

3,619

1,676

1,595

861

119

7,870

Products

3,380

1,395

911

711

106

6,503

Services and other

239

281

684

150

1,367

3,619

1,676

1,595

861

119

7,870

Third-party revenues

3,619

1,676

1,595

861

119

7,870

Intersegment revenues

153

(223)

–

Total revenues

(1)

3,680

1,829

1,601

864

(104)

7,870

Three months ended March 31, 2023

Robotics &

Process

Discrete

Corporate

($ in millions)

Electrification

Motion

Automation

and Other

Total

1,162

638

519

474

2,872

1,407

632

421

136

2,653

of which: United States

1,043

533

264

1,984

957

549

489

324

2,334

of which: China

457

281

162

248

1,155

3,526

1,819

1,429

934

151

7,859

Products

3,306

1,583

827

791

137

6,644

Services and other

220

236

602

143

1,215

3,526

1,819

1,429

934

151

7,859

Third-party revenues

3,526

1,819

1,429

934

151

7,859

Intersegment revenues

121

(195)

–

Total revenues

(1)

3,590

1,940

1,436

937

(44)

7,859

Three months ended

March 31,

($ in millions)

2024

2023

Operational EBITA:

Electrification

826

677

Motion

343

366

Process Automation

253

205

Robotics & Discrete Automation

113

140

Corporate and Other

‒

E-mobility

(54)

(28)

‒ Corporate costs, intersegment eliminations and other

(64)

(83)

Total

1,417

1,277

Acquisition-related amortization

(56)

(54)

Restructuring, related and implementation costs

(1)

(26)

(28)

Changes in obligations related to divested businesses

–

(3)

Gains and losses from sale of businesses

(2)

–

(19)

(77)

(5)

Certain other non-operational items:

Other income/expense relating to the Power Grids joint venture

Regulatory, compliance and legal costs

(3)

–

Business transformation costs

(2)

(50)

(34)

Certain other fair value changes, including asset impairments

(14)

(1)

Other non-operational items

(4)

Income from operations

1,217

1,198

Interest and dividend income

Interest and other finance expense

(37)

(61)

Non-operational pension (cost) credit

Income from continuing operations before taxes

1,253

1,184

Total assets

(1)

($ in millions)

March 31, 2024

December 31, 2023

Electrification

12,837

12,668

Motion

6,947

7,016

Process Automation

4,952

4,971

Robotics & Discrete Automation

4,982

5,047

Corporate and Other

11,394

11,238

Consolidated

41,112

40,940

—

Comparable growth rate reconciliation by Business Area

Q1 2024 compared to Q1 2023

Order growth rate

Revenue growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Business Area

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

Motion

-1%

-6%

-1%

-6%

Process Automation

-20%

11%

12%

Robotics & Discrete Automation

-30%

-8%

-7%

ABB Group

-5%

-4%

Regional comparable growth rate reconciliation

Q1 2024 compared to Q1 2023

Order growth rate

Revenue growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Region

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

Europe

-8%

-1%

-9%

-4%

-2%

-5%

The Americas

-3%

of which: United States

10%

Asia, Middle East and Africa

-4%

of which: China

-23%

-18%

-14%

-9%

ABB Group

-5%

-4%

Q1 2024 compared to Q1 2023

Order growth rate

Revenue growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Region

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

Europe

-1%

-2%

-1%

-2%

The Americas

-1%

11%

-1%

15%

of which: United States

13%

17%

14%

23%

Asia, Middle East and Africa

11%

-1%

of which: China

-7%

-2%

-9%

-4%

Electrification

Q1 2024 compared to Q1 2023

Order growth rate

Revenue growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Region

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

Europe

-8%

-3%

-11%

-20%

-2%

-22%

The Americas

-1%

-3%

-4%

of which: United States

-4%

-3%

-6%

-3%

-6%

Asia, Middle East and Africa

16%

21%

11%

of which: China

-12%

-8%

-9%

-5%

Motion

-1%

-6%

-1%

-6%

Q1 2024 compared to Q1 2023

Order growth rate

Revenue growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Region

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

Europe

-10%

-1%

The Americas

-26%

of which: United States

-13%

Asia, Middle East and Africa

-27%

-25%

21%

26%

of which: China

-37%

-34%

Process Automation

-20%

11%

12%

Q1 2024 compared to Q1 2023

Order growth rate

Revenue growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Region

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

Europe

-31%

-1%

-32%

-2%

The Americas

-24%

-2%

-26%

-1%

of which: United States

-34%

-7%

Asia, Middle East and Africa

-32%

-28%

-29%

-25%

of which: China

-46%

-43%

-37%

-34%

Robotics & Discrete Automation

-30%

-8%

-7%

Order backlog growth rate reconciliation

March 31, 2024 compared to March 31, 2023

US$

Foreign

(as

exchange

Portfolio

Business Area

reported)

impact

changes

Comparable

12%

Motion

10%

11%

Process Automation

Robotics & Discrete Automation

-31%

-29%

ABB Group

Other growth rate reconciliations

Q1 2024 compared to Q1 2023

Service orders growth rate

Services revenues growth rate

US$

Foreign

US$

Foreign

(as

exchange

Portfolio

(as

exchange

Portfolio

Business Area

reported)

impact

changes

Comparable

reported)

impact

changes

Comparable

17%

18%

Motion

19%

23%

Process Automation

14%

Robotics & Discrete Automation

-1%

ABB Group

12%

14%

Definition

Operational EBITA margin

Operational EBITA

●

Acquisition-related amortization

Amortization expense on intangibles arising upon acquisitions.

Restructuring, related and implementation costs

implementation of group-wide restructuring programs.

Operational revenues

with U.S. GAAP.

Reconciliation

Three months ended March 31,

($ in millions)

2024

2023

Operational EBITA

1,417

1,277

Acquisition-related amortization

(56)

(54)

Restructuring, related and implementation costs

(1)

(26)

(28)

Changes in obligations related to divested businesses

–

(3)

Gains and losses from sale of businesses

(2)

–

(19)

Certain other non-operational items

(63)

(34)

Income from operations

1,217

1,198

Interest and dividend income

Interest and other finance expense

(37)

(61)

Non-operational pension (cost) credit

Income from continuing operations before taxes

1,253

1,184

Income tax expense

(339)

(119)

914

1,065

Loss from discontinued operations, net of tax

(1)

(5)

Net income

913

1,060

Three months ended March 31, 2024

Corporate and

Robotics &

Other and

Process

Discrete

Intersegment

($ in millions, unless otherwise indicated)

Electrification

Motion

Automation

elimination

Consolidated

Total revenues

3,680

1,829

1,601

864

(104)

7,870

Foreign exchange/commodity timing

differences in total revenues:

Unrealized gains and losses

on derivatives

148

Realized gains and losses on derivatives

where the underlying hedged

transaction has not yet been realized

(3)

–

(1)

Unrealized foreign exchange movements

on receivables (and related assets)

(31)

(17)

(21)

(11)

(2)

(82)

Operational revenues

3,693

1,858

1,626

859

(101)

7,935

Income (loss) from operations

769

301

234

(178)

1,217

Acquisition-related amortization

Restructuring, related and

implementation costs

(1)

–

Gains and losses from sale of businesses

–

Acquisition- and divestment-related expenses

and integration costs

–

Certain other non-operational items

–

differences in income from operations:

Unrealized gains and losses on derivatives

embedded derivatives)

(4)

Realized gains and losses on derivatives

where the underlying hedged

transaction has not yet been realized

(1)

–

(1)

on receivables/payables

(and related assets/liabilities)

(10)

(11)

(12)

(6)

(3)

(42)

Operational EBITA

826

343

253

113

(118)

1,417

Operational EBITA margin (%)

22.4%

18.5%

15.6%

13.2%

n.a.

17.9%

Three months ended March 31, 2024

Robotics &

Process

Discrete

Corporate

($ in millions, unless otherwise indicated)

Electrification

Motion

Automation

and Other

Consolidated

Certain other non-operational items:

Power Grids joint venture

–

(8)

Regulatory, compliance and legal costs

–

Business transformation costs

(1)

–

Certain other fair values changes,

including asset impairments

–

Other non-operational items

–

Total

–

Three months ended March 31, 2023

Corporate and

Robotics &

Other and

Process

Discrete

Intersegment

($ in millions, unless otherwise indicated)

Electrification

Motion

Automation

elimination

Consolidated

Total revenues

3,590

1,940

1,436

937

(44)

7,859

differences in total revenues:

Unrealized gains and losses

on derivatives

(14)

(4)

Realized gains and losses on derivatives

where the underlying hedged

transaction has not yet been realized

(1)

–

Unrealized foreign exchange movements

on receivables (and related assets)

(7)

(4)

(1)

(3)

(19)

Operational revenues

3,568

1,940

1,446

938

(49)

7,843

Income (loss) from operations

655

353

200

115

(125)

1,198

Acquisition-related amortization

Restructuring, related and

implementation costs

(1)

–

Changes in obligations related to

divested businesses

–

Acquisition- and divestment-related expenses

and integration costs

Certain other non-operational items

–

(8)

(1)

differences in income from operations:

Unrealized gains and losses on derivatives

embedded derivatives)

(15)

–

(2)

(7)

(22)

Realized gains and losses on derivatives

where the underlying hedged

transaction has not yet been realized

–

on receivables/payables

(and related assets/liabilities)

(3)

(2)

(1)

–

(7)

Operational EBITA

677

366

205

140

(111)

1,277

Operational EBITA margin (%)

19.0%

18.9%

14.2%

14.9%

n.a.

16.3%

Three months ended March 31, 2023

Robotics &

Process

Discrete

Corporate

($ in millions, unless otherwise indicated)

Electrification

Motion

Automation

and Other

Consolidated

Certain other non-operational items:

Power Grids joint venture

–

(13)

Certain other fair values changes,

including asset impairments

–

(2)

Business transformation costs

(1)

–

Other non-operational items

(2)

–

(22)

(23)

Total

–

(8)

(1)

Net debt

Total debt

Cash and marketable securities

Reconciliation

($ in millions)

March 31, 2024

December 31, 2023

Short-term debt and current maturities of long-term debt

1,957

2,607

Long-term debt

6,346

5,221

Total debt

8,303

7,828

Cash and equivalents

4,102

3,891

Restricted cash

Marketable securities and short-term investments

2,097

1,928

Cash and marketable securities

6,217

5,837

Net debt

2,086

1,991

Net debt/Equity ratio

Net debt/Equity ratio is defined as Net debt divided by Equity.

Equity

Reconciliation

($ in millions, unless otherwise indicated)

March 31, 2024

December 31, 2023

13,382

14,057

Net debt (as defined above)

2,086

1,991

Net debt / Equity ratio

0.16

0.14

Net debt/EBITDA ratio

EBITDA

Reconciliation

($ in millions, unless otherwise indicated)

March 31, 2024

March 31, 2023

Income from operations for the three months ended:

June 30, 2023 / 2022

1,298

587

September 30, 2023 / 2022

1,259

708

December 31, 2023 / 2022

1,116

1,185

March 31, 2024 / 2023

1,217

1,198

June 30, 2023 / 2022

196

207

September 30, 2023 / 2022

194

198

December 31, 2023 / 2022

199

March 31, 2024 / 2023

201

191

5,680

4,473

Net debt (as defined above)

2,086

3,826

Net debt / EBITDA

0.4

0.9

Net working capital as a percentage of revenues

Net working capital

Adjusted revenues for the trailing twelve months

twelve-month period.

Reconciliation

($ in millions, unless otherwise indicated)

March 31, 2024

March 31, 2023

Net working capital:

Receivables, net

7,385

7,174

Contract assets

1,135

1,009

Inventories, net

6,170

6,269

Prepaid expenses

314

304

Accounts payable, trade

(5,018)

(4,945)

Contract liabilities

(2,866)

(2,339)

Other current liabilities

(1)

(3,532)

(3,444)

Net working capital in assets and liabilities held for sale

–

136

Net working capital

3,588

4,164

June 30, 2023 / 2022

8,163

7,251

September 30, 2023 / 2022

7,968

7,406

December 31, 2023 / 2022

8,245

7,824

March 31, 2024 / 2023

7,870

7,859

Adjustment to annualize/eliminate revenues of certain acquisitions/divestments

(106)

(340)

Adjusted revenues for the trailing twelve months

32,140

30,000

Net working capital as a percentage of revenues (%)

11.2%

13.9%

(1)

Free cash flow

Definition

Free cash flow

Reconciliation

Three months ended March 31,

($ in millions, unless otherwise indicated)

2024

2023

Net cash provided by operating activities

726

282

Adjusted for the effects of operations:

(181)

(151)

Free cash flow

551

162

Free cash flow conversion to net income

Adjusted net income attributable to ABB

Free cash flow for the trailing twelve months

Net income for the trailing twelve months

Reconciliation

Trailing twelve months to

($ in millions, unless otherwise indicated)

March 31, 2024

December 31, 2023

Net cash provided by operating activities

4,734

4,290

Adjusted for the effects of operations:

(800)

(770)

122

147

Free cash flow

4,056

3,667

Adjusted net income attributable to ABB

(1)

3,555

3,686

Free cash flow conversion to net income

114%

99%

($ in millions)

Net cash provided by

operating activities

Purchases of

property, plant and

equipment and

intangible assets

from sale of property,

plant and equipment

Adjusted net income

attributable to ABB

(1)

Q2 2023

760

(180)

906

Q3 2023

1,351

(175)

829

Q4 2023

1,897

(264)

915

Q1 2024

726

(181)

905

Total for the trailing twelve

months to March 31, 2024

4,734

(800)

122

3,555

Net finance income (expense)

Reconciliation

Three months ended March 31,

($ in millions)

2024

2023

Interest and dividend income

Interest and other finance expense

(37)

(61)

Net finance income (expense)

(21)

Book-to-bill ratio

Reconciliation

Three months ended March 31,

2024

2023

($ in millions, except Book-to-bill presented as a ratio)

Orders

Revenues

Book-to-bill

Orders

Revenues

Book-to-bill

Electrification

4,392

3,680

1.19

4,141

3,590

1.15

Motion

2,303

1,829

1.26

2,262

1,940

1.17

Process Automation

1,697

1,601

1.06

2,113

1,436

1.47

Robotics & Discrete Automation

701

864

0.81

1,001

937

1.07

Corporate and Other

(119)

(104)

n.a.

(67)

(44)

n.a.

ABB Group

8,974

7,870

1.14

9,450

7,859

1.20

Free cash flow for past periods

Reconciliation:

($ in millions)

Net cash provided by

(used in) operating

activities

Purchases of

property, plant and

equipment and

intangible assets

from sale of property,

plant and equipment

Free cash flow

For the three months ended:

March 31, 2022

(573)

(187)

(725)

June 30, 2022

382

(151)

262

September 30, 2022

791

(165)

645

December 31, 2022

687

(259)

470

March 31, 2023

282

(151)

162

June 30, 2023

760

(180)

606

September 30, 2023

1,351

(175)

1,186

December 31, 2023

1,897

(264)

1,713

—

ABB Ltd

Corporate Communications

Switzerland

www.abb.com

January 1 — March 31, 2024

Name

Date

Type of Instrument

Received*

Purchased

Sold

Price / Instrument

Timo Ihamuotila

February 05, 2024

27,000

CHF

37.37

Key:

benefits

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant

has duly caused this report to be

signed on its behalf by the undersigned,

thereunto duly authorized.

ABB LTD

Date: ~~April~~ 18May 23, 2024.

By:

/s/ Ann-Sofie Nordh

Name:

Ann-Sofie Nordh

Title:

Group Senior Vice President and

Head of Investor Relations

Date: ~~April~~ 18May 23, 2024.

By:

/s/ Natalia Shehadeh

Name:

Natalia Shehadeh

Title:

Chief Integrity Officer, Interim General

Counsel and Corporate Secretary

Filing Compare · ABB LTD