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ABB has partnered with Red Hat to integrate automation and industrial software solutions, focusing on the convergence of IT and OT. This collaboration aims to enhance the deployment capabilities of ABB’s solutions using Red Hat OpenShift, allowing for scalable, on-demand digital services. Customers can expect improved data-driven decision-making and operational efficiency through advanced virtualization and containerization of automation software. The partnership aligns with ABB's strategy to innovate in process automation and digital transformation.
ABB has been awarded the 2022 Global Oil and Gas Automation Technology Innovation Leadership Award by Frost & Sullivan for its subsea power technology that reduces power consumption, costs, and carbon emissions. The subsea energy supply reaches up to 100 megawatts and operates at 3,000 meters depth. With about $100 million invested in R&D, ABB's innovative systems provide unique solutions in the oil and gas sector. The company's adaptive execution approach further enhances project efficiency and minimizes risks, positioning ABB for sustainable growth.
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ABB has launched the Ty-Rap® TyGenic™ cable ties, the first two-piece antimicrobial and detectable cable ties in the industry. With over 99% effectiveness against microorganisms, they aim to reduce contamination risks in food, beverage, and pharmaceutical sectors. The ties, made from FDA-approved material, incorporate detectable particles for easy identification. This innovation is crucial for preventing costly contamination, averaging between $10-30 million per recall. ABB's Ty-Rap line, with over 30 billion units produced since 1958, now offers enhanced safety features for critical applications.
ABB reported a strong first quarter despite external uncertainties. Orders rose to $9.4 billion, a 21% increase, while revenues reached $7.0 billion, up 1%. The company saw operational EBITA of $997 million with a margin of 14.3%. EPS grew by 25% to $0.31. However, cash flow from operations was negative at -$573 million, driven by increased working capital needs. The order backlog climbed to $18.9 billion, reflecting robust demand. ABB plans a continuation of share buybacks totaling $3 billion.
ABB has announced a new share buyback program commencing April 1, 2022, with a maximum value of $3 billion, equating to approximately 89 million shares. This plan aims to return $1.2 billion from the Power Grids divestment to shareholders, following $6.6 billion spent on buybacks since July 2020. The program will run until March 22, 2023, for capital reduction purposes, with shares managed independently by a designated bank. Weekly updates will be provided on ABB’s investor relations site.
ABB has completed its share buyback program initiated in April 2021, repurchasing 90,066,100 shares for about $3.1 billion. This action is part of a broader strategy to return cash from its $7.8 billion Power Grids divestment. A new buyback program of up to $3 billion is set to begin in April 2022, targeting the remaining $1.2 billion from the divestment. The company plans to cancel 88,403,189 shares at its AGM and intends to acquire up to 15 million shares for employee programs.
ABB shareholders approved all proposals at the 2022 Annual General Meeting, including an increased dividend of CHF 0.82 per share, set for payment on March 30, 2022. The meeting was conducted virtually, with an independent proxy representing 81% of voting share capital. The Board of Directors, led by Chairman Peter Voser, saw all members re-elected. Shareholders also endorsed a capital reduction via share buybacks and approved the compensation for the Board and Executive Committee. ABB will report Q1 results on April 21, 2022.
ABB Ltd has submitted the European Single Electronic Format (ESEF) version of its 2021 annual report to the Swedish Financial Supervisory Authority. The report is now available online at www.abb.com/groupreports. It is labeled with XBRL tags as per ESEF requirements, and there are no material differences compared to the previously published 2021 annual report on February 25, 2022. ABB continues to be a leading global technology company focusing on electrification, automation, and robotics.
ABB has announced its Annual General Meeting (AGM) for March 24, 2022, emphasizing a focus on shareholder and employee health amid ongoing COVID-19 concerns. Shareholders will exercise their rights via an independent proxy, preventing in-person attendance. Questions on agenda items can be submitted until March 14, 2022, with responses provided during the AGM, which will be broadcast live primarily in German with English translation available. Voting results will be published shortly after the meeting.