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ABB Management Discusses Q2 2012 Results - Earnings Call Transcript

ABB (ABB)

Q2 2012 Earnings Call

July 26, 2012 9:00 am ET

Executives

Joseph M. Hogan - Chief Executive Officer

Michel Demaré - Chief Financial Officer

Analysts

Mark Troman - BofA Merrill Lynch, Research Division

Andreas P. Willi - JP Morgan Chase & Co, Research Division

Ben Uglow - Morgan Stanley, Research Division

William Mackie - Berenberg Bank, Research Division

James Moore - Redburn Partners LLP, Research Division

Fredric Stahl - UBS Investment Bank, Research Division

Olivier Esnou - Exane BNP Paribas, Research Division

Daniela Costa - Goldman Sachs Group Inc., Research Division

Presentation

Operator

Ladies and gentlemen, good morning and good afternoon. Welcome to the ABB Second Quarter 2012 Results Analyst and Investor Conference Call. I'm Stephanie, the Chorus Call operator. [Operator Instructions] The conference is being recorded. After the presentation there will be a Q&A session. [Operator Instructions] At this time, it's my pleasure to hand over to Joe Hogan, CEO of ABB; and Michel Demaré, CFO of ABB. Please go ahead, gentlemen.

Joseph M. Hogan

Hi, good afternoon, thanks for joining us. Michel and I will be here to walk through some of the slides and to take any questions. As always, the charts and the presentation that we're going to speak from is on abb.com. I turn your attention also to Chart 2, which is our Safe Harbor statement. And let's quickly move to Chart 3.

So just from a high-level standpoint, we announce that both orders and revenues were higher despite, obviously, the uncertain market conditions that exist around the world today. Currency translation is, I would say, kind of an overrated. There's a lot of noise in our numbers, and hopefully, this presentation helps to clear up some of that noise. The 2 big areas of noise would be the Thomas & Betts acquisition along with the currency translation piece. And when you look at the currency translation, it reduced reported revenues by about $600 million and EBITDA by about $100 million, so substantial in that sense.

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