ABB Grain Ltd. (ABB) Q2 2010 Earnings Conference Call July 22, 2010 09:00 am ET Executives Joe Hogan - CEO Michel Demare - CFO Analysts Ben Uglow - Morgan Stanley Olivier Esnou - Exane Mark Troman - Bank of America/Merrill Lynch Andreas Willi - JPMorgan Axel Funhoff - ING Martin Wilkie - Deutsche Bank James Moore - Redburn Partners Thomas Baumann - Neue Zurcher Bank Simon Smith - Credit Suisse Colin Gibson - HSBC Mark Fielding - Citigroup PresentationOperator
Good morning or good afternoon. I’m Stephanie. The Corus call operator for this conference. Welcome to the ABB Second Quarter 2010 Results Analysts and Investor Conference Call, hosted by Mr. Joe Hogan, CEO. At this time, I would like to turn the conference over to Mr. Joe Hogan, CEO of ABB. Please go ahead Sir. Joe Hogan Hi, good afternoon and thanks for joining us today. Michel Demare is with me here too. We are going to review our second quarter results as you know, and as always my comments in the call refer to the presentation that you can download from our website at abb.com. Please refer to chart two for the Safe Harbor text covering any forward-looking statements made today. And I’ll start with a summary of our second quarter performance on chart three. ABB delivered a strong quarterly performance as our costs pick up program in June succeeded in keeping our profitability well within our target range. We saw a further increase in investor demand for ABB’s energy efficiency solutions, and lifted motors in the automation division by more than 20%. As a result, base orders grew by 15% in local currencies compared to the same quarter in 2009 and were 4% higher than Q1 of this year. At the same time, utilities continued to delay many of our investments into power transmission which is reflected in the 37% decline we saw in large orders.