I love ABB! ABB delivered a picture perfect quarter across all metrics with net income rising 87% year-over-year to over $1 billion. Revenues rose 29% to $7.96 billion. Orders rose 28% to $10.8 billion, driving the backlog up 46% compared to a year ago. The real story for me is the blowout of estimates of the operating-profit margin, which expanded to 15.9% while analysts had expected it to be around 13%. Who doesn’t love expanding margins? I’ve said I’d expect to see margins expand to around 18%. ABB maintains its 2008 growth rates of 10% in automation and 15-20% in power. These are fabulous results, showing ABB businesses are on fire and operating improvements continues. Shares are up over 5% in Switzerland in early trade around 180 kr. Even with this move, the stock still trades below a PEG of 1, making it one of the cheapest value growth companies still! Highlights from the press release are: