UPDATE 2-Engineer ABB's results beat expectations as it warns of COVID-19 hit to come [Reuters]
ABB Ltd (ABB)
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Source: Reuters
ABB expects sharp drop in demand from coronavirus lockdowns ZURICH (Reuters) - ABB ( ABBN.S ) expects the coronavirus epidemic to trigger a “sharp drop” in demand over the next three months as lockdowns disrupt business activity around the world, the engineering company said on Tuesday. ABB said the COVID-19 crisis had lowered revenues and profit margins in all its business during the first quarter. Revenues fell 9% to $6.22 billion, while net income fell 30% to $376 million, both ahead of market expectations. “In the second quarter, we expect ABB’s operations to be significantly challenged by a sharp drop in demand due to lockdowns in many parts of the world,” Chief Executive Bjorn Rosengren said in a statement. The maker of industrial robots, drives and charging stations for electric cars, and electric motors for ships is affected by the economic downturn as customers shut their factories. In a gloomy outlook, the Swiss company said despite initial signs of a recovering economic c
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