UPDATE 3-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
Engineer ABB's results beat expectations as it warns of COVID-19 hit to come ZURICH (Reuters) - Engineering company ABB ( ABBN.S ) reported first-quarter results that beat expectations on Tuesday, including an increase in orders, buoying its shares even as it warned COVID-19 lockdowns would hit business in the months ahead. The maker of industrial robots, drives and software expected the coronavirus pandemic to trigger a “sharp drop” in demand over the next three months as measures introduced to curb the outbreak disrupted business. The Swiss company is being affected by the economic downturn as customers shut factories and plunging oil prices batter demand in the energy sector. “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,” said Chief Executive Bjorn Rosengren, the former Sandvik ( SAND.ST ) boss who took over at ABB in March. Job cuts could not be ruled out as ABB moved int
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