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01 December 2020 The on-line newspaper devoted to the world of transports 06:17 GMT+1

April 28, 2020

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After a negative first quarter, ABB expects its results will fall further in the second quarter

In the first three months of this year, revenues fell by -9%

2020 got off to a bad start for the Swiss group ABB develops systems for electrification, industrial automation, mobility and robotics. "The Covid-19 pandemic - explained the CEO of the Swiss group, Bjorn Rosengren - affected our first quarter results, reducing revenue and operating margins across all of our segments activity, even though the trend of order growth has well."

In the first three months of this year, the turnover recorded ABB was 6.22 billion dollars, with a drop in the -9% over the same period of 2019. Costs amounted to 4.31 billions of dollars (-7%). Operating profit was 373 million dollars (-37%) net profit at 380 million dollars (-33%). In the first quarter of 2020, the value of the new orders acquired by ABB was 7.35 billion dollars (-4%) and the value of the orderbook as of March 31st is result of 13.70 billion dollars, a decrease of -1% March 31, 2019.

ABB expects the crisis caused by the health emergency will also have a significant impact on the results of the company's second quarter, with revenues and orders - he said group - which will see a substantial decline in all segments of activity.

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