ZURICH, April 28 (Reuters) - ABB 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.
Reporting by John Revill; Editing by Michael Shields