April 28, 2020 / 5:03 AM / 3 months ago

ABB expects sharp drop in demand from coronavirus lockdowns

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

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