ABB: 2020 revenues set to decline
(CercleFinance.com) - ABB now expects its 2020 revenues to decline at all its businesses, due to the impact of the COVID-19 pandemic, the Swiss engineering group said on Monday.
The company said its robotics and automation unit - which was already facing significant end-market headwinds from the automotive sector - could in particular see its first quarter orders and revenues both fall by over 20% year-on-year.
Operational EBITA margins are also expected to decline at all ABB's businesses, the company warned.
Given continued uncertainty, including the recent drop in oil prices, ABB said that it is no longer providing financial guidance for the full year 2020.
ABB shares were down almost 6% this morning in Zurich after these announcements.
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The company said its robotics and automation unit - which was already facing significant end-market headwinds from the automotive sector - could in particular see its first quarter orders and revenues both fall by over 20% year-on-year.
Operational EBITA margins are also expected to decline at all ABB's businesses, the company warned.
Given continued uncertainty, including the recent drop in oil prices, ABB said that it is no longer providing financial guidance for the full year 2020.
ABB shares were down almost 6% this morning in Zurich after these announcements.
Copyright (c) 2020 CercleFinance.com. All rights reserved.