Q1 2020 results
Zurich, Switzerland, April 28, 2020 - COVID-19 impacts results; weighs on outlook
- Orders $7.3 billion, -4%; comparable +1%
- Revenues $6.2 billion, -9%; comparable -7%1
- Income from operations $373 million; margin 6.0%
- Operational EBITA1 $636 million; margin1 10.2%, including 30 basis points stranded costs
- Net income $376 million, -30%
- Basic EPS $0.18, -30%2; operational EPS1 $0.30, -2%
- Cash flow from operating activities -$577 million
“The COVID-19 pandemic impacted our first quarter results, lowering revenues and operating margins in all our businesses, although order growth held up well. We are doing our utmost to ensure the health and safety of our employees while maintaining business continuity, serving our customers and continuing to invest in R&D for the long-term,” said Björn Rosengren, CEO of ABB.
“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. Nevertheless, we will accelerate our efforts to manage our costs and safeguard liquidity, while moving ahead with decentralizing the group and our target to complete the divestment of Power Grids at the end of the second quarter.”
The complete press release including the appendices is available at www.abb.com/news.
ABB (ABBN: SIX Swiss Ex) is a technology leader that is driving the digital transformation of industries. With a history of innovation spanning more than 130 years, ABB has four, customer-focused, globally leading businesses: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation, supported by the ABB Ability™ digital platform. ABB’s Power Grids business will be divested to Hitachi in 2020. ABB operates in more than 100 countries with about 144,000 employees.
---
1 For a reconciliation of non-GAAP measures, see “supplemental reconciliations and definitions” in the attached Q1 2020 Financial Information.
2 EPS growth rates are computed using unrounded amounts. Comparable operational earnings per share is in constant currency (2019 exchange rates not adjusted for changes in the business portfolio).
---
Media Relations
phone: +41 43 317 7111
e-mail: media.relations@ch.abb.com
Investor Relations
phone: +41 43 317 7111
e-mail: investor.relations@ch.abb.com
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
For further information, please refer to www.abb.com/news