The 2020 Mid-Year Economic Update_long

ABB Sales Down 10% in 1Q

Profit increased 4 percent in the first quarter.

Switzerland-based power and automation company ABB reported sales for the first quarter of $8.6 billion, a 10 percent decrease compared to the same period a year ago, but a 3 percent increase on a like-for-like basis. Profit increased 4 percent to $564 million.

Sales were steady to higher in all divisions except process automation, where the lower opening order backlog in the oil and gas and mining businesses resulted in a modest revenue decline.

"In a challenging environment, we doubled large orders and kept base orders steady," said CEO Ulrich Spiesshofer. "We grew orders in our three largest countries – the US, China and Germany – on a like-for-like basis and won key projects due to our combined power and automation offering, reflecting our competitive advantage."

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