By NewsPlus 

ABB Withdraws 2020 View As It Expects 1Q Revenue Decline Amid Coronavirus

ABB said that it is withdrawing its 2020 financial guidance as it expects lower revenue and operational earnings margins in its first quarter amid the coronavirus pandemic.

The Swiss engineering company said it wasn't able to assess the "exact impact" of the pandemic on its first quarter results, but forecasts revenues in all business segments to decline and orders to be slightly less hit.

Its operational earnings before interest, taxes and amortization margins across the divisions are also expected to decline in the same period.

ABB is accelerating measures to mitigate the hit of the pandemic with steps such as cutting nonessential costs and adjusting capacity "ahead of what looks set to be a difficult second quarter."

In the company's second largest market, China, its three main production sites in Shanghai, Beijing and Xiamen "have largely returned to normal" and business is improving.

LVMH Expects Lower 1Q Revenue as Coronavirus Measures Hit

LVMH said that it expects revenue to fall between 10% and 20% on year in the first quarter, hit by measures taken by authorities around the world to fight the coronavirus pandemic.

"In the short term, the measures taken by public authorities to combat the Covid-19 pandemic have resulted in the closure of production sites and stores in several countries which will have an impact on the group's results," the French conglomerate said.

"This impact cannot be accurately calculated at this time without knowing the timing of a return to normal in these countries."

Unicredit Withdraws Dividend, Buyback-Program Proposals

UniCredit said that it has withdrawn its 2019 dividend proposal as recommended by the European Central Bank, while also postponing its share-buyback program.

Unicredit said it is offering to shareholders of the territorial foundations--that are also shareholders of the bank--interest-free loans up to the amount of dividends.

 

(END) Dow Jones Newswires

March 30, 2020 02:02 ET (06:02 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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