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Q2 2020 Cavotec SA Earnings Call Transcript
Welcome to the Cavotec Q2 Report 2020. (Operator Instructions) Today, I'm pleased to present CEO, Mikael Norin; and CFO, Glenn Withers. Please begin your meeting.
Good afternoon, everyone. Welcome to this audio cast, and thank you for joining us. My name is Mikael Norin. I'm the CEO of Cavotec. And on the call with me is our CFO, Glenn Withers. And we are going to present Cavotec's Q2 report for 2020.
The second quarter was to a large extent still impacted by the COVID-19 situation. Our customers' short-term investment decisions were delayed and deliveries were impacted by the logistical restrictions that we still feel and the closure of our production facility outside of Milan during the first 2 weeks of April, although all of our sites are now up and running. As a consequence, revenues were 18% lower in Q2 2020 compared to the same quarter last year. However, it is, at the same time, encouraging that our revenues recovered almost 9% compared to the first quarter this year. So they're up 9% compared to the first
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