Coronavirus Hits Manufacturers, Standing Now, Worse To Come

Executive *******

*** **** ******** **** *** **** 1/4th ** *********** **** **** ***** were *** **** ** ****** ******* of *********** *** **** *** ****** by * ****** ****** ****** ****** were ************* *****:

Contrast **** ***********

*******, ******* ******** ******* ***** *** **************** **** **% *** **** **** been **** ********.

*********** *** ************* ***** **** *** problem ** ***** - *********** *** much *********** ******** ** *** ***** able ** *** **-****. ** ****, integrators *** ********** ********** *********** *** nearly ********* ******** ******* ************* ******* products *** ***.

Worsening *****, ******** ********

*** ************* *** ****** ** ** soon **** **** ******* ******** ** the ********* ********. * ****** ***** was ****** ***** **** ** *** but ****** ** *** ***** ****:

• "*** ******** *** ****** ********** **** with ******* ******** ***** ******** ** short ***** ***** ** ***** ** security *** ****** ********** ** ******* and **********. ** ****** **** ** worsen ** *** ***** ** ****."
• "***** ********** *** ******** **** **** closed ***** ** **** ****, *** much ****** ** *******. *** ** anticipate * **** ** ** *** amount ** *** ********."
• "** *** *****. ******** ****** ********** they **** *** **. **? ** will ** **** ***. ***** ** a **% ******* ** *****."
• "** *** * ****** ***** *** have **** **** **** *** ******** scheduled *** ** *** ** ****. We **** ************ *** ********* *** approach ** ** ****** ** ***** the ******* ** ** *****."
• "** ***, ** ******** ******** **** been ********, ** *** ** ****, but ***** ** ** *** ******** coming **** *** ********. ** **** feel *** **** ****** ** **** in *-* ****** **** ***."
• "******* ******** *** ****** ******* *** April ***** **** **** *** *** and **** *** ******* ** ********. Looking ******* ** ******** ******* **** to ****! ******** *** ***** ******** and ***** ***** **********."
• "***** ***, *** ***** **** **** fairly ****** ******* ** *** **** projects ** *** ******** *******, *** we *** ********* * ** ** 50% **** ** *** ***** ** the ****** ****** ** *** ******* keeps ****."
• "** *** ****** **** **** ****, but **'** ****** * ******* ** the ****** ******."
• "*** ** ** **********, ****** *** very ****! *** * **** **** we're ******* ******** ** * *******: Things *** ********* ***** ***, ** jobs **** ****** *** ******** *** nearing **********. *******, ****** *** [*********] putting *** ********* *** ** *** Q4."
• "***** *** * ***** *****, *** the ****** ** ***** * **** card. **'* ******** ******** *** ****** to *** ******** ** ***** **** still *** * ********** ******."

Moderately ** ************* *****

**** **% ** ************* **** **** hurt ** ***********, ********** *** ********* as ******** ** ************* ***** ***** the ******** *****.

******* ******** **** *** ******** ** future ****** ** *****, ******* *** difficulty *** ** ****** ** *** worse:

• "******* *** *********, ********** **** **** a ****** *********, *** ******* ******* projects ** **** *** (**** ****) projects **** *** **** ******** ** put ** ****."
• "**** ** *** ********* *** ******** to ****** ** ******** *********. **** little *** ********. ****** ********** ** break-fix ** ******* ****."
• "*** **** ******** ** *** ***** American ********* *** ******** *** *********** 70%+ ** ***** *****. ******** *** being *** ** ********** **** ** pushed *** *-** ******. "
• "** *** *********** *** ***** **** by *********, **** ******** ****** *** being ********."
• "********-****** *** ********** **** ***** **** cashflow ******** ***** ** ******** ***** capacity ** ******** ******-**** ******* *** opportunities."
• "******** *** ***** *******."
• "******* ******** ******* ********, *** *** pipeline *** *+ ****** ** ******** unclear ** *** *********** *** ***. As ** ** ******* ******* ** exports *** ************* *******, **'** ********* from ****** ****. ****, ********* ********** now **** ******** ***** **, ** worst *****, ********** ******."
• "**** **** ** *** ******** *** accounts *******."
• "*** * **** ***** ** *****. We **** ***** ****** * ***** dip ** ***** **** ******** ***** put ** **** ** ******** ***** further ******."
• "*** ***** *** ******* ** ******** and *********** ***** **** **** ***** offices ****** **** *** ********."
• "******* ******** ***** ****** *** *-* months. *********** **** ******** ******** *** to ****** ******** *** ***** **********."
• "** *** *** **** ** ****** to *** *********. ****** *** *** quiet."
• "***** ** ***** *** *** **** most ********** ******, ***** *** ********."
• "***-***** *** *********** ******* ***** ***** today **** ** ********* **** ** tomorrow. *********** *** *********** ***/** ******* staff."
• "** **** **** ***** **** **** (appropriately) **** **** *** *** ******** for ***** ** ** * **** month. ********** ******* ** **** *** new ****** ***** **** *** **** building ****** *** ******* ****** ** start ********* ** ****** ***** ********* ready *** **** *** ******."
• "***** **** ********* ******* **** ******* in **** ****** *** **** *** weeks ********** *** ***** *********** *** on-site ******* ***** *** *********** *******."
• "** *****."
• "****** ******** *******."
• "*** **** ******** ** *** ********** projects *** ** ***** *** **** expect **** ** ****** **********."
• "**** ******** *** ** **** ** canceled.
• "** *** **** ********* *** ***-*******. So ***** ** ***'* **** * revenue ******** ** ******** *******, ** do *** **** ******** ********** *** focus ** *** *****-**** ******** ****. Resulting ** **** **** **** *********** and **** *********** *******."
• "** *** *************."
• "*********** ***** ***** (** ***** ******) to ****** ******* ********* **** ************. Then *** ********* **** ****."
• "** *** ****** ** ****** *** systems ** ****** *** *** *********. On-going ******** ** ******* ****** *** also *********** *** ** ****."
• "***** *** ** **% ** ****** levels *** ***** *** ********** ** 65% ** ******* *** *** *** June. ****** ***** ** ** **** and * ****** ******* **. *********** are *********** *****. *** ***** ** going **** ***********."
• "**** ************ **** [******* **], **** manufacturer *****."

About *** **** ** ****** ***********

******* ~**% ******** **** *********** ******* have *** **** * ***** ******* so ***, **** ****** **** *** increase ** **** ********* **** ******** out * **** ** ******:

• "** ***, ** *****'* **** *** significant ****** ***** **** **** ***** not ******* ** ******* ** **** should ****, *** ** ****** ** see * *** ** *** ****** month(s). **** ****, ** ***'* ***** it'll ** * ***** ***...****** **** some ******* ****."
• "** *** ******* *** **** ***** lined ** ** ***** *** ***** before *** *********** ******** **** ***********. To **** *****, ***** ******* **** not **** ******** ** ************* ** delays."
• "********* ** *** * ********- *** last **** ** ***** *** ****, with *** ***** ****** **** * small ****** ** ****** ***. ********** work ***** ** ** ** * standstill. ***** ****** ** *********** ******* work - **********, *****, **** **** home *******. ***** ****** *** *** up ***** ***** ****** *** ** lower ******* *******."
• "** ************* ***, *******, ** **** had **** ******** ******* ********* *********. The ****** ***** ** ****** ****, however, ** **** ***** ********* ** protect ********* **** ******."
• "**** *** ****** ***** ***** **** way ***; ******* ****** - ********* communications, ****** & ********* ******* ** particular - *** ****** ****** ** building & ******** ****** ******* ** implement ******* ******** ****** *** ******* lockdown. ** *** ********, ******* *** ability ** **** ****** ******, *** opportunities (*** ****) ** ****** ** productive ******* ******** ** *******. **** we *** ** *** ***** **** of ****, ** **** *** ****** smarter *** * *** **** ********** in *** **** ** **** ****** with *********."
• "** **** ***** **** ***** ****** for * *** ** *** *****, so ********* ** *** *** *** a ***** ******. ** ***** ** the ****** ** ******* *** *********** from ******** ** ***** *****."

Sales ******** ** **** *********

*** ~**% ******** ******** *** ****** stronger, ********** ** ****** ********* **** anticipated ***** *********** *** ****** ***** or ** ****** ****** ********* ** empty ********** ** *** **** ****:

• "********** *** *-** ******** *** ***** fast-tracked, **** ******** ******** *** ********** and/or **** **** ***** ********* ***********. I ** **** ****** ** ********* of *********** **** ******** ****** *****."
• "****** *** ***** *** ************* ********* due ** *** ********. ****** ** looks **** **** ** *** ********* (especially **** *** **, ***** *** the ***) *** ******* ** ******** the ******** ***** *** *** ** the **********. "
• "******** **** ****** ****** *** ********** is **** **** **** ***** ****-**** requirements. **** ** ****** ** *** lost ******** ** ***** *********."
• "** **** **** ** ******* ** panic ****** (***********) **** ******** ******** Infrastructure *** ********** ******** (***** ** make ** * ***** ******* ** our ******* *****) ***** ** * real ******** *** *** ******** ** we **** **** **** *** *** risk *** *** ******** (** **** be ****) *** ****** *** ** a ********** ***** ** **** *** storm *** ******* ******"
• "** *** * ****** ******** *** home ****** *** *** ****** ********** purpose."
• "******** ***** ****** ***, ****** *** some ** *** ****** **** ********. These **** ********* ** **** **** accelerated."
• "******* ******** ******* *** ****** **** ever *** ******** * **** ******. "
• "***** *** ***** ** ********** ***** because *** ***** **** ** ****** up ******** **** **** ******* ******* and ************ ***** ** ***** *******. The **** ******** ** *** ******* is **** ***** ******** *** ********* businesses. *** ******** ** ***** *** our ******** **** ** ****** *********** in ***** ** ********** ****** *** vertical. "

Thermal ****

** ***** *********** *********** ****** **** ******* *******, *** ****** *** ******* ******* to **** ****** ****** *** *********** as *********** ******* ****** *** *****.

******* *********** ******** ***** *** ********** they ****, ************* **** ****** ****** for ***** *******:

• "****** ******* ** ******* *********** ***** systems."
• "**** ***** ** ******* ******."
• "**** **** ** ******* *******."
• "******* ****** ****** ** ******* ***"

*** ********** **** **** ***** ****** about ******* ****** *****:

*** ***** ***** ******** ********** **** Coronavirus ** *** ******* ** **** Temperature ****** ******** *** *****. ** currently ***** ***** *** ** ******* to **** **** ** '**** ** a *****' ** *****-***** ********* ** people **** ******** ************. *** ***** caveat ****, *** * ***** *******, is **** *****-** *** ** ********** weeks ****** *** **** ***** ******* manifests ********. ** ****, ***** *** some ********** ***** ** ****** **** had ********** ****** **** ** ********. In **** **** *** **** **** cameras **** *** ***** *** *** well ****** ** *** ******** **** proceed **** * ***** ***** ** safety. *** *** **** ******* * scenario ** ***** ** ************ ******* causes * ***** ******** ** * building **** ******** **** ** *****. In ** *******, *** ******* ******** in *** **** (**** ************ ** distributor, ** ********** **********) ****** **** carefully **** **** **** ******* ** 'Indicators' ** ********** ***** ***** ******** to *** '********* ** ******' ** any ***** ********** ******* *******. *** it ** ********* ** ********, ******* speaking, **** *** ***** ******** ** what ***** ** ********** ************* ** a ****** ***** **** ** ******** as ******** ** *** ********'* ** cloud's ********* ***/***. ** ** *** a *** **** ** ******* * note ** **** ********* **** ********** that **** **** ******* *** * useful ****, *** *** *********.

** ******** *******, *********** ****** **** agree:

• "**** ******* ****** ****** **** *** private *********."
• "** **** ** ***** *** ******* to ****, ****** ** ** ******."
• "[***** **] **** ****** *** ******* but ******** ** ********** ."

Project ********* *** **********

******** ************* ***** *** ******* ***** to ***** ******** ** *** *** virus ******; *** ****** *** ******* of ***-**** ***** **** **** **** integrators *** ***** ******** **** ***** installed:

• "** **** **** *** **** **** to **** **** **** *** **** week ** *********** *** ***** ******* entry ** ***** ***/** *** ******* themselves ****."
• "********* *** ******** *********** ** ********, and ******** ** ******** ** **** down, ********** **** ** ********."
• "*.*. *** ***-**** *** ***** ****/******* to *** *** *********. ********** ********** buildings. **** ******* * **** ** installing *** ******** * ********* **** down ** ********."
• "************ ***** ***** ******. ********** *********** from ********** ********, ** ******** *** ones. ****** ********* ****** ****** *** and ******* ***** *****. (********* ***********)"
• "****** *** ****** ******** **** ***** good ******* ***** ***-***** *** ******* off ************* *** **** * *****. Tech ******* ***** **** **** ******* to ***** **% ** ******, ***** could ** *** ** *** *********** being **** **** ***/** *** ********* being ******"
• "********/ ****-**-**** ****** *** ******** ** closing ****** ** ********** *** **********. Thus, **** ****** ** * ****."
• "*** ******** *** ********* **** ********* from ***** **** ** *****."
• "***** ** ***** *** *** **** most ********** ******, ***** *** ********"
• "***** **** ** *** ****** (*****, France, ****, ********) *** ********** *** closed ****** ***** ********* **** ************, pharmacies, *** *********, *********, ** ******, hospitals *** ******* ********** *** ******* stores. *********, ** ******** *** ***** deployed."

Concerns ***** **** ****

******* ************* ************ ********* **** ******* of **** ******* *** **** ** collection ***** ** **, ***** ********* are ****** ** **** ********* ********:

• "***, **** **** ****, ***** *********** have ** ** **** ** **** with *** "** **** ** *** paid" ****-*** **** ** *** ******* process. **** ******* *** ** *** figuring ******* **** ** *** ************ will **** **** *** ********* ******* will ** ****** *******. **** * risk ***********, * ******* ** **** seems **** * **** *** *** turn **** * ********** ***** **** the ****. ** *** ******* ******* with ****** ********* ** *********** ****** terms ** ***** **** ** **** back ** **** **** ****."
• "* *** **** **** ******* **** be ********. ** ** *** ***** to **** *****, ** ** ******* to *** *** ****** ******* ****** to **** ****** ******. *** ******** of *** **** **** **** **** likely **** **** ** ******* *** the ****** ** ********/*********. ** * result, ** *** *** *** *** changes **** ******* ** ** ***** summer, **** ** ****** **** **** opened **** **."
• "******* ********"
• "******* ***** ********: - ***** ** projects ** *** ******* - ***** of ******** **** *** ******* ( system ********** *** ************ ) - no ************* ********** **** *** ******* that **** ** ********* ** **** things ****."

*******

** ***** **** *** **** ************* who ****** ********** ** ****** *** them. ***** ***** ******** ** *** channel *** **** ******** **** ********* from ***** *******, ** *** ** this *********, ************* *** ****** ** be ******** ******** ** ****.