Europe’s biggest paint maker Akzo Nobel has missed second-quarter earnings forecasts after it was hit by Covid lockdowns in China and falling demand in Europe.
The Dutch paints and coatings group on Wednesday reported a 26 per cent drop in adjusted operating income to €249mn, down from €335mn a year earlier and below analysts’ expectations of €261mn.
Akzo, which owns brands including Dulux paint, struggled during April and May because it was operating at 20 per cent capacity in China during those months. Sales returned to more normal levels in June, it said, and are maintaining momentum this month.
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