AkzoNobel Q2 misses, sees lower FY result
AMSTERDAM, July 18
AMSTERDAM, July 18 (Reuters) - Dutch paints and chemicals group AkzoNobel NV reported lower-than-expected second-quarter results on Thursday and said full-year operating income was unlikely to beat last year's level because of higher charges and continued weak markets.
AkzoNobel, which owns the Dulux paint brand, reported second-quarter earnings before interest, tax and depreciation (EBITDA) of 474 million euros ($620.6 million)on revenue of 3.865 billion euros.
Analysts in a poll commissioned by Reuters had expected EBITDA of 506 million euros and revenue of 3.911 billion euros.
It said its performance improvement program was on track to be completed in 2013, giving 500 million euros in EBITDA benefit a year early, and that it is stepping up its restructuring plans with full-year charges expected to be in the order of 325 million euros.