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AkzoNobel hit in first quarter by weak European demand, sees no early pickup

8:25 AM MDT | April 18, 2013 | Natasha Alperowicz

AkzoNobel reports a 13% drop in first-quarter net income from continuing operations at €96 million ($125.2 million) on 7% lower revenues, of €3.47 billion, citing weak demand in Europe and divestments. Operating income, at €217 million, was 8% down compared with the year-earlier quarter since weaker end-markets and production issues in the specialty chemicals value chain impacted results. Adjusted earnings per share of €0.51 were lower compared with €0.65 in 2012. The company said in February that it needs to improve performance “in...

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