AMSTERDAM — Akzo Nobel N.V. provided financial results for the second quarter of 2020, showing a strong focus on margin and cost savings in response to COVID-19 headwinds.
The company reported revenue was 19% lower at €1,987 million, compared to €2,451 million in 2019. Adjusted operating income for the quarter was €238 million, compared to €305 million in 2019. Market headwinds continued to ease during second quarter, although revenue for June was nearly 5% lower than the same month in 2019. As previously announced, revenue for May was around 20% lower than last year, while market headwinds were strongest during April, when revenue was almost 30% lower compared with 2019.