Company Results Reflect Cost Pressures, Economic Weakness
Continued economic weakness in the United States and an apparent slowing in European economies, combined with higher raw-material and energy costs and unfavorable currency-exchange rates, took a toll on the financial performance of major coatings manufacturers in the recently ended second quarter.
Earnings and sales declines from a year earlier were reported by several big coatings producers, with DuPont Co. sustaining a loss of more than $200 million in the period and other companies announcing sharply lower earnings.