July 9, 2020 / 11:29 AM / a month ago

Lockdown DIY drives Finnish paint maker Tikkurila profit surge

(Reuters) - Finnish paints maker Tikkurila said its second-quarter results would beat market expectations as more people made home improvements, lifting its shares by more than 8% on Thursday.

Tikkurila (TIK1V.HE) said that preliminary figures showed April-June operating profit rose 54% to 32.5 million euros ($37 million), while revenue was up 1% to 171.8 million euros.

Analysts had estimated a 10-20 million euro operating profit and revenue of 128-157 million euros, Refinitiv data showed.

“The positive development with revenue and profitability was supported by an exceptionally good performance in the consumer-driven DIY business in all Tikkurila’s core markets, especially towards the end of the quarter,” it said in a statement.

“Profitability improvement was additionally driven by continued efficiency improvements and temporary short-term savings,” Tikkurila said, adding that its professional and industrial customers had been hit by the coronavirus crisis.

Reporting by Tarmo Virki in Tallinn; Editing by Jon Boyle and Alexander Smith

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