Akzo Nobel Q1 Net Profit Declines, EBITDA Up - Quick Facts

(RTTNews) - Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS, AKZOY) reported Wednesday that its first-quarter net income attributable to shareholders plunged to 65 million euros from last year's 253 million euros. Earnings per share were 0.28 euro, down from 1 euro last year.

The prior year's results included income from discontinued operations of 134 million euros.

On a continuing operations basis, net income fell 45 percent from 119 million euros, and earnings per share fell 40 percent from 0.47 euro last year.

Adjusted earnings per share from continuing operations were 0.46 euro, compared to 0.35 euro last year.

EBITDA grew 18 percent to 198 million euros, and adjusted EBITDA grew 19 percent to 248 million euros.

Revenue increased slightly to 2.19 billion euros from 2.18 billion euros a year ago. Revenues went up 1% in constant currencies, despite 7% lower volumes due to value over volume strategy. Acquisitions contributed 1%.

Looking ahead, the company said it continues executing transformation to deliver the next 200 million euros cost savings by 2020, incurring one-off costs in 2019 and 2020.