Akzo Nobel Q1 Profit Climbs; Backs FY Adj. EBITDA Outlook - Quick Facts

(RTTNews) - Akzo Nobel N.V. (AKZOY.PK, AKZOY), a Dutch maker of paints and performance coatings, reported that its net income attributable to shareholders for the first quarter climbed to 181 million euros from 94 million euros in the previous year. Earnings per share from total operations were 1.06 euros up from 0.55 euros in the prior year.

Adjusted earnings per share from continuing operations was 1.12 euros compared to 0.73 euros in the prior year.

Operating income for the quarter increased to 261 million euros from the prior year's 182 million euros, mainly due to a continued rebound in gross margins, higher volumes and lower identified items.

Quarterly revenue declined to 2.64 billion euros from 2.66 billion euros in the prior year. Adverse currencies impacted revenue by 3%, resulting in 1% lower revenue. But organic sales for the quarter were up 2% driven by higher volumes of 2% with growth in both Paints and Coatings.

In 2023, an interim dividend of 0.44 euros was paid, the same amount as in 2022.

A final dividend of 1.54 euros per common share for 2023, the same as in 2022, is proposed for approval at the AGM on April 25, 2024.

Looking ahead for fiscal year 2024, AkzoNobel still expects to deliver adjusted EBITDA of 1.5 billion euros to 1.65 billion euros.

For the mid-term, AkzoNobel aims to expand profitability to deliver an adjusted EBITDA margin of above 16% and a return on investment between 16% and 19%, underpinned by organic growth and industrial excellence. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.