Akzo Nobel Q3 Profit Climbs, Revenues Down; Cuts FY23 Adj. EBITDA View

(RTTNews) - AkzoNobel N.V. (AKZOY.PK), a Dutch paints and performance coating maker, reported Wednesday that its third-quarter net income attributable to shareholders surged to 189 million euros from last year's 84 million euros. Earnings per share grew to 1.11 euros from 0.48 euros last year.

Adjusted earnings per share from continuing operations were 0.99 euro, compared to 0.57 euro a year ago.

Operating income improved 111 percent to 354 million euros from 168 million euros last year.

Adjusted operating income was at 324 million euros, up 76 percent from last year. EBITDA grew 67 percent from last year 443 million euros.

Revenue, meanwhile, dropped 4 percent to 2.74 billion euros from last year's 2.86 billion euros on unfavorable exchange rates. Revenue in constant currencies went up 5 percent on pricing, despite flat volumes.

Looking ahead for fiscal 2023, AkzoNobel said it expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth.

Based on current market conditions, AkzoNobel now targets to deliver around 1.45 billion euros adjusted EBITDA. Previously, the company expected adjusted EBITDA in a range of 1.40 billion euros to 1.55 billion euros.

The company said will focus on margin management, cost reduction, working capital normalization and de-leveraging.

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