Akzo Nobel Q3 Profit Down - Quick Facts

(RTTNews) - Akzo Nobel N.V. (AKZOY.PK, AKZOY), a Dutch maker of paints and performance coatings, reported that its third quarter net income attributable to shareholders declined to 163 million euros from 189 million euros in the prior year. Earnings per share from total operations was 0.95 euros, down from 1.11 euros in the prior year.

Quarterly adjusted earnings per share from continuing operations increased to 1.14 euros from 0.99 euros in the previous year.

Operating income for the third quarter decreased to 259 million euros from last year's 354 million euros, impacted by identified items of negative 44 million euros and higher operating costs year-on-year, which showed sequential reduction during the quarter on cost measures. Identified items mainly contained restructuring related costs due to the implementation of or restructuring programs, while identified items in 2023 were positive due to property divestments.

Revenues for the third quarter were 2.67 billion euros down from 2.74 billion euros in the prior year.

Organic sales for the third quarter were up 1% due to volume growth in Coatings, driven by high single-digit growth in Marine and Protective and mid single-digit growth in Powder Coatings. Volumes in Paints were flat, with growth in SESA and LATAM, flat volumes in EMEA and a continued challenging market environment in China.

The company noted that it will pay an interim dividend of 0.44 euros per share, unchanged from last year.

Based on current market conditions and constant currencies, AkzoNobel expects to deliver 2024 adjusted EBITDA of around 1.5 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.

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