Akzo Nobel Posts 1% Rise in 3Q Adjusted Ebit, Beating Expectations

   By Ian Walker 
 

Paints and specialty chemicals firm Akzo Nobel NV (AKZA.AE) reported Wednesday a 1% rise in third-quarter adjusted earnings before interest and tax, beating analysts expectations, and reiterated that the market environment remained uncertain with challenging conditions in several countries and segments.

The Amsterdam-based company, which counts Dulux, Sikkens, Interpon and Eka among its brands, said the profit rise was mainly due to improvement initiatives and lower costs, although these were partly offset by adverse currency effects, which were expected to continue.

For the quarter ended June 30, Akzo Nobel said adjusted ebit, which strips out exceptional and other one-off items, rose to 442 million euros ($485.4 million) from EUR436 million a year earlier; revenue slipped to EUR3.6 billion ($3.95 billion) from EUR3.76 billion. This compared with consensus forecasts of EUR433.4 million and EUR3.64 billion, respectively, which was based on about 16 analysts forecasts.

Net profit was unchanged at EUR285 million.

The board declared a dividend of EUR0.37 a share, up 6% from the same period last year.

Write to Ian Walker at [e-mail]; @IanWalk40289749

(END) Dow Jones Newswires

October 19, 2016 02:13 ET (06:13 GMT)

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