Akzo Nobel Posts 1% Rise in 3Q Adjusted Ebit, Beating Expectations
October 19 2016 - 2:28AM
Dow Jones News
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 ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
October 19, 2016 02:13 ET (06:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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