Akzo Nobel NV Q1 Net Income Declines; Revenue Up 8% In Constant Currencies

(RTTNews) - Akzo Nobel NV (AKZOY.PK, AKZOY) reported first-quarter net income attributable to shareholders of 94 million euros compared to 154 million euros, prior year. Earnings per share from total operations was 0.55 euros compared to 0.87 euros. Adjusted operating income declined to 218 million euros from 230 million euros, previous year. Adjusted earnings per share from continuing operations was 0.73 euros compared to 0.86 euros. Adjusted EBITDA was 305 million euros, down 4%.

First-quarter revenue was 2.66 billion euros compared to 2.52 billion euros, previous year. Revenue was up 5% and up 8% in constant currencies. Pricing was up 7%, more than offsetting increase of raw material and freight costs.

Based on current market conditions, AkzoNobel targets to deliver 1.2 to 1.5 billion euros adjusted EBITDA in 2023. AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company said it will focus on margin management, cost reduction, working capital normalization and de-leveraging.

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