Akzo Nobel Q2 Profit Declines, Revenues Flat - Quick Facts

(RTTNews) - Dutch paints and chemicals maker Akzo Nobel N.V. (AKZA.AS; AKZOY) Wednesday reported that its net income for the second quarter declined 15 percent to 231 million euros from 271 million euros in the same period last year. However, earnings per share rose to 1.07 euros from 1.06 euros a year ago.

Adjusted earnings per share from continuing operations were 0.96 euros, compared to 0.52 euros last year.

Operating income surged 60 percent to 308 million euros from 192 million euros in the year-ago quarter.

Adjusted operating income or EBIT rose 36 percent to 305 million euros from 225 million euros last year, driven by ongoing pricing initiatives and cost-saving programs.

Adjusted EBITDA grew 38 percent to 394 million euros from 285 million euros a year ago.

Revenue for the quarter edged down slightly to 2.446 billion euros from 2.453 billion euros in the year-ago period.

Revenue rose 1 percent in constant currencies, with positive price/mix partly of 5 percent and acquisitions contributing 1 percent, offset by 6 percent lower volumes.

Looking ahead, the company said it is continuing to execute its transformation to deliver the next 200 million euros cost savings by 2020, incurring one-off costs in 2019 and 2020.