Akzo Nobel Q2 Profit Down, Revenues Rise; Backs FY23 Grow & Deliver Target - Quick Facts

(RTTNews) - AkzoNobel N.V., (AKZOY.PK), a Dutch paints and performance coating maker, reported Wednesday that its second-quarter net income attributable to shareholders declined to 106 million euros from last year's 261 million euros.

Earnings per share from total operations were 0.60 euro, down from prior year's 1.40 euros. Adjusted earnings per share from continuing operations were at 0.84 euro, compared to 1.20 euro a year ago.

Adjusted EBITDA declined to 337 million euros from last year's 419 million euros.

The company said its second-quarter results were clearly impacted by two months of lockdowns in China and destocking in decorative paint do-it-yourself channels in Europe.

AkzoNobel revenue, however, grew 14 percent to 2.85 billion euros from last year's 2.51 billion euros, despite impact of lockdowns in China and destocking in EMEA DIY channels. Revenues grew 10 percent at constant currency rates. Pricing went up 16 percent.

Looking ahead, AkzoNobel confirmed its Grow & Deliver ambitions of 2 billion euros adjusted EBITDA for 2023, and an average annual 50 basis points increase in return on sales over the period 2021-2023.

The company said it targets to grow at or above its relevant markets, in line with the company's Grow & Deliver strategy.

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