Akzo Nobel Q3 Profit Declines; Revenue Up 1% - Quick Facts

(RTTNews) - Akzo Nobel NV (AKZOY.PK, AKZOY) reported third-quarter net income attributable to shareholders of 216 million euros compared to 285 million euros, prior year. EBIT decreased to 383 million euros from 442 million euros, impacted by unfavorable currencies, temporary disruption to the manufacturing and supply chain, continued headwinds for Marine and Protective Coatings and margin pressure from raw material cost inflation. Adjusted EPS was at 1.07 euros compared to 1.20 euros.

Third-quarter revenue increased to 3.62 billion euros from 3.60 billion euros, previous year. Revenue was up 1%, mainly due to volume growth and acquisitions, partly offset by unfavorable currencies Volumes 2% higher driven by Decorative Paints and Performance Coatings

Looking forward, the Group said its EBIT for 2017 is now expected to be in line with 2016, due to ongoing industry specific headwinds and supply chain disruptions.

CEO Thierry Vanlancker said, "We have initiated phase one of our transformation plan to create a fit for purpose Paints and Coatings organization which will deliver 110 million euros annual savings in 2018 contributing towards our 2020 financial guidance."