AkzoNobel Q2 Profit Rises, Revenue Up 3% Up In Constant Currencies; Raises FY Guidance

(RTTNews) - AkzoNobel (AKZOY.PK, AKZOY) reported that its second quarter net income attributable to shareholders increased to 118 million euros from 106 million euros, prior year. Earnings per share from total operations was 0.69 euros compared to 0.60 euros. Adjusted EBITDA was 397 million euros, up 18% from last year. Adjusted earnings per share from continuing operations was 0.93 euros compared to 0.84 euros.

Second quarter revenue was 2.74 billion euros, down 4% prior year. Revenue was up 3% up in constant currencies.

AkzoNobel CEO, Greg Poux-Guillaume, said "Our second quarter results are in line with expectations despite volatile markets and complete a solid first half of 2023. In second quarter, we achieved year-on-year profit growth driven by resilient volumes, robust pricing and the first effects of raw material deflation. This helped us offset headwinds from continuing softness in some markets and from adverse currency impact and persistent inflation. Our results provide a solid foundation and allow us to increase our full-year guidance."

AkzoNobel expects the ongoing macro-economic uncertainties to continue and weigh on organic volume growth. The company will focus on margin management, cost reduction, working capital normalization and de-leveraging. AkzoNobel targets to deliver 2023 adjusted EBITDA in a range of 1.40 billion euros to 1.55 billion euros.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.