Investing.com– Akzo Nobel NV (AS:AKZO) on Wednesday clocked core third-quarter earnings that were in line with volume forecasts as price increases helped offset continued weakness in sales volumes and rising input costs.
The paintmaker maintained its annual earnings guidance, and said its merger with U.S. rival Axalta remained on track.
Adjusted earnings before interest, tax, depreciation and amortization, also called core earnings, rose slightly to 388 million euros ($451 million) from 385 million euros a year earlier, the company said in a statement.
The print was largely in line with consensus estimates of 387 million euros.
Revenue was mostly flat at 2.54 billion euros, mostly in line with estimates, while the company’s net loss narrowed to 178 million euros from a 194 million euro loss a year ago.
The net loss stemmed from Akzo logging one-off charges on its Russian and Pakistani entities.
The company said it has been steadily raising prices this year to offset the impact of higher raw material costs, stemming from the Middle East conflict, and said it expects price increases to continue.
The company’s decorative paints unit was a standout performer in the quarter, while its performance coatings business lagged.
Akzo maintained its annual guidance of 1.47 billion in adjusted earnings, and said the Axalta merger remained on track to close in early-2027.
Original Article
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