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Akzo Nobel Q3 Profit Rises - Quick Facts

Akzo Nobel N.V. (AKZOY.PK,AKZOY) reported that its third-quarter net income attributable to shareholders increased 36% to 220 million euros from 162 million euros last year.

Earnings per share from total operations were 1.15 euros compared to 0.79 euros in the previous year.

Adjusted earnings per share from continuing operations rose 34% to 1.30 euros from 0.97 euros last year.

But, revenue for the quarter declined 5% year-over-year to 2.28 billion euros from last year, while it was up 1% in constant currencies.

Volumes were up 3%, showing strong demand for Decorative Paints, partly offset by lower volumes of Performance Coatings and unfavorable price/mix of 1%.

AkzoNobel has suspended its 2020 financial ambition in response to the significant market disruption resulting from the pandemic. Raw material costs are expected to have a favorable impact for the fourth quarter of 2020.

The company targets a leverage ratio of 1-2 times net debt/EBITDA and commits to retain a strong investment grade credit rating.

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