AkzoNobel N.V. (AKZOY.PK), a Dutch paints and performance coating maker, reported Wednesday that its fourth-quarter net income attributable to shareholders fell to 8 million euros from last year's 187 million euros.
Earnings per share from total operations were 0.05 euro, down from 1.04 euros a year ago.
Adjusted earnings per share from continuing operations were 0.16 euro, compared to 0.74 euro last year.
Operating income fell 50 percent from last year to 103 million euros, resulting from lower volumes, higher raw material and freight costs, and inflation on operating expenses. Operating income margin dropped to 4.0 percent from 8.5 percent in 2021.
Adjusted operating income dropped 40 percent to 126 million euros.
Revenue, however, grew 8 percent to 2.61 billion euros from 2.40 billion euros last year. Revenue went up 9 percent in constant currencies.
Further, the company proposed a final dividend of 1.54 euros per share, same as last year.
Looking ahead for fiscal 2023, AkzoNobel targets to deliver 1.2 billion euros to 1.5 billion euros adjusted EBITDA. In fiscal 2022, adjusted EBITDA was 1.16 billion euros.
The company 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.
Cost reduction programs are expected to mitigate the ongoing pressure from inflation in operating expenses for 2023. AkzoNobel expects declining raw material costs to have a favorable impact on profitability.
AkzoNobel CEO, Greg Poux-Guillaume, said, "Moving forward, with our margin management and cost reduction programs firmly in place, we plan to mitigate the ongoing pressure from cost inflation and aim to deliver €1.2 to €1.5 billion adjusted EBITDA for 2023, based on current market conditions."
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