Akzo Nobel NV (AKZOY.PK,AKZOY), a Dutch paint and coating maker, reported Wednesday lower profit and revenues in its first quarter. The company noted that higher prices and strong cost reduction compensated for lower volumes and inflation. Further, the company maintained its outlook for fiscal 2025 and mid-term.
In the first quarter, net income attributable to shareholders fell to 107 million euros from last year's 181 million euros. Earnings per share dropped to 0.63 euro from prior year's 1.06 euros.
Adjusted earnings per share from continuing operations were 0.94 euro, compared to 1.12 euros a year ago.
Operating income in the quarter fell 26 percent year-over-year to 192 million euros, and adjusted EBITDA dropped 2 percent from last year to 357 million euros. Adjusted EBITDA margin was 13.7 percent, down from prior year's 13.8 percent.
Revenue declined 1 percent to 2.61 billion euros from last year's 2.64 billion euros. Organic sales were flat, with an increase in price/mix offset by lower volumes.
Looking ahead, for fiscal 2025, AkzoNobel continues to expect to deliver adjusted EBITDA above 1.55 billion euros, subject to ongoing market uncertainties and assuming constant currencies.
For the mid-term, AkzoNobel still aims to expand profitability to deliver an adjusted EBITDA margin of above 16 percent and a return on investment between 16 percent and 19 percent.
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