AkzoNobel: Q3 earnings down; profit warning weighs.
(CercleFinance.com) - Dutch chemicals company AkzoNobel reported lower Q3 earnings on Wednesday, citing "strong headwinds" in the industry.
The company announced EBIT of 383 million euros in the three months to end-September, down 13% compared to 442 million euros in the same period of 2016.
Shares in the maker of Dulux paints slipped 1.7% in early trading after the group also warned that EBIT for 2017 was now expected to be in line with that of 2016.
The group previously said that in 2017 it would deliver EBIT higher than its level in 2016.
AkzoNobel said earnings have been impacted by unfavourable FX factors, a temporary disruption to the manufacturing and supply chain, continued headwinds for marine and protective coatings and pressure on margins from raw material cost inflation.
The firm said it would hold an extraordinary general meeting on 30 November to approve the separation of its specialty chemicals business through a private sale or a legal demerger.
Shareholders will also appoint three new members for the group's supervisory board.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The company announced EBIT of 383 million euros in the three months to end-September, down 13% compared to 442 million euros in the same period of 2016.
Shares in the maker of Dulux paints slipped 1.7% in early trading after the group also warned that EBIT for 2017 was now expected to be in line with that of 2016.
The group previously said that in 2017 it would deliver EBIT higher than its level in 2016.
AkzoNobel said earnings have been impacted by unfavourable FX factors, a temporary disruption to the manufacturing and supply chain, continued headwinds for marine and protective coatings and pressure on margins from raw material cost inflation.
The firm said it would hold an extraordinary general meeting on 30 November to approve the separation of its specialty chemicals business through a private sale or a legal demerger.
Shareholders will also appoint three new members for the group's supervisory board.
Copyright (c) 2017 CercleFinance.com. All rights reserved.