AkzoNobel: shares up after results beat consensus
(CercleFinance.com) - Shares in Dutch paints and coatings maker AkzoNobel rose on Wednesday after its fourth-quarter results beat the consensus.
The company said that its performance accelerated in the second half of the year, with adjusted operating income up 23% at 223 million euros in the fourth quarter, driven by pricing initiatives, margin management and cost-saving programs.
Operating income rose to 173 million euros, compared to 68 million euros in the fourth quarter of 2018.
Analysts at UBS said higher-than-expected operating performance in the decorative paints business offset the weakness of the performance coatings unit.
"Our 2019 results show we are on track with our transformation," said CEO, Thierry Vanlancker. "We made good progress, despite higher raw material costs and softer end market demand," he added.
Investors seemed to agree: the AkzoNobel share was up 3.7% at 90.8 euros in morning trading on Euronext Amsterdam.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company said that its performance accelerated in the second half of the year, with adjusted operating income up 23% at 223 million euros in the fourth quarter, driven by pricing initiatives, margin management and cost-saving programs.
Operating income rose to 173 million euros, compared to 68 million euros in the fourth quarter of 2018.
Analysts at UBS said higher-than-expected operating performance in the decorative paints business offset the weakness of the performance coatings unit.
"Our 2019 results show we are on track with our transformation," said CEO, Thierry Vanlancker. "We made good progress, despite higher raw material costs and softer end market demand," he added.
Investors seemed to agree: the AkzoNobel share was up 3.7% at 90.8 euros in morning trading on Euronext Amsterdam.
Copyright (c) 2020 CercleFinance.com. All rights reserved.