AkzoNobel: third-quarter earnings in line with consensus

(CercleFinance.com) - Dutch paints and coatings maker AkzoNobel reported third-quarter results that are in line with forecasts on Wednesday, even though it had to deal with softer end-market demand.


Adjusted operating income rose by 23% to 300 million euros, driven by pricing initiatives and cost-saving programs.

Operating profit for July-September was 247 million euros, the company said, lagging the 267 million euros expected in a Vara poll, on revenues that rose by 3% to 2.4 billion euros.

The company also announced a new share buyback program, with 500 million euros to be completed in the first half of 2020, which is "at the lower end of guidance" according to analysts.

The shares were up over 2% after the report.

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