AkzoNobel: earnings down but stock up

(CercleFinance.com) - On Thursday AkzoNobel reported a 23% decline in Q1 operating profit, as higher prices failed to fully offset soaring raw material and transport costs.


This morning the Dutch paints and coatings specialist reported Q1 operating profit of 232 million euros, down 23% from 303 million euros posted a year ago.

However, sales rose 12% to 2.5 billion euros, thanks to a 17% increase in its sales prices.

The group also said that it is on track to meet its adjusted Ebitda target of 2 billion euros next year, expecting inflationary pressures to start easing from the second half of this year.

On the Amsterdam stock exchange, AkzoNobel's shares rose by 5.5% following the results, which were considered fairly reassuring.



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