Akzo Nobel 1Q Net Profit Rises; Cautions on Higher Costs, Forex
24 Aprile 2018 - 7:57AM
Dow Jones News
By Ian Walker
Akzo Nobel NV (AKZA.AE) said Tuesday that first-quarter net
profit rose 5.4%, but warned that it expects higher raw-material
costs and foreign currencies to continue impacting the business
this year.
Net profit for the quarter ended March 31 year was 253 million
euros ($309 million) compared with EUR240 million a year earlier,
the Dutch paint company said. This compares with consensus forecast
of EUR195.0 million taken from the company's website and based on
five analysts forecasts.
Revenue fell to EUR2.18 billion from EUR2.38 billion in the
first quarter of 2018, the company said blaming adverse foreign
currencies. This compares with consensus guidance of EUR2.32
billion taken from the company's website and based on eight
analysts forecasts.
"We are ramping up our pricing initiatives and have implemented
various cost discipline measures to deal with higher raw-material
prices," Chief Executive Thierry Vanlancker said.
Late last month Akzo Nobel agreed the sale of its
specialty-chemicals unit to U.S. private equity company Carlyle
Group LP (CG) for an enterprise value of EUR10.1 billion, and said
it would distribute the vast majority of proceeds of the sale to
shareholders.
After Akzo Nobel fended off a multibillion-dollar takeover bid
from U.S. rival PPG Industries Inc.(PPG) last year, the company
said it would separate from its specialty-chemicals segment, either
through a private sale or a demerger, in order to focus on its
paints-and-coatings business.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
April 24, 2018 01:42 ET (05:42 GMT)
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