Akzo Nobel Q3 Adj. Operating Income Up 23%; Revenue Up 3% - Quick Facts

(RTTNews) - Akzo Nobel NV (AKZOY.PK, AKZOY) reported that its third-quarter profit from continuing operations increased to 162 million euros from 149 million euros, previous year. Earnings per share from total operations was at 0.79 euros compared to 1.18 euros. Adjusted operating income was up 23 percent at 300 million euros driven by ongoing pricing initiatives and cost-saving programs. Adjusted earnings per share from continuing operations up 62 percent at 0.97 euros from 0.60 euros. The company said the advances it made during third-quarter were largely due to its ongoing pricing initiatives and cost-saving programs.

Third-quarter revenue was at 2.40 billion euros compared to 2.33 billion euros, prior year. Revenue was up 3 percent and 2 percent higher in constant currencies, with positive price/mix of 4 percent and acquisitions contributing 1 percent, offset by 4 percent lower volumes.

AkzoNobel CEO, Thierry Vanlancker, said: "We're making good progress towards our goal for 2020, with business return on sales of 13.8%, representing a year-on-year increase for the fifth quarter in a row. Our profit improvement of 23% in the third quarter was strong, even though we had to deal with softer end market demand."