AkzoNobel Q1 Profit Flat, Revenues Rise; Sees Higher EBIT In FY17 - Quick Facts

(RTTNews) - Dutch paints and chemicals maker AkzoNobel N.V. (AKZA.AS; AKZOY) reported Wednesday that its first-quarter net income attributable to shareholders remained flat at 240 million euros or 0.96 euros per share.

Adjusted earnings per share were 1.05 euros, compared to 0.97 euros a year ago. Earnings before interest and tax or EBIT went up 13 percent from last year to 376 million euros.

Revenue for the quarter increased 7 percent to 3.66 billion euros from 3.43 billion euros in the prior year. Revenue grew across all Business Areas, mainly due to higher volumes and acquisitions.

The company noted that volumes grew 4% driven by Decorative Paints and Specialty Chemicals.

Looking ahead, for full-year 2017, EBIT is expected to be around 100 million euros higher than 2016, excluding any substantial changes in market conditions, as a result of growth momentum and continuous improvement.

AkzoNobel said it continues to anticipate positive developments for EMEA, North America and Asia, improving during the year, while Latin America is expected to stabilize.

Market trends experienced in the second part of 2016 are expected to continue during the first half of 2017.