Dutch paints company Akzo Nobel has announced a net profit of €189 million ($200.2 million) for the third quarter, more than twice the figure for the same period last year. The company also reaffirmed its adjusted Ebitda guidance for the full year, with expectations of continued economic uncertainty impacting organic volume.
Strong Financial Results
During Q3, Akzo Nobel achieved a net income of €189 million, a significant increase from the €84 million recorded in the previous year. Adjusted Ebitda, a key metric for the company which excludes exceptional and other one-off items, reached €414 million compared to €283 million in the previous year. This figure also aligns closely with the consensus estimate of €412 million.
Full-Year Outlook
Akzo Nobel anticipates that its adjusted Ebitda for the full year will be approximately €1.45 billion, falling within the previously indicated range of €1.40 billion to €1.55 billion. The company’s revenue for Q3 amounted to €2.74 billion, down from €2.86 billion, with a 5% increase on a constant-currency basis largely driven by pricing factors rather than volume. Notably, revenue consensus was reported as €2.77 billion.
These results reflect the ongoing challenges faced by Akzo Nobel amid the prevailing macro-economic uncertainties. Nevertheless, the company remains optimistic about its performance in 2021.