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Akzo Nobel Q3 profit rises YOY; revenues slip

Akzo Nobel NV's profit attributable to shareholders rose to €301 million in the third quarter from €216 million in the year-ago period.

Third-quarter net income from continuing operations rose to €149 million from €121 million in the prior year. Adjusted EPS from continuing operations rose to 60 cents from 53 cents.

Net income from discontinued operations, which include the company's recently sold specialty chemicals business, came in at €152 million, compared with €95 million in the third quarter of 2017.

The company's revenue slipped to €2.33 billion during the quarter from €2.42 billion in the previous year. Revenue from decorative paints fell 6% year over year to €951 million from €1.01 billion, while performance coatings brought in €1.39 billion revenues, 3% lower from the year-ago period. Sales volumes declined in all Akzo Nobel's segments due to continued focus on pricing initiatives, the company said.

Adjusted operating income for the quarter increased to €243 million from €225 million in the prior year.

For the first nine months of 2018, Akzo Nobel reported attributable profit of €825 million, compared with €757 million in the year-ago period.