AkzoNobel net income up by 39% despite high raw material costs

摘要

AkzoNobel reported a 39.4% jump in net income from total operations in the third quarter of 2018 to €301 million ($348.6 million), including discontinued operations of €152 million. Adjusted operating income was €243 million, compared with €225 million in the year-ago quarter, or 8% higher. The increase was driven by higher pricing and cost-saving programs despite an adverse impact of €10 million from foreign-currency translation, according to the company. Underlying EBIT was €243 million, up 8% year over year (YOY) but 1% below analysts' consensus estimate, according to Bernstein Research (London, United Kingdom). Revenue was down 4% YOY at €2.33 billion, although flat in constant currencies, but 4% below the consensus estimate of €2.43 billion. A positive price/mix increase was offset by lower volume, AkzoNobel says. Raw material costs were up by €106 million in the third quarter.