AkzoNobel Reports Financial Results for Third Quarter
AMSTERDAM - Paint and coatings manufacturer AkzoNobel has published financial results for the third quarter of 2017, reporting revenues up by 1%, mainly due to volume growth and acquisitions and partly offset by unfavorable currency effects. Volumes were 2% higher, driven by Decorative Paints and Performance Coatings. The company reported EBIT at €383 million (2016: €442 million), impacted by unfavorable currencies, temporary disruption to the manufacturing and supply chain, continued headwinds for Marine and Protective Coatings, and margin pressure from raw material cost inflation. AkzoNobel reported the impact of Hurricane Harvey and other events at around €25 million on EBIT.
CEO Thierry Vanlancker, commented, "We have continued to grow our business with higher volumes and increased revenues despite challenging market conditions in selected areas of our business, especially in Marine and Protective Coatings.