AkzoNobel Shows Profitability Improvement for First Quarter Despite COVID-19 Impacts
AMSTERDAM — Akzo Nobel N.V. has published results for the first quarter of 2020, with adjusted operating income up 31% to €214 million, compared to €163 million in the first quarter of 2019, despite impacts from COVID-19. Return on sales, excluding unallocated costs, increased 12.4%, compared to 9.1% in 2019, with price/mix up 2%. Operating income was up 65% at €187 million, compared to €113 million in 2019, and OPI margin improved to 9.1%. Transformation and other savings delivered €44 million in lower costs.
Revenue was 6% lower and 5% lower in constant currencies, with positive price/mix of 2% more than offset by 7% lower volumes, mainly due to the impact of COVID-19. Operating income oft €187 million includes €27 million negative impact from identified items, related to transformation costs; OPI margin improved to 9.1%. Net income from total operations was €114 million, compared to €65 million in 2019, and adjusted EPS from continuing operations was up 54% at €0.71.