Akzo Nobel third quarter earnings miss; company issues second FY profit warning

Akzo Nobel, the Dutch maker of Dulux paint, reported lower-than-expected third-quarter operating earnings of 383 million euros ($451 million) on Wednesday, citing “headwinds” at its marine coatings business along with also margin pressures by rising raw material costs.

the idea said earnings before interest along with also taxes for the year might right now be about flat by 2016 — its second warning since saying in July the idea was on track to meet the goal of 100 million euros in EBIT growth the idea had promised as part of its rationale for rejecting a 26-billion-euro takeover by PPG Industries in May.

Analysts polled by Reuters had expected third-quarter earnings before interest along with also taxes (EBIT) at 432 million euros, down by 442 million euros inside the same period a year ago.

Akzo has struggled since refusing PPG’s advances, seeing both its CEO along with also CFO resign for health reasons along with also saying in September that will full-year EBIT might grow by less than 100 million euros after all.

“EBIT for 2017 can be right now required to be in line with 2016,” said fresh CEO Thierry Vanlancker, citing “adverse foreign exchange, ongoing industry specific headwinds along with also supply chain disruptions, including the adverse impact of Hurricane Harvey inside the US.”

Akzo said on Wednesday that will two different promises to shareholders — a superdividend of 1 billion euros before the end of the year along with also the sale or IPO of its Specialty Chemicals arm by early next year — are still on track.

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