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AkzoNobel: down after its quarterly results

( - AkzoNobel is down nearly 3% in Amsterdam after the paints and coatings maker reported adjusted EPS from continuing operations down 39% to 0.
57 euros for its third quarter of 2022.

Its operating profitability contracted by 3.6 points to 6.4%, due in particular to higher raw material and freight costs, while its sales rose by 19% to 2.41 billion (+14% at constant exchange rates) thanks to price increases.

Believing that the macroeconomic turmoil is likely to continue well into next year, AkzoNobel has decided to suspend its 2023 targets and provide further guidance at the 2022 results announcement.

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