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AkzoNobel: solid rebound in Q3 earnings

( - AkzoNobel reports Q3 sales of E2,741m, down 4% as reported y-o-y (or +5% at constant exchange rates).

However, EBIT more than doubled to E354m (+111%), with adjusted EBIT of E324m (+76%).

Management said that its Q3 results show a solid rebound in earnings and a continued improvement in margins, despite unfavourable FX factors. Although volumes were pretty flat, it is increasingly benefiting from the easing of raw material costs.

For 2023 and based on current market conditions, AkzoNobel is targeting adjusted EBITDA of around E1.45bn.

The company expects macroeconomic uncertainties to continue, weighing on organic volume growth. It adds that the company will focus on managing margins, reducing costs, normalising working capital and deleveraging.

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