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AkzoNobel Reports Revenue Increase in Q1

Thursday, April 22, 2021

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Global coatings company AkzoNobel released its 2021 first-quarter earnings report yesterday (April 21), showing a 10% increase in revenue year over year (16% in constant currencies) along with a 13.6% ROS.

The company attributes the growth to strong end market demand, also reporting operating income up 62% from 187 million euros to 303 million euros, adjusted operating income up 43% from 214 million euros to 307 million euros, and net income up 90% from 114 million euros to 217 million euros.

AkzoNobel

Global coatings company AkzoNobel released its 2021 first-quarter earnings report yesterday (April 21), showing a 10% increase in revenue year over year (16% in constant currencies) along with a 13.6% ROS.

“We delivered very strong results for the quarter, including 16% growth and higher profitability. It’s encouraging how we’ve pivoted from our successful 15 by 20 ambition with a powerful start to our new Grow & Deliver strategy, which is already having a positive impact on our results,” said AkzoNobel CEO Thierry Vanlancker.

Report by Segment

In the Decorative Paints segment, the company reported revenue up at 930 million euros from 754 million euros taking in all regions including South America, Asia, and the EMEA. Adjusted operating income increased from 64 million euros to 148 million euros, and ROS was up 15.9%.

In the Performance Coatings segment, all numbers were up as well though by single-digit percentages. Revenue was up 3% overall from 1.29 billion euros to 1.33 billion euros. The company attributes this to strong growth in the powder coatings and industrial coatings subsegments, which both saw year-over-year increases. Automotive and specialty coatings, as well as marine and protective coatings, both saw single-digit percentage drops in revenue, however.

“Ongoing challenges related to raw materials are an industry-wide issue and require our continued attention. I’m very proud of how our teams continue to serve our customers, while dealing with the significant disruption,” Vanlancker said. “Going forward, we’ll remain focused on offsetting higher raw material costs with pricing initiatives and cost discipline, to ride out the wave and build on our strong foundation for growth.”

Highlights from the quarter include the company’s Polar Pod partnership, enabling researchers to study the Antarctic Circumpolar Current; the company’s Paint the Future challenges and initiatives; the launch of the new Dulux Simply Refresh range; an increased focus in e-mobility powder coatings; and the completion of the Titan Paints Spain acquisition.

Looking forward, the company said that it’s targeting growth in Q2 and Q, however, trends differ per region and segment and the impact of raw material disruption and inflation is also anticipated.

   

Tagged categories: AkzoNobel; Asia Pacific; Business matters; Earnings reports; EMEA (Europe, Middle East and Africa); Finance; Good Technical Practice; Latin America; North America; Z-Continents

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