Akzo Nobel Q3 operating profit misses analysts' estimates

Image
Reuters AMSTERDAM
Last Updated : Oct 18 2017 | 11:07 AM IST

AMSTERDAM (Reuters) - 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 and margin pressures from rising raw material costs.

Analysts polled by Reuters had expected earnings before interest and taxes (EBIT) at 432 million euros, down from 442 million euros in the same period a year ago.

Akzo has struggled after rejecting a 26 billion euros ($31 billion) takeover offer from U.S. rival PPG Industries, seeing its CEO and CFO resign and issuing a profit warning in September.

($1 = 0.8501 euros)

(Reporting by Toby Sterling; Editing by Gopakumar Warrier)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Oct 18 2017 | 10:59 AM IST

Next Story