Akzo Nobel sees hefty 2Q net profit miss as it books higher costs

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Akzo Nobel NV on Wednesday reported a more-than halved second-quarter net profit–missing market forecasts–as it booked higher costs, and said it aims to grow at or above its relevant markets, in line with the company’s “Grow & Deliver” strategy.

The Dutch paints company AKZA, -1.24%, which houses the Dulux, Polycell and Cuprinol brands, made a net income for the quarter of 106 million euros ($108.4 million), compared with EUR261.0 million a year earlier and a consensus of EUR176.5 million.

Adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics, which strips out exceptional and other one-off items–was EUR337 million compared with EUR419 million a year earlier and a consensus of EUR355.6 million.

Quarterly revenue rose to EUR2.85 billion from EUR2.51 billion. Consensus for revenue was EUR2.73 billion.

All consensus figures have been taken from the company’s website and are based on 15 analysts’ forecasts, except net income which is based on 14 estimates.

Write to Ian Walker at ian.walker@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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