Akzo Nobel N.V. (AKZA; AKZOY) publishes results for third quarter 2021
- Pricing up 9% compared with Q3 2020. Revenue 6% higher (up 5% from Q3 2019*, in constant currencies1)
- Raw material and other variable costs increased €278 million compared with Q3 2020
- Adjusted operating income2 lower at €241 million (2020: €353 million), ROS3 at 10.0% (2020: 15.5%)
- €1 billion share buyback started April 27, 2021; €557 million completed by end of Q3 2021
- First paints and coatings company to commit to a carbon reduction target of 50% by 2030 (2018 baseline) for the full value chain, verified by the Science Based Targets initiative
AkzoNobel CEO, Thierry Vanlancker, commented:
“During the third quarter, as predicted, extraordinary levels of raw material costs and supply disruptions impacted our business. Despite supply constraints and the resulting backlog, we were able to demonstrate 6% revenue growth.
“I’m very proud of our team’s focus on our own pricing, as demonstrated by the 10% increase run rate by the end of the third quarter. We’re on track to have our own pricing actions offset the raw material inflation by year-end.
“As we’ve already indicated, the headwinds are likely to be with us going into 2022. However, we’ve established a strong pathway for our Grow & Deliver ambition and remain confident in the €2 billion EBITDA target for 2023.”