Akzo Nobel Posts Rise In Q3 Profit

Akzo Nobel NV

reported a 32% rise in its third-quarter profit. Akzo Nobel's quarterly net profit surged to EUR205 million ($262.4 million), versus a year-ago profit of EUR155 million. Its adjusted EPS rose 24% to EUR0.92 from EUR0.74. Its operating income climbed 11% to EURO335 million from EUR303 million, while revenue slipped 2% to EUR3.69 billion from EUR3.78 billion. Volumes increased 1% in the quarter. The company declared an interim dividend of EUR0.33. CEO Ton Buchner said, "AkzoNobel delivered a solid Q3 performance, despite continued economic uncertainty. Return on sales improved for the fifth consecutive quarter to 9.1 percent, while operating income grew by 11 percent. Conditions continue to be challenging, but we have a resilient strategy focused on stimulating organic and sustainable growth. Coupled with the benefits from our ongoing operational efficiency programs, we are on track to deliver on our 2015 targets.” Akzo Nobel shares fell 0.70% to close at $21.17 yesterday.