Cans of Dulux paint, an AkzoNobel brand, are seen on the shelf of a DIY retail store in Manchester, Britain, June 14, 2024. REUTERS
April 22 (Reuters) – Dulux paint maker AkzoNobel reported a 3% drop in its first-quarter core profit that still landed above market expectations on Wednesday, carried by higher pricing and cost savings.
The Dutch paints and coatings maker posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 345 million euros ($405 million) for the quarter, down from 357 million euros a year ago but above analysts’ consensus of 323 million euros provided by the company.
“While the conflict in the Middle East is impacting our cost of supply, we’re maintaining our guidance for the year,” CEO Greg Poux-Guillaume said in a press release.
“Our already announced price increases are expected to fully compensate anticipated cost impacts based on current assumptions,” he added.
The group had trimmed its 2026 forecast in February, citing uncertain market conditions and rising cost of converting foreign currencies to euros.
($1 = 0.8517 euros)
Reporting by Dimitri Rhodes in Gdansk, editing by Milla Nissi-Prussak
