Toronto, Ontario — AkzoNobel reported its Q4 2022 and full-year 2022 financial results on Tuesday, with increased revenues driven by price increases.
The company reported a 13 percent revenue increase for the full year 2022, compared to 2021. Pricing was up 14 percent.
Operating income for the year was reported at €708 million (2021: €1,118 million), resulting from lower volumes, higher raw material and freight costs, inflation on operating expenses and €46 million negative impact from hyperinflation accounting. Adjusted EBITDA was €1,157 million (2021: €1,436 million)
For Q4 2022, revenue was up eight percent and nine percent higher in constant currencies; pricing was up 11 percent through the quarter.
AkzoNobel also noted the completion of wheel liquid coatings business Lankwitzer Lackfabrik in December 2022; it also finalized a €500 million share buyback.
