Toronto, Ontario — AkzoNobel reported its Q1 2024 financial results yesterday, beating analyst Q1 expectations with a 19 percent increase in first-quarter core profits.
Adjusted EBITDA for Q1 2024 was €363 million, versus €305 million a year ago.
Revenue was €2,640 for Q1 2024, compared to €2,657 a year ago, reporting a two percent increase in organic sales—driven by volume growth in both Paints and Coatings—though revenue was down one percent compared to Q1 2023.
Operating income improved to €261 million, from €182 million a year ago.
Our Q1 2024 results are now available: AkzoNobel delivers continued volume growth and margin expansion in both Paints and Coatings.
Learn more: https://t.co/CbP1lt3gcB#FinancialResults #AkzoNobel $AKZA $AKZOY $AKZOF pic.twitter.com/pD3IkukDMD— AkzoNobel (@AkzoNobel) April 23, 2024
“Our performance for the first quarter combined volume growth in both Paints and Coatings with margin expansion, as it did in the previous quarter,” said Greg Poux-Guillaume, CEO of AkzoNobel.
“After growth volumes two percent in Q1, we’re preparing for future growth in areas where we see market opportunities, such as in Powder, where we’re adding two product lines.
“Our momentum and the progress of our efficiency measures bode well for a strong 2024 performance in markets which remain mixed.”
Shares fell five percent following the results, reaching their lowest numbers since last November. Yahoo Finance reported that some investors hoped for a raised full-year outlook alongside the results, though AkzoNobel reiterated its previous guidance for adjusted earnings before tax, EBITDA.
The company’s CFO Maarten de Vries originally told Reuters that, “when you [beat expectations in Q1], people would like you to either raise your guidance for the year, but it’s a bit early to have a more bullish view for Q2.”
Click here for more information on AkzoNobel’s Q1 2024 results.
