Paints and coatings company AkzoNobel reported revenue in the first quarter of 2018 was down 8%, mainly due to adverse foreign currencies, at €2,176 million compared to €2,377 million in the same period of 2017.
Without the currency impact revenue was 1% lower with volumes down 3% mainly due to continued adverse market conditions in the marine, and oil and gas industries. Selling prices however were up 3% overall and for all businesses.
Net income for the quarter from all activities was up 5% at €253 million, from €240 million in Q1 2017, including discontinued operations at €134 million, versus €114 million in Q1 2017. Adjusted earnings per share from continuing operations was €0.35, versus €0.50 in Q1 2017.
Thierry Vanlancker, CEO, said "We delivered a key milestone in creating two focused, high performing businesses with the agreement to sell Specialty Chemicals to the Carlyle Group and GIC for €10.1 billion. Headwinds continue for Marine and Protective Coatings, as well as currencies and higher raw material costs. Results were lower compared to an exceptionally strong quarter last year. We are ramping up our pricing initiatives and have implemented various cost discipline measures to deal with higher raw material prices. Initial savings from creating a fit-for-purpose organization are also being realized. The transformation is gaining momentum and we are on track for delivering 15% return on sales by 2020."