Akzo Nobel third-quarter operating profit misses analysts’ estimates
AMSTERDAM (Reuters) – Akzo Nobel <AKZO.AS>, the Dutch maker of Dulux paint, reported lower-than-expected third-quarter operating earnings of 383 million euros ($451 million) on Wednesday, citing “headwinds” at its marine coatings business and margin pressures from rising raw material costs.
Analysts polled by Reuters had expected earnings before interest and taxes (EBIT) at 432 million euros, down from 442 million euros in the same period a year ago.
Akzo has struggled after rejecting a 26 billion euros ($31 billion) takeover offer from U.S. rival PPG Industries <PPG.N>, seeing its CEO and CFO resign and issuing a profit warning in September.
(Reporting by Toby Sterling; Editing by Gopakumar Warrier)