Akzo Continues to Improve but Below Market Expectations in First Quarter; Shares Fairly Valued
AkzoNobel shares are trading down 4% intraday after reporting first-quarter results. EBIT was up 9% over 2018 but consensus was calling for a 22% jump. We did not have such ambitious expectations for the first quarter given still-high raw material costs and a softer global economic environment. With prices up 6%, 40 basis points added to the EBIT margin, and EUR 38 million in cost savings delivered in the quarter, we are satisfied with progress. Consequently, we don’t expect to make a material c...Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
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