April 19, 2012 / 5:10 AM / 5 years ago

AkzoNobel Q1 results beat forecasts

AMSTERDAM, April 19 (Reuters) - AkzoNobel NV, the world’s largest paints maker and owner of the Dulux brand, on Thursday reported first-quarter earnings before interest, tax and depreciation (EBITDA) of 423 million euros, beating analysts’ forecasts.

It reported a first-quarter net profit of 70 million euros from continuing operations, and revenue of 3.972 billion euros.

Analysts in a poll commissioned by Reuters had forecast EBITDA before incidentals of 385 million euros and a net profit of 67.3 million euros, on revenue of 3.883 billion euros.

AkzoNobel’s U.S. peers have both issued bullish outlooks recently. Chemical-maker PPG Industries Inc forecast first-quarter profit above Wall Street expectations on April 5, and said it would lay off 2,000 workers, mostly in Europe, due to weak demand.

Top U.S. paints maker Sherwin-Williams Co on April 9 raised its earnings outlook for the first quarter, helped mainly by strong sales at its retail business segment.

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