UPDATE 1-Akzo Nobel Q2 core profit jumps 41% on high demand, cost cuts [Reuters]
PPG Industries, Inc. (PPG)
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Source: Reuters
second-quarter core profit surged 41% to 335 million euros ($394.3 million) as solid demand and cost-cutting measures helped offset an increase in raw material prices. Analysts in a company-compiled poll expected adjusted operating income to increase to 346.9 million euros from 238 million euros a year earlier. Akzo Nobel, which sells decorative paints and industrial coatings worldwide, recorded a recovery in demand after the steep fall due to the coronavirus crisis last year. Sales improved 26% to 2.51 billion euros in April-June, slightly above analysts' average forecasts of 2.44 billion euros. “In view of the ongoing raw material inflation, we continue to take firm and necessary actions on pricing initiatives and maintaining our cost discipline, while remaining focused on serving our customers,” Chief Executive Officer Thierry Vanlancker said in a statement. Akzo Nobel expects to grow in line with its relevant markets and plans to deliver an average annual 50 basis points
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PPG
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PPG
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- 4/23/24 - Form 8-K
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- PPG's page on the SEC website