Marine paint and coatings maker AzkoNobel posted a strong third quarter with revenues up 5% on pricing and reported revenue down 4%. Operating income improved to $373 million (€354 million) from the year ago quarter. Adjusted operating income in the quarter was $341 million (€324 million), up from $194 million (€184 million) in the prior year quarter.
“Our third quarter results show a solid rebound in profit and continued improvement of our margins,” Greg Poux-Guillaume, AkzoNobel CEO, said in a statement. “While volumes were flat, we are increasingly benefitting from the easing of raw material costs. Higher profits and improving working capital management both contributed to a leverage ratio of 3.2, which keeps us on track to meet our year-end guidance.”
Marine and protective coatings revenue in constant currencies was up 11% in the quarter.
The company did not provide guidance for the 2023 fourth quarter.
