AkzoNobel's Net Income Slides; New CEO Prioritizes Performance Improvement

AkzoNobel reported today a 21.5% slide in second-quarter net income, to €197 million ($241 million) on revenues 8% higher at €4.4 billion, compared with the same period of 2011. The increase in revenues was driven mainly by pricing actions to offset higher raw material costs and currency effects, the company says. Second-quarter Ebitda was 8% higher at €593 million and the Ebitda margin was 13.5%, compared with 13.4% in the year-earlier period. Adjusted earnings per share (EPS) were €1.12, 3% ahead of consensus estimates. EPS in the second...

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