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Chemical Week Magazine :: Business & Finance :: Europe/Mideast
AkzoNobelâ€™s Profits Jump on Higher Volumes, Selling Prices
6:11 AM MDT | April 22, 2011 | â€”kerri walsh
AkzoNobel kicked off the European chemical industryâ€™s first-quarter earnings season with a flourish. The companyâ€™s net income jumped 58% compared with the first quarter of 2010, to â‚¬128 million ($187 million), and earnings per share from total operations rose 22%, to â‚¬0.55/share. The consensus of analystsâ€™ estimates as reported by Vara Research (Frankfurt) was for â‚¬0.45/share. Akzo says improved volumes and higher selling prices led to the increased earnings. Raw material costs continue to rise, and Akzo says it will raise prices as needed to offset...
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