AkzoNobel’s Profits Jump on Higher Volumes, Selling Prices

AkzoNobel kicked off the European chemical industry’s first-quarter earnings season with a flourish. The company’s net income jumped 58% compared with the first quarter of 2010, to €128 million ($187 million), and earnings per share from total operations rose 22%, to €0.55/share. The consensus of analysts’ estimates as reported by Vara Research (Frankfurt) was for €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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