Earning before interest and taxation decreased to EUR383 million from EUR442 million, hurt by unfavourable currencies, temporary disruption to the manufacturing and supply chain, continued headwinds for Marine and Protective Coatings, and margin pressure from raw material cost inflation. Adjusted earnings per share were EUR1.07 compared to EUR1.20.
Third-quarter revenue increased to EUR3.62 billion from EUR3.60 billion in the previous year. Revenue was up 1%, mainly due to volume growth and acquisitions, partly offset by unfavourable currencies. Volumes were 2% higher, driven by Decorative Paints and Performance Coatings
Looking forward, AkzoNobel said its EBIT for 2017 is now expected to be in line with 2016, due to ongoing industry specific headwinds and supply chain disruptions.
Chief executive officer Thierry Vanlancker said: "We have initiated phase one of our transformation plan to create a fit for purpose Paints & Coatings organization which will deliver EUR110 million annual savings in 2018 contributing towards our 2020 financial guidance." ■
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