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Letter to the Editor
Friday April 4
Akzo Nobel Q4 Results Beat Expectations
Akzo Nobel NV, the world's biggest producer of paints, posted forecast-beating fourth-quarter results in March, boosting its shares as its coatings business grew despite the U.S. housing market crisis.Earnings before interest and taxes (EBIT) from continuing operations, excluding extraordinary items, was 174 million euros ($264.2 million) compared with an average analyst expectation of 157 million euros in a Reuters survey of seven analysts.
Akzo plans to increase its dividend to 1.80 euros per share from 1.20 euros and intends to pay out at least 45 percent of net income excluding incidentals from 2008.
The Dutch chemical group said it would return a previously announced 3 billion euros to shareholders through share buybacks, with a 1 billion euro buyback that started in mid-March.
Akzo said ongoing pressure created by raw material prices, volatility in major currencies, and a slowdown in overall growth in North America and Europe will make for a testing environment but it still expects to outgrow its markets.
Fourth quarter revenue at its coatings unit was up two percent, reassuring analysts who had been worried after the unit failed to match growth expectations in the third quarter, pressured by the U.S. housing market crisis.
Akzo said the integration of Imperial Chemical Industries Plc (ICI) was well on track and confirmed expected annual cost synergies of 280 million euros.
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