AkzoNobel Reveals Forecast Below Consensus

( – AkzoNobel provided an update on its third quarter activity on Wednesday, in a context of high macroeconomic uncertainty and a near-historic drop in consumer confidence.

The Dutch paints and coatings specialist indicates that its adjusted operating profit should be in the range of 195 million euros to 215 million euros at the end of the current quarter.

Based on the average point, this target is well below the consensus of analysts, which so far aimed for an operating profit of 288 million euros.

Listed on the Amsterdam Stock Exchange, the title fell back by 1.2% on Wednesday morning.

According to the group, the current trends affecting demand should continue in the fourth quarter, although they should be offset by initiatives aimed at reducing costs and increasing prices.

Financial results for the third quarter will be released on October 20.

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