Q3 Results

15 November 2012


Boosted by growth in all segments, Jotun Group has announced strong tertiary and year-to-date numbers. Total net sales in the first eight months of 2012 were NOK7686M (US$1355M) for the paints and coatings company, while earnings before interest, tax and amortisation (EBITA) were NOK888M (US$156.6M) in the period. The sales growth is mainly driven by the strong performance of decorative paints and protective coatings in Scandinavia, the Middle East and South East Asia.


Cytec Industries announced net earnings for Q3 of US$53.3M or US$1.13/diluted share on net sales from continuing operations of US$455.4M. Shane Fleming, Chairman, President and Chief Executive Officer commented: "I am pleased to report another good quarter, with sales in our continuing operations up 25%, primarily as a result of our Umeco acquisition. Net of the acquisition, sales increased 7% with volume growth of 5%. Engineered materials sales increased 12% with the majority of the increase due to volume growth across most of our aerospace end markets.”


AkzoNobel reported revenue up 6% to €4.28bn, mainly driven by currencies and pricing actions. Volumes declined 3%, primarily due to economic slowdown in Europe. EBITDA up 7% at €540M (€507M yr-on-yr).
Impairment of €2.5bn in Decorative Paints, resulting in a net loss of €2.4bn. Adjusted EPS €1.01 (2011: €0.91). An interim dividend of €0.33/share was declared.

The company has undertaken a prudent review, excluding restructuring benefits, of the balance sheet, taking into account lower expected market growth rates. This has resulted in a non-cash impairment charge against the Decorative Paints businesses’ assets, primarily in Europe. Decorative Paints generated revenue of €1.46bn and Performance Coatings, revenue increased 13% to €1.47bn, driven by acquisitions in Industrial Coatings and strong demand in Protective Coatings.

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