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In publishing its first quarter 2021 results, Akzo Nobel reported increases in revenue. The company reported revenue was up 10% and was 16% higher in constant currencies, with volumes up 16% and price up 2%, mainly due to strong end market demand.
Compared with Q1 2019*, revenue was up 10% in constant currencies. Operating income was up 62% at approximately $364 million USD compared to approximately $224 million last year. . OPI margin improved to 13.4% .
Adjusted operating income was up 43% at approximately $ 369 million compared to $257 million in 2020 and excludes approximately $4.9 millionnegative impact from identified items, mainly related to transformation initiatives, according to the report. Net cash from operating activities improved by approximately $155 million to an outflow of $37 million compared to $192 million in 2020.
The company reported net income from total operations was up 90% at approximately $261 million compared to $137 million in 2020.
Earnings per share (EPS) from total operations was up 95% at $1.38 compared to $.70 in 2020; adjusted EPS from continuing operations was up 66% at $1.41 compared to $.85 in 2020.
“We delivered very strong results for the quarter, including 16% growth and higher profitability. It’s encouraging how we’ve pivoted from our successful 15 by 20 ambition with a powerful start to our new Grow & Deliver strategy, which is already having a positive impact on our results,” says Thierry Vanlancker, Akzo Nobel CEO. “Ongoing challenges related to raw materials are an industry-wide issue and require our continued attention. I’m very proud of how our teams continue to serve our customers, while dealing with the significant disruption. Going forward, we’ll remain focused on offsetting higher raw material costs with pricing initiatives and cost discipline, to ride out the wave and build on our strong foundation for growth.”
*Q1 2019 comparatives are included to allow for proper comparison in light of the COVID-19 impact in 2020.
**The financial information was converted from Euro to U.S. dollar on April 22, 2021.
