Wednesday, 23 April 2014

Akzo Nobel share price: Company posts solid Q1 underlying earnings

Akzo 1Q14 EPS — was slightly ahead of consensus noting weaker than expected Decorative and Performance Coatings results but a strong improvement by Specialty Chemicals and lower than expected financing costs. Sales were down 2%, noting FX impacted group sales by 5%. Overall results were slightly better than expectations. See our results comment (1Q14 EPS beat due to Specialty Chemicals & Financing) for more details. The point to note is that in the paint businesses higher dollar-price raw materials could not be offset by increased local selling prices. Whereas for chemicals, lower dollar based raw material costs helped margins in Euro-zone-centric division. Andrew Benson

The Wettest Drought on Record — Despite Supposed Industry Austerity, European OFS set for Record Order Intake in 1H Western Europe | Oil & Gas Equipment & Services Financial austerity has been a dominant message from IOCs over the last six months, and the equity market has looked to pre-empt the impact of ‘financial discipline’ in an expected slowdown in oil services activity (Euro Services have underperformed the market by 15% over the last six months). But what signs of softening activity? Order intake year-to-date for the Services industry suggests 1H14 will be a record.

No comments:

Post a Comment