AkzoNobel has published its results for the second quarter of 2021. Highlights include:

– Revenue 26% higher than Q2 2020 (up 8% from Q2 2019, in constant currencies) with 4.5% price increase

– Adjusted operating income² at €335 million (return on sales at 13.3%), 41% higher than Q2 2020 and up 10% from Q2 2019

– €1 billion share buyback started April 27, 2021; €223 million completed by end of Q2 2021

– Acquisition of Colombia-based Grupo Orbis announced, expected to be completed by  end of 2021 or early 2022

Q2 2021 (compared with Q2 2020)

– Revenue up 26% and 29% higher in constant currencies, with volumes up 26%, mainly due to strong end market demand. Price/mix up 1%, while acquisitions added 2%

– Operating income up 86% at €384 million (2020: €207 million); OPI margin improved to 15.3% (2020: 10.4%)

– Adjusted operating income up 41% at €335 million (2020: €238 million) excludes €49 million net positive impact from identified items, mainly related to Brazil ICMS and UK pension gains (2020: €31 million negative identified items related to transformation initiatives)

– Net cash from operating activities at €168 million (2020: €308 million)

– Net income from total operations up 102% at €261 million (2020: €129 million)

– EPS from total operations up 106% at €1.40 (2020: €0.68); adjusted EPS from continuing operations up 50% at €1.20 (2020: €0.80)

AkzoNobel CEO, Thierry Vanlancker, commented: “We’re very proud of our teams for delivering another strong quarter, including top line growth, despite the significant raw material headwinds impacting our industry.

“In view of the ongoing raw material inflation, we continue to take firm and necessary actions on pricing initiatives and maintaining our cost discipline, while remaining focused on serving our customers.

“Our People. Planet. Paint. approach to sustainability has again been recognized with the highest possible ESG rating (AAA) from MSCI for the sixth consecutive year, making us the frontrunner in paints and coatings.”