Dulux owner Akzo sees core earnings towards low end of forecasts

© Reuters. FILE PHOTO: Dulux paint cans are filled on the production line inside AkzoNobel's new paint factory in Ashington, Britain September 12, 2017. REUTERS/Phil Noble/File photo) has set out a plan to save costs and improve supply chain efficiency, after forecasting yearly core earnings towards the lower end of its previous forecast due to lower than expected volumes.

The company said it would make a 150 million euros investment through 2024-2026 for its cost saving"industrial transformation" plan, aiming for a 250 millions euros benefit by 2027. The Amsterdam-based company said it now targeted around 1.45 billion euros in adjusted earnings before interest, taxes, depreciation and amortisation for 2023, at the lower end of its previous guidance between 1.4 and 1.55 billion.Asked on a press call about the guidance update, CEO Grégoire Poux-Guillaume said the company had seen flat volumes, but had achieved a better performance than its peers."It's a reflection of what we see in our competitors," he said.

"Overall, in line adj EBIT print/adj EPS miss and somewhat weaker 4Q guide than consensus will likely limit the enthusiasm on the stock," J.P. Morgan analysts said in a note.

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