Akzo Nobel NV on Wednesday said it plans to buyback 300 million euros ($354.7 million) worth of its shares, as it reported a 36% rise in third-quarter net profit on the back of lower costs.
The Dutch paints and coatings company made a net profit for the quarter ended Sept. 30 of EUR220 million, compared with EUR162 million for the same period a year earlier and a consensus of EUR212.3 million, taken from the company's website and based on 14 analysts' forecasts.
Revenue for the quarter fell to EUR2.28 billion from EUR2.4 billion.
Adjusted earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics which strips out exceptional and other one-off items--was EUR439 million compared with EUR387 million and a consensus of EUR426.8 million, taken from the company's website and based on 15 analysts' estimates.
The board has declared a quarterly dividend of 43 Euro cents, compared with 41 cents a share for the third quarter of 2019.
At the end of the first quarter, the company said it had paused key parts of its transformation and suspended its financial targets for 2020 due to the significant disruption caused by the pandemic.
It said Wednesday that Covid-19 related headwinds have continued to ease, although demand trends differ per region and segment.
Akzo plans to complete its new buyback program by the first half of 2021.
Write to Ian Walker at ian.walker@wsj.com
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