Akzo Nobel suspends 2023 outlook due to macroeconomic headwinds

Dutch paints and coatings shaper Akzo Nobel has suspended its 2023 halfway nett outlook, citing macroeconomic turbulence which is negatively affecting user confidence.

"This resulted successful destocking crossed respective organisation channels successful decorative paints successful Europe and show coatings, portion the marketplace successful China was impacted by the ongoing zero COVID-19 policy," main enforcement Thierry Vanlancker said successful a connection connected Thursday.

The Amsterdam-based group, which makes the Dulux and Flexa paints and supplies to sectors ranging from aerospace to yachts, said respective markets are expected to acquisition disruptions.

Akzo Nobel, which had antecedently forecast to scope net earlier interest, taxes, depreciation and amortisation (EBITDA) of 2 cardinal euros ($1.96 billion) successful 2023, said it would supply further guidance erstwhile it announces full-year results.

The institution posted a third-quarter adjusted operating income excluding the retrospective interaction of hyperinflation accounting astatine 201 cardinal euros, wrong the 195-215 cardinal euros scope it had guided for successful September. Analysts successful a Vara Research canvass had connected mean estimated it to travel successful astatine 195.8 cardinal euros.