Q3 Results

JOTUN:

Boosted by growth in all segments, Jotun Group has announced strong tertiary and year-to-date numbers. Total net sales in the first eight months of 2012 were NOK7686M (US$1355M) for the paints and coatings company, while earnings before interest, tax and amortisation (EBITA) were NOK888M (US$156.6M) in the period. The sales growth is mainly driven by the strong performance of decorative paints and protective coatings in Scandinavia, the Middle East and South East Asia.

CYTEC:

Cytec Industries announced net earnings for Q3 of US$53.3M or US$1.13/diluted share on net sales from continuing operations of US$455.4M. Shane Fleming, Chairman, President and Chief Executive Officer commented: "I am pleased to report another good quarter, with sales in our continuing operations up 25%, primarily as a result of our Umeco acquisition. Net of the acquisition, sales increased 7% with volume growth of 5%. Engineered materials sales increased 12% with the majority of the increase due to volume growth across most of our aerospace end markets.”

AKZONOBEL:

AkzoNobel reported revenue up 6% to €4.28bn, mainly driven by currencies and pricing actions. Volumes declined 3%, primarily due to economic slowdown in Europe. EBITDA up 7% at €540M (€507M yr-on-yr).
Impairment of €2.5bn in Decorative Paints, resulting in a net loss of €2.4bn. Adjusted EPS €1.01 (2011: €0.91). An interim dividend of €0.33/share was declared.

The company has undertaken a prudent review, excluding restructuring benefits, of the balance sheet, taking into account lower expected market growth rates. This has resulted in a non-cash impairment charge against the Decorative Paints businesses’ assets, primarily in Europe. Decorative Paints generated revenue of €1.46bn and Performance Coatings, revenue increased 13% to €1.47bn, driven by acquisitions in Industrial Coatings and strong demand in Protective Coatings.