February 12, 2020 / 6:21 AM / 12 days ago

Akzo Nobel reports worse than expected 4Q earnings; carmaker demand weak

AMSTERDAM, Feb 12 (Reuters) - Akzo Nobel, the Dutch maker of paints and industrial coatings which owns the Flexa and Dulux brands, reported fourth quarter earnings on Wednesday that were lower than expected, as sales dipped amid weak demand from carmakers.

Earnings before interest, taxes, depreciation and amortization of goodwill (EBITDA) stood at 312 million euros ($340 million) for the three months ended Dec. 31, compared to 240 million euros in the corresponding period a year ago. Sales fell 3% to 2.24 billion euros.

Analysts polled by Refinitiv had on average forecast EBITDA of 324 million euros on sales of 2.34 billion euros. ($1=0.9167 euros) (Reporting by Toby Sterling; Editing by Clarence Fernandez)

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