Pricing in line with raw material inflation.
Akzo Nobel N.V. (AKZA; AKZOY) revenue was €2,525 million ($2,737 million) up 12% in the first quarter of 2022 compared to last year and 10% higher in constant currencies, driven by strong pricing, up 17%.
Pricing initiatives more than offset the increase of raw material and other variable costs (including freight), which combined increased €334 million compared with Q1 2021. Volumes were 7% lower than last year.
“We continued to make good progress, with strong revenue growth in both paints and coatings in the first quarter. Through our vigorous pricing initiatives, we are in line with the unprecedented variable cost inflation that impacted our industry during the quarter,” said AkzoNobel CEO, Thierry Vanlancker. “I’m very proud of our organization, and our first quarter results are proof of the ongoing hard work and commitment of all our employees.
Automotive and Specialty Coatings revenue was €340 million ($368.6 million), also up 12% compared to last year and 10% in constant currencies. According to the company vehicle refinish and aerospace continued to show strong recovery while automotive is still impacted by supply constraints.
