AkzoNobel hits forecasts, maintains 2015 targets

AkzoNobel, the Dutch paint and coatings company, said on Tuesday its third quarter core earnings rose 7 percent to 487 million euros ($624 million), hitting market expectations, and maintained its 2015 targets.

AkzoNobel's third quarter quarterly earnings before interest, tax depreciation and amortization (EBITDA), rose to 487 million euros on 2 percent lower sales of 3.69 billion euros.

Analysts in a poll commissioned by Reuters had forecast EBITDA of 489 million euros on sales of 3.76 billion euros.

By 2015 AkzoNobel wants to reach a 9 percent return on sales, 14 percent return on invested capital and a ratio of net debt to EBITDA of less than 2.

"AkzoNobel is on track to deliver on its 2015 targets despite the continued fragile economic environment," the company said in a statement.

Akzo Nobel is one of the world's largest makers of automotive and industrial coatings, decorative paint and speciality chemicals with 50,000 employees.