Articles Tagged with ''quarterly reports''

The company showed a solid performance in the second quarter of 2023, despite adverse market conditions.

The results show a solid second quarter despite signs of demand weakness. The second quarter 2023 net sales of $1.6 billion were 14% lower than the prior-year quarter, driven by lower net sales in Titanium Technologies and Advanced Performance Material’s Advanced Materials portfolio.

In a weak economic environment, the company achieved its EBITDA-guidance for the second quarter of 2023 of EUR 330 million to EUR 430 million.

The company had a sales decline by 24.7% to €17.3 billion, and EBIT before special items was down by €1.3 billion to €1.0 billion.

The housing and infrastructure products segment provided earnings stability according to the company's quarterly release. 

The results show consolidated net sales increased 6.3% in the quarter to a record $6.24 billion, and net sales from stores in United States and Canada open more than 12 calendar months increased 9.5% in the quarter, among other key takeaways. 

The company’s second quarter results deliver on expectations with resilient volumes, profits up, and a strong free cash flow.

"Overall, we have recorded significant improvement in margins, both sequentially as well as on year‐on‐year basis, aided by strong efforts on driving operational, formulation and sourcing efficiencies and supported by easing inflation in raw material prices,” said Amit Syngle, Managing Director & CEO of Asian Paints Limited.

Results show that the second quarter was only slightly better than the first as a result of an economic environment that remains difficult.