PPG Industries: 4Q Earnings Snapshot
PITTSBURGH (AP) _ PPG Industries Inc. (PPG) on Thursday reported fourth-quarter net income of $258 million.
The Pittsburgh-based company said it had profit of $1.08 per share. Earnings, adjusted for one-time gains and costs, were $1.15 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
The paint and coatings maker posted revenue of $3.65 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $3.66 billion.
For the year, the company reported profit of $1.34 billion, or $5.47 per share. Revenue was reported as $15.37 billion.
For the current quarter ending in April, PPG Industries expects its per-share earnings to range from $1.18 to $1.23. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.37.
PPG Industries shares have risen slightly since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 4 percent. The stock has fallen 12 percent in the last 12 months.