PPG Industries reports record 4Q profit
PPG Industries Inc. reported a record fourth-quarter profit of $227 million because of strong earnings from its coatings, optical and special materials segments.
Results were 5.1 percent higher than net income of $216 million a year ago, despite weaker earnings from the Pittsburgh company's glass segment, and equaled $1.46 a share, compared with $1.39 a year earlier.
Shares of PPG closd yesterday at $141.03, down $1.07.
Sales in the October-December quarter increased 3.7 percent to $3.65 billion from less than $3.52 billion a year before.
Separately, PPG said it is in talks with Essilor International to restructure their joint venture, Transitions Optical, which makes photochromic lenses for optical manufacturers worldwide. PPG owns a controlling interest in the venture.
PPG said the talks could result in either a sale of its interests in the joint venture to Essilor, Essilor selling its interest to PPG or a shift in the stakes between the companies. No timetable was given.
“Our record fourth-quarter results capped off an exceptional year for the company, driven by excellent operating performance and several significant strategic actions that have accelerated the pace of our portfolio transformation,” said CEO Charles Bunch in a statement.
PPG anticipates economic trends will vary by region in 2013, said Bunch, with growth continuing in North America and improving in Asia. But he foresees “subdued activity levels in Europe,” he said.
The results included an $11 million after-tax charge to account for separating its commodity chemicals business and merger with Georgia Gulf Corp. The company said the January-March quarter will include additional unspecified charges.
For 2012, PPG earned $941 million, a 14 percent decrease from $1.1 billion a year earlier. Annual sales rose 2.1 percent to $15.2 billion from about $14.9 billion.
Thomas Olson is a staff writer for Trib Total Media. He can be reached a 412-320-7854 or at firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Stocks shake off Middle East tensions, drop in consumer confidence
- Powder metals fabricator Atlas Pressed Metals diversifies appeal to customers
- Existing-home sales fall 3.4% in October
- Collectors willing to overpay for silver, value ‘all in the eye of the beholder’
- Not all in support of UAW contracts
- ‘Word people’ could start careers as court reporters, medical scribes
- Kmart brings back the Bluelight Special
- U.S. Steel to cut 3 HMOs for retirees; premiums could soar if deal not struck
- Pfizer acquires Allergan in $160B deal
- Hedge fund Elliott Management grabs 6.4 percent stake in Alcoa
- Stock markets finish with minor losses