PPG Industries Names New Finance Chief, Posts Higher Profit
January 19 2017 - 11:20AM
Dow Jones News
By Ezequiel Minaya
PPG Industries Inc. named a new chief financial officer Thursday
as the paint maker posted improved quarterly profit amid a recently
launched restructuring program.
The program aims to trim some $125 million in annual savings,
with some $40 million to $50 million coming in 2017. Excluding the
costs linked to the new initiative, among other items, quarterly
profit beat analysts' forecast by a penny.
The Pittsburgh-based company said Vincent Morales, who joined
PPG in 1985, would replace retiring finance chief Frank Sklarsky
effective March 1. Mr. Sklarsky has been in the post since
2013.
"As we begin 2017, we are operating in an uncertain and evolving
macroeconomic and regulatory environment," said Michael H. McGarry,
PPG's chief executive. "We expect improved momentum in overall
global economic growth, including gradually improving growth rates
in developed regions and continuing but uneven growth in emerging
regions."
He added that the company, which has been expanding
internationally, has allocated between $2.5 billion and $3.5
billion for acquisitions and share repurchasing in 2017 and
2018.
Over all for the quarter, PPG reported net income of $344
million, or $1.30 a share, up from $314 million or $1.16 a share a
year earlier. Adjusted net income from continuing operations rose
to $1.19 a share from $1.16.
Revenue retreated 1.5% to $3.5 billion. Analysts polled by
Thomson Reuters had forecast per-share earnings of $1.18 on $3.55
billion in revenue.
Shares of the company rose 0.5% Thursday morning.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
January 19, 2017 11:05 ET (16:05 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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