PPG Revenue Rises on Better Volume -- Earnings Review
PPG Industries Inc. (PPG) reported quarterly earnings for its fourth quarter and 2017 fiscal year Thursday. Here's what you need to know:
PROFIT: PPG reported net income of $184 million, or 72 cents a share, down from $344 million, or $1.30 a share, a year prior. The company had adjusted earnings of $1.19 a share. Analysts polled by Thomson Reuters had expected $1.18 a share in earnings.
REVENUE: Revenue rose 7.8% to $3.68 billion, above the $3.60 billion analysts had expected.
VOLUMES RISE: PPG said sales volume increased 3%. Favorable foreign-currency rates improved sales by more than 3%, or about $115 million. Acquisitions-related sales added less than 1% to revenue.
TAX HIT: A one-time charge of about $97 million related to the recent tax law hurt earnings per share by 38 cents.
STOCK MOVES: Shares fell 1.2% to $113.10 in premarket trading. Shares have risen 18% in the last 12 months through Wednesday's close.
BALANCED GROWTH: PPG said it saw sales growth in each of its major regions and at least 2% sales volume growth in its two units.
RISING PRICES AND COSTS: Selling prices rose for the third consecutive quarter as the company worked to boost margins, despite higher-than-expected raw material costs in the quarter. The company also said it was impacted by ongoing supply-related issues, including production curtailments due to environmental enforcement in China.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
January 18, 2018 08:40 ET (13:40 GMT)