PPG Industries Inc. on Thursday reported a first-quarter profit of $322 million. Its adjusted profit topped analysts' estimates while revenue fell short of Wall Street expectations.
The Pittsburgh company also approved a 2-for-1 stock split and raised its quarterly dividend.
PPG Industries said it earned $2.34 per share. Earnings, adjusted for one-time gains and costs, came to $2.37 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.33 per share.
The paint and coatings maker posted revenue of $3.66 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $3.78 billion.
PPG Industries said that the stock split is for shareholders of record on May 11.
The company boosted its quarterly dividend to 72 cents per share from 67 cents per share. The dividend is payable June 12 to shareholders of record on May 11.
Its stock will start trading on a split-adjusted basis on June 15.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PPG at http://www.zacks.com/ap/PPG
Keywords: PPG Industries, Earnings Report