PPG fourth-quarter earnings up by 45 percent

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PPG Industries said fourth-quarter earnings per share jumped by 45 percent over a year ago as the paints, glass and specialty chemicals maker benefited from increased revenues from acquisitions and stronger demand for its automotive and aerospace coatings.

Sales rose by 14 percent to $3.7 billion.

Net income was $254 million, or $1.78 per share, up from $191 million, or $1.23 per share in the fourth quarter of 2012.

Excluding acquisition-related costs of $4 million, adjusted net income rose to $258 million, or $1.81 per share, beating analysts’ average estimates of $1.73 per share.

Charles Bunch, chairman and chief executive, said the Downtown-based company is ahead of schedule on achieving cost savings related to its $1.05-billion acquisition in April of the North American architectural coatings business of Dutch paints maker AkzoNobel which makes Glidden and other brands.

PPG expects to receive $1.5 billion in after-tax proceeds from the pending sale of its stake in the Transitions Optical venture, he said.

Mr. Bunch was scheduled to discuss the results this afternoon in a conference call with securities analysts.

In a statement this morning, he said the fourth-quarter performance, “caps off one of the most successful years in the company’s history, both financially and strategically.”

Joyce Gannon: jgannon@post-gazette.com or 412-263-1580.


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