PPG Industries said a strong market for automotive and aerospace coatings and the early stages of an economic recovery in Europe helped boost its first-quarter sales to $3.6 billion, up 17 percent from a year ago.
Adjusted net income from continuing operations -- not including $2 million in costs related to acquisitions -- was $279 million, or $1.98 per share, beating analysts’ average estimate of $1.89 per share.
Net income was $277 million, or $1.97 per share, up from $191 million, or $1.29 per share in the first quarter of 2013.
PPG reported a net gain of $946 million on the March sale of its 51 percent stake in the Transitions Optical joint venture and its sun lenses business.
PPG Chairman Charles Bunch was scheduled to discuss the results today in a conference call with securities analysts following PPG’s annual meeting for shareholders to be held Downtown.
Also this morning, PPG's board of directors authorized the repurchase of $2 billion worth of outstanding common share effective immediately. The board also approved a 6-cents-per-share increase in the company's quarterly dividend that would raise it to 67 cents.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580. First Published April 17, 2014 9:28 AM