PITTSBURGH (AP) – PPG Industries Inc. (PPG) on Thursday reported net earnings of $ 272 million for the fourth quarter.
The Pittsburgh-based company said it had earnings of $ 1.14 per share. Earnings adjusted for impairment and restructuring charges were $ 1.59 per share.
The results exceeded Wall Street’s expectations. The average estimate by seven analysts surveyed by Zacks Investment Research was earnings of $ 1.57 per share.
The paint and coating maker had sales of $ 3.76 billion in the reporting period, also beating Street’s forecasts. Four analysts surveyed by Zacks expected $ 3.56 billion.
For the year, the company reported earnings of $ 1.06 billion, or $ 4.45 per share. The turnover was given with 13.83 billion US dollars.
For the current quarter ending April, PPG Industries expects earnings per share to be between $ 1.55 and $ 1.61.
PPG Industries stocks are down slightly since the start of the year, while the Standard & Poor’s 500 Index is up nearly 3%. In the last few minutes of trading on Thursday, shares hit $ 143.53, up 14% over the past 12 months.
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