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PPG announces stock split, releases earnings report
Daniel Walmer//April 21, 2015//
Listen to this articlePittsburgh-based PPG Industries is a global supplier of paints, coatings, glass and other materials. It operates a South Middleton Township glass plant producing products for the solar, residential and commercial construction markets.
Dividends will be payable to shareholders on June 12, and PPG stock will begin trading on a split-adjusted basis on June 15, the company said in a news release. The stock was trading at about $225 per share Friday morning.
The company also released an earnings report that beat analyst estimates but featured minimal sales growth.
PPG reported a first-quarter adjusted net income of $327 million, an increase of $48 million from the first quarter of 2014.
Total net sales were $3.7 billion, an increase of 1 percent over the first quarter of 2014, the company said.
Adjusted earnings per diluted share were $2.37, exceeding analyst estimates by 3 cents.
The company also announced a business restructuring plan related to recent acquisitions to “further right-size employee headcount and production capacity,” which is expected to save at least $100 million by 2017. In November 2014, the company acquired Mexico City-based Consorcio Comex, which had about $1 billion in annual sales in 2013.
PPG Industries trades on the New York Stock Exchange under the ticker symbol PPG.
