PPG Industries Inc. named a new chief financial officer Thursday as the paint maker posted improved quarterly profit amid a recently launched restructuring program.
The program aims to trim some $125 million in annual savings, with some $40 million to $50 million coming in 2017. Excluding the costs linked to the new initiative, among other items, quarterly profit beat analysts’ forecast by a penny.
The Pittsburgh-based company said Vincent Morales, who joined PPG in 1985, would replace retiring finance chief Frank Sklarsky effective March 1. Mr. Sklarsky has been in the post since 2013.
“As we begin 2017, we are operating in an uncertain and evolving macroeconomic and regulatory environment,” said Michael H. McGarry, PPG’s chief executive. “We expect improved momentum in overall global economic growth, including gradually improving growth rates in developed regions and continuing but uneven growth in emerging regions.”
He added that the company, which has been expanding internationally, has allocated between $2.5 billion and $3.5 billion for acquisitions and share repurchasing in 2017 and 2018.
Over all for the quarter, PPG reported net income of $344 million, or $1.30 a share, up from $314 million or $1.16 a share a year earlier. Adjusted net income from continuing operations rose to $1.19 a share from $1.16.
Revenue retreated 1.5% to $3.5 billion. Analysts polled by Thomson Reuters had forecast per-share earnings of $1.18 on $3.55 billion in revenue.
Shares of the company rose 0.5% Thursday morning.
By Ezequiel Minaya
Source: MarketWatch
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