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
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
