Chemical product manufacturer, PPG Industries, Inc.(PPG) reported increased Q4 profits, matching analysts expectations on Monday.
The Pittsburgh, PA based company reported fourth quarter earnings of $227 million, or $1.46 per share, up 5% from last years earnings of $216 million, or $1.39 per share. Excluding special items, PPG’s profit came in at $238 million, or $1.53 per share. Analysts expected to see EPS of $1.53.
Reported revenue came in at $3.65 billion, up 3.5% from $3.52 billion last year, and beating analysts estimate of $3.59 billion.
For the FY2012, the company reported earnings of $7.94 per share with revenue of $15.2 billion. PPG reported that every major global region saw an upside in their earnings in 2012. The company saw a 30% increase in coatings for the quarter, and a 20% increase for the year.
CEO and chairman Charles E. Bunch commented, “Our record fourth quarter results capped off an exceptional year for the company, driven by excellent operating performance and several significant strategic actions that have accelerated the pace of our portfolio transformation. During the quarter, as we did during the first nine months, we grew our sales and earnings despite moderate overall economic conditions that varied by region and end-use market, and continued negative impacts from currency translation.”
PPG Industries shares were mostly flat during premarket trading Monday. The stock has increased 62% in the past year.
The Bottom Line
Shares of PPG Industries (PPG) have a 1.66% dividend yield, based on Friday’s closing stock price of $142.10. The stock has technical support in the $135-$138 price area. The shares are trading near all-time highs.
PPG Industries, Inc.(PPG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.