Acquisitions bolster PPG Industries 4Q net income

PPG 4th-quarter net income rises as Azko Nobel business purchase and other deals lift sales

Associated Press

NEW YORK (AP) -- NEWS: Paint and coatings maker PPG said Thursday that its net income increased 12 percent in the fourth quarter as acquisitions boosted its sales.

DETAILS: PPG Industries Inc. makes paints and coatings for autos, aircraft and other industries. The company said revenue from performance coating rose because of recent acquisitions and sales volumes improved in its industrial coatings business. In April PPG bought Akzo Nobel NV's North American architectural coatings unit for $1.05 billion.

NUMBERS: The Pittsburgh company said its net income rose to $254 million, or $1.78 per share, from $227 million, or $1.46 per share. Excluding one-time acquisition costs PPG said it earned $1.81 per share. Revenue rose 14 percent, to $3.7 billion from $3.24 billion.

FactSet says analysts expected earnings of $1.73 per share on revenue of $3.72 billion.

FUTURE: PPG said it expects $75 million and $90 million in savings in 2014 from an acquisition and a restructuring of its business.

STOCK: Shares of PPG slipped $1.27 to $189.43 in morning trading Thursday.

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