Protective and decorative coatings company PPG Industries Inc. (PPG) Thursday reported a surge in profit for the first quarter, helped by a large nonrecurring gain from commodity chemicals business separation.
Net income attributable to the company surged to $2.410 billion from last year's $13 million. Earnings per share increased to $16.31 from $0.08.
Adjusted earnings were $16.41 per share compared to $1.81 per share last year.
On average, 17 analysts polled by Thomson Reuters expected earnings of $1.54 per share for the quarter. Analysts' estimates typically exclude special items.
Income from continuing operations was $219 million or $1.48 per share compared to a loss of $50 million or $0.32 per share last year.
Adjusted earnings per share from continuing operations was $1.58, while it stood at $1.41 last year.
Net sales were $3.331 billion compared to $3.333 billion last year. Analysts expected revenues of $3.44 billion.
Charles Bunch, PPG chairman and CEO, said, ''During the quarter, we delivered strong performance in our coatings portfolio, as we grew aggregate coatings segment earnings by 13 percent versus last year's record level."
Sales and earnings fell in the Optical and Specialty Materials segment on weaker consumer demand in the U.S., which was partly offset by volume growth from a strong new product introduction in Europe in February. Glass segment earnings declined from the prior year on weaker fiber glass results.
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