By Micah Maidenberg
Paint maker PPG Industries Inc. said weaker demand from industrial customers weighed on results in the fourth quarter and warned of uncertain conditions for 2020.
The company, which supplies automobile makers, aerospace companies and other manufacturers, has grappled with slowing growth in key sectors. That challenge carried through to the end of last year.
"We delivered this strong performance in spite of weakening global manufacturing activity that impacted many of our industrial end-use markets," PPG Chief Executive Michael McGarry said in a statement.
PPG said it generated sales of $3.67 billion in the fourth quarter, in line with expectations from analysts and up 0.7% from the year earlier.
The company reported a profit of $292 million, or $1.22 a share, for the fourth quarter, compared with $258 million, or $1.08 a share, a year earlier. Its adjusted profit of $1.31 a share was 3 cents lower than forecasts from analysts polled by FactSet.
PPG said sales might rise 1% to 3% this year after adjusting for currency fluctuations. The company also forecast per-share adjusted profit growth of 4% to 9%. The outlook reflects what Mr. McGarry called a heightened level of uncertainty at present.
Shares fell 5.5% in premarket trading.
(END) Dow Jones Newswires
January 16, 2020 08:02 ET (13:02 GMT)
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January 16, 2020 at 08:02PM
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Industrial Paint Maker PPG Warns of Uncertainty in Year Ahead - Morningstar.com
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