PPG Industries Inc. posted adjusted earnings for the fourth quarter of 2019 that fell short of analysts' expectations amid weaker industrial demand, and the paints and coatings maker flagged a heightened level of uncertainty in 2020.
On an adjusted basis, net income from continuing operations rose year over year to $313 million, or $1.31 per share, from $271 million, or $1.15 per share. The S&P Global Market Intelligence consensus normalized EPS estimate was $1.34 for the quarter.
The company's net income from continuing operations came in at $295 million, or $1.23 per share, in the quarter, up from $256 million, or $1.07 per share, in the fourth quarter of 2018.
Net sales inched up 1% year over year, to $3.67 billion, slightly above the S&P Global Market Intelligence consensus estimate. In constant currencies, net sales grew approximately 2% on the strength of higher prices.
PPG expects adjusted EPS from continuing operations of $1.32 to $1.42 in the first quarter. In addition, it anticipates sales growth of 1% to 3% in constant currencies, including recently declared acquisitions.
"Our guidance range is broad, reflecting the heightened level of uncertainty at this particular time," PPG Chairman and CEO Michael McGarry said.
For the year, PPG reported adjusted net income from continuing operations of $1.48 billion, or $6.22 per share, up from $1.45 billion, or $5.92 per share, in 2018.