PPG, M&T Bank and Johnson Controls report earnings
Three companies with Central Pennsylvania operations reported quarterly earnings today.
Johnson Controls Inc.
Milwaukee-based Johnson Controls Inc., which has operations in York County, reported net income of $238 million, and 84 cents earnings per diluted share, in its fiscal third quarter, which ended June 30.
That was up from 72 cents per diluted share in the same quarter a year ago. Quarterly revenues were $10.8 billion versus $10.5 billion one year ago.
The quarterly results included $162 million in restructuring charges related to the automotive interiors business and $140 million in losses from divested businesses and other transaction-related costs, the company said.
Johnson Controls is a global company creating products and services for the energy and operational efficiencies of buildings, batteries for vehicles and interior systems for automobiles.
The company is building a new campus in southern York County estimated at more than $150 million.
PPG Industries reported record net sales of $4.1 billion, compared to $3.9 billion in the year-ago period. Net income was $393 million, or $2.80 per diluted share, up from $318 million, or $2.19 per share, in the same quarter a year ago, according to a news release from the company.
Adjusted net income from continuing operations was $398 million, or a 24 percent increase over a year ago.
"We achieved these record results due to our global reach as most major regional economies continue to expand," Charles E. Bunch, PPG chairman and CEO, said in a conference call.
PPG set an all-time quarterly record with $2.83 per share in adjusted earnings, a 24 percent increase from $2.45 in the year-ago quarter.
The company also announced the promotion of Michael McGarry, current executive vice president, to chief operating officer, effective Aug. 1.
M&T Bank Corp.
M&T Bank Corp. saw its earnings tumble 22 percent in the quarter.
Buffalo, N.Y.-based M&T announced earnings per common share of $1.98, down from $2.55 in the same quarter last year. It reported total net income of $284 million, compared to $348 million in the year-ago quarter.
M&T noted it recognized a gain of 38 cents per share from one-time items in the quarter last year. Excluding those items, its earnings per share fell by 9 percent.
In an announcement, the bank said its expenses increased 14 percent, or $82 million, to stand at $681 million. The biggest increase in expenses came from "costs of operations," excluding salaries and benefits, rising by nearly $70 million, or 41 percent.
"M&T's credit quality measures were strong during the quarter. While operating expense levels continue to be elevated, significant progress has been made on several key initiatives," said Vice Chairman and CFO Rene F. Jones.
M&T Bank Corp. is the bank holding company for M&T Bank, which has almost 50 branches in Cumberland, Dauphin, Lancaster, Lebanon and York counties. M&T trades on the NYSE under the ticker symbol MTB.