Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Article excerpt

FNB first-quarter profits skid

Pittsburgh-based FNB Corp. saw first-quarter profits skid 13 percent, to $20.97 million from $24.12 million a year earlier, reflecting costs associated with the acquisition of North Carolina-based Yadkin Bank. On a per-share basis, earnings fell 25 percent to 9 cents from 12 cents. The most recent period included 15 cents in merger-related expenses vs. 9 cents in the year-ago quarter. "With our largest and most complex merger completed, we are well-positioned to deliver significant value to our shareholders," CEO Vincent J. Delie Jr. said. The acquisition of Raleigh-based Yadkin, which was completed in March and included 98 branches, expanded FNB's reach into the Carolinas and boosted its assets by about $7.5 billion to just over $30 billion. Revenue for the first quarter was $227.87 million, up 22 percent from $186.4 million in the same quarter last year.

Covestro sales, income jump

Covestro said first-quarter net income and sales soared on strong demand for its plastics and foam materials used in construction as well as consumer products such as automobiles, furniture and electronics. The Germany-based company's North American headquarters is in Robinson. Net income rose to 468 million euros ($510 million), up 157 percent from 182 million euros a year ago. Global sales were 3.6 billion euros, up 25 percent from 2.9 billion euros a year ago. In North America, sales rose 13 percent to 883 million euros, driven by growth in the furniture and mattress industries.

Specialty metals maker posts first-quarter profit

Allegheny Technologies reported a first-quarter profit as the specialty metals producer's growing commercial aerospace business and cost-cutting and efficiency initiatives reversed a loss in the year-ago quarter. The Pittsburgh specialty steel and titanium producer said it earned $17.5 million, or 16 cents per share, vs. a loss of $101.2 million, or 94 cents per share, a year ago. Sales rose 14 percent to $865.9 million. Analysts had forecast the company would report earnings of 13 cents per share on sales of $857 million.

Akzo mulling PPG offer

AkzoNobel chairman Antony Burgmans told shareholders Tuesday that the Dutch paints company was not ready to respond to PPG's latest bid to buy the company for nearly $29 billion. Speaking at Akzo's annual meeting in Amsterdam, Mr. Burgmans said he could not elaborate on what company officials think of the bid, which was the third unsolicited offer PPG has made. Akzo said it rejected a request from shareholders, led by activist hedge fund Elliott Management, to hold a special meeting to discuss ousting Mr. Burgmans. PPG has said it may launch a hostile takeover of Akzo by June 1 if the company won't negotiate a deal.

Kennametal profits double

Kennametal said fiscal third-quarter profits doubled on a 6 percent increase in sales. …

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