PITTSBURGH (AP) – Dick’s Sporting Goods said Tuesday its net income rose 13 percent in the first quarter as revenue edged up and some expenses declined.
Revenue was shy of analysts’ estimates, and a key revenue metric slipped in the quarter. Shares fell in premarket trading.
The sporting goods retailer, based in Findlay Township, earned $64.8 million, or 52 cents per share, for the period ended May 4, up from $57.2 million, or 45 cents per share, a year ago.
PPG Industries closes on Deft deal
PITTSBURGH (AP) – PPG Industries Inc., which makes paints and coatings for autos, aircraft and other industries, has completed its acquisition of specialty coatings company Deft Inc.
Financial terms were not disclosed.
PPG, based in Pittsburgh, said Monday the buyout of privately held Deft will bolster the coatings capabilities of its aerospace business.
Deft products include structural primers and military topcoats for the North American aviation industry. It also makes coatings used in the architectural and general industrial markets.
Last month, PPG reported that its first-quarter net income soared, mainly the result of a large gain related to the sale of its $2.5 billion commodity chemicals business.
Shares of the company fell $1.96 to $156.88 in Monday morning trading. That is still near the high end of its 52-week range of $96.74 to $158.89, reached last Friday.
Hershey launching candy bar in China
HERSHEY (AP) – Hershey Co. says it’s launching a new “milk candy” bar in three Chinese cities next month, followed by a wider distribution next year.
The central Pennsylvania-based company said this will be the first new brand it’s launched outside the United States in its nearly 120-year history. The new candy will be called “Lancaster” and be introduced in Wuhan, Hangzhou and Chengdu in June.
Company officials said it was created in the company’s innovation labs and did very well in consumer testing.
Hershey said China is a priority market and will play a big role in the company’s goal of reaching $10 billion in worldwide net sales by 2017.
ESPN mum on number of jobs it’s cutting
NEW YORK (AP) – ESPN says that it is cutting its workforce.
The sports media giant said in a statement Tuesday: “We are implementing changes across the company to enhance our continued growth while smartly managing costs.” The company would not say how many jobs are being eliminated, but they include unfilled positions.
ESPN has about 7,000 employees worldwide, with about 4,000 at its headquarters in Bristol, Conn. The vast majority work behind the scenes.
This is the latest in a series of recent job cuts at several Disney divisions. ESPN specifically has seen costs increase with skyrocketing prices for the broadcasting rights to live sports.
Dick’s net income, revenue increase