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PPG Beats Estimates and Posts Earnings Gain

8:44 AM MDT | October 15, 2009 | Nancy Seewald

PPG Industries reported net income of $159 million in the third quarter, an increase of 36% over the same period last year. The 2009 quarter included charges of $2 million, while the 2008 quarter included charges totaling $113 million. Adjusted earnings were 97 cts/share, higher than analysts’ consensus of 89 cts/share, as reported by Thomson Reuters (New York). Sales fell 24%, to $3.2 billion, due to the divestiture of a majority interest stake in the automotive glass and services business, unfavorable currency exchange rates, and volumes down 12%. Selling...

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