PPG’s Income Falls, but Beats Estimates

PPG Industries reported third-quarter net income of $117 million (70 cts/share), down 39% from the year-ago period. Excluding restructuring and other charges, earnings were $1.37/share, beating analysts’ consensus of $1.28/share as reported by First Call (Boston). Sales rose 37%, to $4.2 billion. The effects of Hurricanes Gustav and Ike took a toll on third-quarter results, although their impact was less severe than the company anticipated. A strike at Boeing, a large PPG customer, and a slowdown in the automotive OEM industry, also dampened third-quarter...

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