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PPG’s Income Slides on Acquisition Costs
10:47 AM MDT | April 17, 2008 | Nancy Seewald
PPG Industries reported first-quarter net income from continuing operations of $87 million, a 50% decline from the year-ago period. First-quarter earnings included a non-recurring charge of $89 million related to its acquisition of SigmaKalon Group earlier this year. Adjusted net income from continuing operations was $176 million ($1.07/share), slightly below analysts’ consensus of $1.09/share, as reported by First Call (Boston). Earnings from discontinued operations were $13 million, down 27% compared to the first quarter of 2007. First-quarter revenues...
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