PPG earnings rise 9% on auto strength, price increases

PPG’s third-quarter net income was up 9% year-on-year (YOY), to $339 million, on strong automotive coatings volumes and price increases. Sales were flat, at $3.85 billion. Adjusted earnings, excluding a $9-illion tax charge related to the Georgia Gulf commodity chemicals deal, totaled $348 million, or $2.24/share. Adjusted earnings beat analysts’ consensus of $2.20/share, as reported by Thomson Reuters (New York). “North American sales activity remained strongest, highlighted by excellent automotive OEM (original equipment manufacturer) and...

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