PPG Beats Second-Quarter Estimates

PPG Industries reported net income of $146 million (89 cts/share) in the second quarter, down 42% compared with the same period last year. Excluding charges, the earnings were 91 cts/share, well ahead of the consensus of analysts’ estimates of 75 cts/share, as reported by Thomson Reuters (New York). Sales fell 30%, to $3.1 billion. “While sales and earnings were down versus last year, our cash generation was up 25% and our earnings rose considerably in comparison to the previous two quarters,” says Charles Bunch, PPG chairman and CEO...

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