Early Earnings Are Mixed; Weak End Markets to Drag Down Profits

PPG Industries reported first-quarter net income down about 4%, to $199 million ($1.20/share), excluding a $5-million charge (3 cts/share) related to an asbestos settlement, on sales up 11%, to $2.9 billion. Earnings include a 10-cts/share tax benefit. The consensus of analysts’ estimates as reported by First Call (Boston) was for $1.08/share, excluding the charge and tax benefit. Year-ago results exclude charges of $23 million for an asbestos settlement and restructuring. “Our global presence has and will continue to help us benefit from worldwide economic...

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