US-based chemicals, glass and plastics manufacturer PPG Industries Inc. reported third-quarter earnings in line with analysts“ estimates, saying record sales in its coatings division overcame weaknes…
US-based chemicals, glass and plastics manufacturer PPG Industries Inc. reported third-quarter earnings in line with analysts“ estimates, saying record sales in its coatings division overcame weakness in its glass and chemicals segments. PPG said net income came to US$ 99 million, or 56 cents a share on a fully diluted basis, compared with US$ 248 million, or US$ 1.39 a diluted share, including a gain, in the year-earlier period. Revenue increased to US$ 1.95 billion from US$ 1.80 billion. However, the latest results included charges of US$ 57 million, or 33 cents a share, from costs from acquisitions and restructuring. Excluding charges, the company would have posted earnings of US$ 156 million, or 89 cents a diluted share. The mean estimate of analysts surveyed by First Call/Thomson Financial was for net income of around 89 cents per share. PPG said its coatings segment reported record quarterly sales of US$ 1.03 billion, compared with US$ 824 million a year ago. It added that the coatings segment was helped by acquisitions and volume gains for automotive and industrial coatings. Glass segment sales were US$ 565 million, compared with US$ 601 million a year ago. Operating profits were also down in the segment. The company said its chemicals segment also reported lower sales and operating income, which PPG attributed to lower chlorine and caustic soda prices.