PPG Industries Profit Tops on Aerospace and Automotive Coatings

PPG Industries on Thursday reported third quarter earnings of $371 million. On a per-share basis, the Pittsburgh-based company said it had net income of $2.66. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to $2.82 per share. The results topped expectations by seven cents and were driven by gains in aerospace, and automotive coatings and refinish. The paint and coatings maker posted revenue of $3.94 billion in the period, which fell short of forecasts. PPG Industries shares have dropped 5% since the beginning of the year, while the S&P 500 index has added about 1%.