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PPG Industries profit misses consensus by 15.4% in Q1

PPG Industries Inc. said its first-quarter normalized net income came to $1.11 per share, compared with the S&P Capital IQ consensus estimate of $1.32 per share.

EPS rose 10.0% year over year from $1.01.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $288.8 million, an increase of 6.0% from $272.4 million in the year-earlier period.

The normalized profit margin increased to 8.1% from 8.0% in the year-earlier period.

Total revenue increased year over year to $3.57 billion from $3.41 billion, and total operating expenses rose 5.2% on an annual basis to $3.09 billion from $2.94 billion.

Reported net income grew on an annual basis to $334.8 million, or $1.29 per share, from $328.5 million, or $1.22 per share.