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PPG Industries profit misses consensus by 17.7% in Q3

PPG Industries Inc. said its normalized net income for the third quarter was $1.31 per share, compared with the S&P Capital IQ consensus estimate of $1.60 per share.

EPS rose 56.1% year over year from 84 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $359.0 million, an increase of 52.6% from $235.3 million in the prior-year period.

The normalized profit margin increased to 9.2% from 6.0% in the year-earlier period.

Total revenue decreased on an annual basis to $3.87 billion from $3.94 billion, and total operating expenses fell from the prior-year period to $3.28 billion from $3.41 billion.

Reported net income rose 15.1% from the prior-year period to $434.2 million, or $1.59 per share, from $377.2 million, or $1.35 per share.