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PPG Industries profit misses consensus by 18.9% in Q3

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PPG Industries profit misses consensus by 18.9% in Q3

PPG Industries Inc. said its third-quarter normalized net income amounted to $1.24 per share, compared with the S&P Capital IQ consensus estimate of $1.53 per share.

EPS decreased year over year from $1.25.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $319.6 million, a decline from $333.8 million in the year-earlier period.

The normalized profit margin dropped to 8.5% from 9.1% in the year-earlier period.

Total revenue rose year over year to $3.78 billion from $3.66 billion, and total operating expenses climbed year over year to $3.24 billion from $3.10 billion.

Reported net income totaled $392.5 million, or $1.52 per share, compared with a loss of $210.4 million, or a loss of 79 cents per share, in the prior-year period.