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PPG's adjusted earnings miss estimates

PPG Industries Inc. posted net income from continuing operations of $368 million, or $1.51 per share, in the third quarter, compared with the restated $393 million, or $1.52 per share, a year ago.

Adjusted EPS came in at $1.45 in the three months to September, compared with $1.52 a year ago. The decline was in line with the company's profit warning last week.

The third-quarter S&P Global Market Intelligence consensus estimate for normalized EPS was $1.46.

Net sales inched up 1% year over year to $3.82 billion from $3.78 billion. In constant currencies, net sales grew more than 3% on the strength of higher prices.

Share repurchases totaled $250 million in the third quarter.

"As we look ahead, we expect normal business seasonality in the fourth quarter and anticipate overall global economic growth will remain positive," said Michael McGarry, PPG chairman and CEO. "We experienced increasing industrial production volatility and inconsistency in emerging region growth rates as the third quarter progressed, and we expect that to continue."

The specialty chemicals company maintained its fourth-quarter EPS guidance of $1.03 to $1.13.

Separately, PPG said it agreed to acquire SEM Products Inc. for an undisclosed amount.

SEM manufactures repair and refinishing products used for automotive and other transportation applications.

The transaction is expected to close in the fourth quarter, subject to customary closing conditions.