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PPG Industries profit misses consensus by 17.4% in Q1

PPG Industries Inc. said its first-quarter normalized net income came to 96 cents per share, compared with the S&P Capital IQ consensus estimate of $1.17 per share.

EPS increased 38.8% year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $265.6 million, an increase of 36.0% from $195.4 million in the year-earlier period.

The normalized profit margin increased to 7.3% from 5.4% in the year-earlier period.

Total revenue totaled $3.66 billion, compared with $3.64 billion in the prior-year period, and total operating expenses came to $3.22 billion, compared with $3.23 billion in the year-earlier period.

Reported net income rose 31.5% on an annual basis to $321.1 million, or $1.17 per share, from $244.1 million, or 87 cents per share.