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PPG Industries profit misses consensus by 18.6% in Q2

PPG Industries Inc. said its normalized net income for the second quarter was $1.34 per share, compared with the S&P Capital IQ consensus estimate of $1.64 per share.

EPS increased 15.7% year over year from $1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $366.9 million, an increase of 13.5% from $323.4 million in the prior-year period.

The normalized profit margin increased to 8.9% from 7.9% in the year-earlier period.

Total revenue totaled $4.10 billion, compared with $4.08 billion in the year-earlier period, and total operating expenses fell from the prior-year period to $3.48 billion from $3.53 billion.

Reported net income decreased 13.9% on an annual basis to $337.9 million, or $1.23 per share, from $392.3 million, or $1.40 per share.