PPG net drops but company beats view; shares rise
October 17, 2008
PPG said net income was $117 million, or 70 cents a share, compared with $191 million, or $1.15 a share, for the same period a year ago. Sales for the glass and paint supplier were $4.2 billion vs. last year's $3.1 billion, according to an Oct. 16 Market Watch report.
PPG's earnings were adversely affected by a number of unusual items, without which earnings would have been $227 million, or $1.37 a share. PPG was expected to report earnings of $1.27 a share on sales of $4 billion.
PPG shares closed up 14.8 percent at $51.09.