By Dow Jones Business News, October 17, 2013, 08:49:00 AM EDT
By Tess Stynes
PPG Industries Inc.'s ( PPG ) third-quarter earnings fell 33%, despite broad revenue growth, as the paint and coatings
maker's bottom line was hit by restructuring-related charges and other items.
The company--which also makes coatings for the auto, aircraft and other markets--in recent years has been realigning
its businesses to focus more on paint and other coatings from glass and chemicals. PPG also is restructuring some of its
operations as it integrates its recently completed acquisition of Amsterdam-based Akzo Nobel NV's (AKZOY, AKZA.AE) North
American house paint business. Additionally, the company is revamping some operations in markets where conditions have
been challenging, such as Europe.
PPG Industries reported a profit of $226 million, or $1.56 a share, down from $339 million, or $2.18 a share, a year
earlier. Excluding restructuring charges and other items, adjusted earnings were $2.44. Revenue jumped 17% to $3.98
Analysts polled by Thomson Reuters recently expected per-share earnings of $2.34 and revenue of $3.96 billion.
Shares were up 1.7% at $169 in recent premarket trading. Through the close, the stock is up 23% this year.
Write to Tess Stynes at firstname.lastname@example.org
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