PPG Industries Inc. said second-quarter net income rose 11%, but missed analysts“ expectations as higher energy prices cut into profits.
The glass products maker reported second-quarter net income o…
PPG Industries Inc. said second-quarter net income rose 11%, but missed analysts“ expectations as higher energy prices cut into profits. The glass products maker reported second-quarter net income of US$ 205 million, or US$ 1.17 a share, on record sales of US$ 2.21 billion. Last year, net income for the quarter was US$ 184 million, or US$ 1.05 a share, on sales of US$ 1.95 billion. The consensus estimate from First Call/Thomson Financial had forecast earnings of US$ 1.19 per share. The company also said it expected to take a charge of two to three cents a share on the formation of a an auto-replacement glass venture which it expected to recover in in 2001. PPG said record coatings segment sales and earnings in the second quarter were driven by acquisitions and volume improvements for automotive original and industrial coatings.