PPG Industries said third-quarter sales jumped 17 percent to $4 billion as an improving economy boosted demand for its coatings and other products.
Profit fell by 33 percent to $226 million, or $1.56 per share, and included costs related to environmental remediation at a former PPG plant in Jersey City, N.J., restructuring charges, and costs related to the April acquisition of the North American operations of Dutch-based paints maker AkzoNobel.
Excluding the one-time charges, adjusted profit from continuing operations was $353 million, or $2.44 per share, beating analysts' estimates of $2.34 per share.
Chairman Charles Bunch said in a statement the company has repurchased about $325 million of its shares through the first nine months of the year and has increased its target for full-year repurchase to close to $750 million.
Mr. Bunch was scheduled to discuss the third-quarter results with securities analysts in a conference call this afternoon.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580. First Published October 17, 2013 6:07 AM