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UPDATE 1-PPG Industries profit jumps on emerging regions
October 21, 2010 / 12:31 PM / 7 years ago

UPDATE 1-PPG Industries profit jumps on emerging regions

* Adj Q4 EPS $1.59 vs. Street forecast $1.46

* Revenue up 7.3 pct to $3.46 bln

NEW YORK, Oct 21 (Reuters) - Paint, glass and chemicals maker PPG Industries Inc (PPG.N) posted a better-than-expected third-quarter profit on Thursday due to strong emerging market sales.

PPG earned $262 million, or $1.58 per share, compared with $159 million, or 96 cents per share, in the year-earlier period.

Excluding charges related to an asbestos litigation settlement, the company earned $1.59 per share for the period.

By that measure, analysts had expected earnings of $1.46 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 7.3 percent to $3.46 billion. Analysts expected $3.41 billion.

Volumes across the world rose 6 percent, though PPG said results from emerging economies provided much of the lift in spite of “anemic construction markets in the developed economies of the world.”

“While we anticipate continued gradual recovery in economic conditions, the fourth quarter is traditionally a slower sales quarter for most of our businesses due to seasonality,” Chief Executive Officer Charles Bunch said in a statement. (Reporting by Ernest Scheyder, editing by Gerald E. McCormick)

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