PPG 2Q earnings down year-over-year but beat Wall Street expectations – Pittsburgh Business Times:

Net income for the paint and coatings makerwas $146 or 89 cents per share, compared with $250 million, or $1.521 per share, in the year-ago quarter. Wall Street analysts on average expected PPG to report earnings of 75 cents per share forthe quarter, accordinhg to Thomson Reuters. “While saled and earnings were down versus last our cash generation was up 25 percenr and our earnings rose considerably in comparison to the previous two CEO Charles Bunch said in apreparesd statement.
“Clearly, we are continuing to experience very challenging conditions in many ofour end-use However, we are encouragex as our total sales durinhg the quarter remained fairly consistent month to month, and were also steadg within each major region. This gives us a degree of confidencw that most marketshave stabilized, albeit at considerably lowere levels than prior years.” Net salesa for the second quarter were $3.123 billion, compared to $4.47 billioh in the second quarter of 2008. In April, the paint and coatingas maker reporteda first-quarter loss of $111 or 68 cents per share. PPG' stock price ended Wednesday tradinghup 4.
40 percent to
livejournal.com