PPG Industries Profit Beats on Coatings Sales

Chemical maker PPG Industries posted a better-than-expected first-quarter profit on strong sales of paints and coatings.

The company posted net income of $13 million, or 8 cents per share on Thursday, compared with $228 million, or $1.40 per share, in the year-earlier period.

Earlier this month PPG announced it would lay off 2,000 workers, mostly in Europe, due to weak demand.

Excluding charges related to that restructuring, PPG earned $1.81 per share.

By that measure, analysts expected earnings of $1.69 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 6% to $3.75 billion. Analysts had expected $3.74 billion.

The results come the same day rival Dupont posted a jump in quarterly profit, largely due to price hikes.