PPG Industries said first-quarter adjusted profit from continuing
operations -- not including the January sale of its commodity chemicals business
-- was $235 million, or $1.58 per share, beating analysts' estimates of $1.56
Sales of continuing operations for the glass, coatings and specialty chemicals producer were flat at $3.3 billion.
Taking into account the gain on its commodity chemicals business -- spun out and merged with Georgia Gulf Corp. to form a new company -- profit was $2.4 billion.
PPG Chairman Charles Bunch, in a statement, said demand for coatings was generally strong in North America and Asia but weak in Europe.
Earlier this month, PPG closed on its purchase of AkzoNobel's North American architectural paints business which Mr. Bunch expects will more than double PPG's business with construction and home maintenance markets.
PPG's annual meeting was scheduled for this morning at the David L. Lawrence Convention Center in Downtown Pittsburgh.
(c)2013 the Pittsburgh Post-Gazette
Distributed by MCT Information Services
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