PITTSBURGH (AP) _ PPG Industries Inc. (PPG) on Thursday reported first-quarter profit of $312 million.
The Pittsburgh-based company said it had profit of $1.31 per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $1.38 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The paint and coatings maker posted revenue of $3.62 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $3.71 billion.
PPG Industries shares have increased 15 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 16 percent. The stock has risen roughly 4 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PPG at https://www.zacks.com/ap/PPG