U.S. markets closed

PPG Industries: 1Q Earnings Snapshot

PITTSBURGH (AP) _ PPG Industries Inc. (PPG) on Monday reported first-quarter net income of $243 million.

The Pittsburgh-based company said it had profit of $1.02 per share. Earnings, adjusted for non-recurring costs, came to $1.19 per share.

The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.

The paint and coatings maker posted revenue of $3.38 billion in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $3.45 billion.

PPG Industries shares have dropped 28% since the beginning of the year, while the Standard & Poor's 500 index has dropped 11%. In the final minutes of trading on Monday, shares hit $95.84, a fall of 17% 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