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.