PPG: Natural Disasters To Unfavorably Affect Q4 EPS - Quick Facts

(RTTNews) - PPG (PPG) announced the company expects the recent natural disasters will unfavorably affect its fourth quarter earnings-per-share by up to $0.05. The company expects moderate global economic growth to continue during the fourth quarter.

"Given the after-effects from the natural disasters, we no longer expect any notable decline in the level of raw material cost inflation for the remainder of this year. We are continuing to work with our customers to address the inflationary environment and expect to realize additional selling price increases. Lastly, we continue to execute on our restructuring program and remain on track to deliver full-year savings of more than $45 million as we continue to manage all aspects toward margin recovery," said Michael McGarry, PPG CEO.

Third-quarter net income from continuing operations was $392 million, or $1.52 per share, which included an unfavorable natural disaster-related impact of approximately 5 cents. Net sales were approximately $3.8 billion, up more than 3 percent versus the prior year. Sales volumes, including the unfavorable impact of several natural disasters, grew by nearly 1 percent.