It has been about a month since the last earnings report for PPG Industries (PPG). Shares have added about 8.3% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is PPG Industries due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. PPG Industries Beats Q3 Earnings, Revenue EstimatesPPG Industries reported net income from continuing operations of $368 million or $1.51 per share for third-quarter 2018, down roughly 6% from the year ago figure of $393 million or $1.52 per share.Barring one-time items, adjusted earnings were $1.45 per share in the reported quarter, down around 5% year over year. It, however, beat the Zacks Consensus Estimate of $1.43.The company’s restructuring initiatives as well as actions to hike selling prices and manage costs were, in part, offset by raw material and logistics cost inflation.Net sales went up roughly 1% year over year to $3,817 million. It also beat the Zacks Consensus Estimate of $3,792 million. Unfavorable currency swings affected net sales by more than 2%. The company recorded net sales growth in constant currencies of more than 3%, supported by higher selling prices that rose more than 2%.Segment Highlights Performance Coatings: The segment recorded around $2.3 billion in sales in the reported quarter, flat year over year. Sales rose more than 2% in constant currencies as higher selling prices more than offset modestly lower sales volumes. Unfavorable currency translation lowered net sales by roughly 2%.Segment income fell 9% year over year to $331 million as raw material and logistics cost inflation and lower sales volumes more than offset higher selling prices and restructuring-related cost savings.Industrial Coatings: Sales at the segment were $1.5 billion, up roughly 3% from the prior-year period. Total sales volume rose nearly 2% year over year. Acquisition-related sales provided benefits of around $30 million. Unfavorable currency translation lowered net sales by roughly 3%.Net income at the segment was $169 million, down 25% year over year as raw material and logistics cost inflation more than offset higher selling prices and sales volumes.Financial Position PPG Industries ended the quarter with cash and cash equivalents of $1,103 million, down around 52% year over year. Long-term debt rose around 23% year over year to $5,023 million.PPG Industries bought back shares totalling nearly $1.3 billion during the first nine months of 2018 including around $250 million in the third quarter. OutlookMoving ahead, PPG Industries sees normal business seasonality in the fourth quarter. It also envisions overall global economic growth to remain positive. The company witnessed higher industrial production volatility and inconsistency in emerging region growth rates during the third quarter and expects this to continue in the fourth quarter.Based on these trends, PPG Industries expects generally consistent quarterly sales trends on a sequential comparison basis in the fourth quarter. The company projects fourth-quarter earnings per share in the range of $1.03-$1.13. How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresCurrently, PPG Industries has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. It's no surprise PPG Industries has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PPG Industries, Inc. (PPG): Free Stock Analysis Report To read this article on Zacks.com click here.