By Justina Lee


Nippon Paint Holdings Co. shares rose Tuesday morning after the Japanese paint-products manufacturer posted stronger third-quarter results, helped by a production recovery in the automotive sector.

The company's shares rose as much as 6.4% to 1,116 yen in early trade, and were recently up 3.5%.

On Monday after market close, Nippon Paint reported net profit of 26.63 billion yen ($190.4 million) for the third quarter, up from Y16.38 billion a year earlier.

Operating profit rose to around Y38.23 billion from Y17.12 billion. This beat the Y29.87 billion expected in a poll of analysts by Quick.

Nippon Paint didn't raise its full-year earnings guidance, and noted that revenue may fall slightly below its forecast due to China's Covid-19 measures and lower demand in Indonesia.


Write to Justina Lee at justina.lee@wsj.com


(END) Dow Jones Newswires

11-14-22 2135ET