A month has gone by since the last earnings report for PPG Industries (PPG). Shares have added about 6.4% 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 catalysts. PPG Industries' Earnings & Sales Beat Estimates in Q3PPG Industries reported net income from continuing operations of $442 million or $1.86 per share in third-quarter 2020, up from the year-ago quarter’s profit of $366 million or $1.54 per share.Barring one-time items, adjusted earnings were $1.93 per share in the reported quarter, up 15.6% from $1.67 logged in the year-ago quarter. The figure also topped the Zacks Consensus Estimate of $1.92.Net sales declined 3.7% year over year to $3,685 million. However, the figure surpassed the Zacks Consensus Estimate of $3,608.7 million. Sales volumes were down around 5% year over year, reflecting the impacts of the coronavirus pandemic.Segment HighlightsPerformance Coatings: Net sales in the segment amounted to around $2.3 billion in the third quarter, down 3% year over year. Sales volume in the segment declined around 5% mainly due to the impacts of the coronavirus pandemic. Segment income rose 12% year over year to $426 million. The upside was backed by higher selling prices, restructuring initiatives and cost-mitigation efforts, which were partly offset by reduced sales volumes due to the pandemic.Industrial Coatings: Sales in the segment totaled around $1.4 billion, down around 5% from the prior-year quarter’s figure. Sales volumes fell 5% year over year due to decline in global economic demand resulting from the pandemic.Net income in the segment totaled $253 million, up around 23% year over year. Results gained from the company’s restructuring cost savings, aggressive cost-mitigation actions and higher selling prices, which were partly offset by lower sales volumes.Financial PositionAs of Sep 30, 2020, PPG Industries had cash and cash equivalents of $2,008 million, up 34.8% year over year. Long-term debt fell 1.2% year over year to $4,828 million.OutlookGoing forward, the company expects to achieve restructuring savings of $30-$35 million in the fourth quarter of 2020.PPG Industries also expects total sales volume for the fourth quarter to be down a low-to-mid-single digit percentage, differing by region and business.Moreover, it anticipates corporate expenses of $55-$60 million and net interest expenses of $28-$30 million for the fourth quarter.How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 10.93% due to these changes.VGM ScoresAt this time, PPG Industries has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, 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 upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise PPG Industries has a Zacks Rank #2 (Buy). We expect an above 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.