PPG Industries 3Q Earnings Up 37 Percent

Date: 25 October 2004
Source: Yahoo

Date: 25 October 2004

Diversified manufacturer PPG Industries Inc. on Friday reported third-quarter earnings rose 37 percent, as profit surpassed analyst expectations despite charges in the period.Quarterly income was $194 million, or $1.12 a share, up from $142 million, or 83 cents a share, last year.

The latest period includes asbestos settlement and stock option charges of $7 million, or 5 cents a share, partially offset by a gain of $5 million, or 3 cents a share, to reflect the benefits of Medicare prescription drug legislation. Year-ago earnings include a charge of $5 million, or 3 cents a share, for the increase in the value of the company's asbestos settlement.

Sales rose 9 percent to $2.41 billion from $2.21 billion a year ago.

Analysts had forecast earnings of $1.03 a share on revenue of $2.36 billion for the quarter.

Coatings sales increased 8 percent, driven by stronger volumes across all businesses and the strengthening of foreign currencies. Glass sales rose 2 percent on higher volumes in the fiber glass and flat glass businesses and the strengthening of foreign currencies. Sales in the chemicals segment increased 22 percent on higher volumes, higher selling prices and the strengthening of foreign currencies.
600450 PPG Industries 3Q Earnings Up 37 Percent glassonweb.com

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