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PPG: 3Q 2004 earnings 37% higher

Glass, fiberglass and coatings manufacturer PPG Industries Inc. reported on 22 October 2004 earnings up 37% for the 3Q, as profit exceeded analyst expectations despite charges in the period.
Quarterl…

Glass, fiberglass and coatings manufacturer PPG Industries Inc. reported on 22 October 2004 earnings up 37% for the 3Q, as profit exceeded analyst expectations despite charges in the period. Quarterly income was USD 194 million, or USD 1.12 a share, up from USD 142 million, or USD 0.83 a share, in the year-ago period. The latest period includes asbestos settlement and stock option charges of USD 7 million, or USD 0.05 a share, partially offset by a gain of USD 5 million, or USD 0.03 a share, reflecting the benefits of Medicare prescription drug legislation. Year-ago earnings include a charge of USD 5 million, or USD 0.03 a share, for the increase in the value of the company“s asbestos settlement. Sales were 9% higher at USD 2.41 billion from USD 2.21 billion a year ago. Analysts had forecast earnings of USD 1.03 a share on revenue of USD 2.36 billion for the quarter. Sales of coatings rose 8%, driven by stronger volumes across all businesses and the strengthening of foreign currencies. Glass sales increased 2% on higher volumes in the fiberglass and flat glass businesses and the strengthening of foreign currencies. Sales in the chemicals segment increased 22% on higher volumes, higher selling prices and the strengthening of foreign currencies. The board of directors of PPG Industries declared a regular quarterly dividend on 22 October 2004 of USD 0.45 a share, payable 10 December 2004 to shareholders of record 10 November 2004. PPG has paid uninterrupted dividends since 1899.

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