US glass and chemicals group PPG Industries has reported a drop in fourth-quarter sales and earnings, blaming a softening economy and higher natural gas prices.
PPG said net income for the last quart…
US glass and chemicals group PPG Industries has reported a drop in fourth-quarter sales and earnings, blaming a softening economy and higher natural gas prices. PPG said net income for the last quarter of the year 2000 was US$ 126 million, or 75 cents per share, down 22% from the US$ 162 million reported a year earlier. Sales for the quarter fell 3% to US$ 1.99 billion from US$ 2.05 billion. The company reiterated that it expected to take first-quarter pre-tax charges of US$ 50-100 million for costs related to plant closures or consolidations. Despite the fourth-quarter downturn in sales and earnings, PPG said full-year sales totalled a record US$ 8.37 billion, up 8% on the 1999 figure, while net income for 2000 rose 9% to US$ 620 million. PPG also voted to raise quarterly dividends by 2 cents, from 40 to 42 cents a share. This, said the company, makes 2001 the 31st consecutive year for increased shareholder payments.