22 October 1998: PPG Industries“ third-quarter net income was US$ 248 million, or US$ 1.39 a share, assuming dilution, including a one-time after-tax gain of US$ 82 million from the sale of its Europ…
22 October 1998: PPG Industries“ third-quarter net income was US$ 248 million, or US$ 1.39 a share, assuming dilution, including a one-time after-tax gain of US$ 82 million from the sale of its European flat and automotive glass businesses. Excluding the non-recurring gain, net income was US$ 166 million, or US$ 0.93 a share, on sales of US$ 1.8 billion. Net income in the third quarter of 1997 was US$ 171 million, or US$ 0.95 a share, assuming dilution, on sales of US$ 1.81 billion. PPG“s nine-month net income was US$ 639 million, or US$ 3.57 per share, assuming dilution, on sales of US$ 5.72 billion. Excluding the gain from the European glass divestiture, net income was US$ 557 million, or US$ 3.11 a share. In the 1997 period, net income was US$ 555 million, or US$ 3.05 a share, on sales of US$ 5.53 billion. PPG“s board of directors also recently declared a regular quarterly dividend of US$ 0.36 a share, payable 11 December to shareholders of record 10 November. “In this period of economic uncertainty, our determination to expand – where our fundamental strengths will provide long-term competitive advantage – remains undiminished,” said Board Chairman and Chief Executive Officer Raymond W. LeBoeuf. “We are using our fiscal discipline, productivity enhancement capabilities, focused business strategies and strong cash flow to accelerate PPG“s profitable growth – internally and with prudent, targeted acquisitions.” Glass segment sales were lower than those of the 1997 quarter, mainly because of the European divestiture and lower volumes for fibre glass products, the company said. Operating earnings increased on the gain from the sale of European glass operations, continued strong improvement in operating efficiencies and higher automotive replacement glass volumes.