PPG second-quarter earnings weighed down by asbestos settlement

Following a charge for a previously announced asbestos settlement agreement, US-based PPG Industries reported a net loss of US$ 345 million, or a loss per share of US$ 2.03, for the second quarter on …

Following a charge for a previously announced asbestos settlement agreement, US-based PPG Industries reported a net loss of US$ 345 million, or a loss per share of US$ 2.03, for the second quarter on 18 July. Excluding the US$ 495 million after-tax charge, net income was US$ 150 million or 89 cents per share. Sales were US$ 2.13 billion. In the second quarter last year, net income was US$ 155 million, or 92 cents per share, on sales of US$ 2.16 billion. For the first six months of 2002, PPG recorded a net loss of US$ 311 million, or a loss per share of US$ 1.83, including one-time, after-tax charges in the first quarter of US$ 55 million, or 33 cents a share, for restructuring and US$ 9 million, or 5 cents a share, for a required accounting change, and the second-quarter charge for the asbestos settlement. First-half 2001 net income was US$ 211 million or US$ 1.25 a share, including an after-tax restructuring charge of US$ 71 million.