MorePPG Industries' third quarter net income was $150 million, or $.86 a
share, including previously announced one-time after-tax charges of
$3 million, or $.02 a share, to rationalize the recently formed PPG
Auto Glass automotive replacement glass distribution venture.
Excluding the charges, net income was $153 million, or $.88 a share.
Sales were $2.08 billion, a record for the third quarter. This
compares with third quarter 1999 net income of $99 million, or $.56 a
share, including after-tax charges of $57 million, or $.33 a share,
for acquisitions and restructuring. Excluding these charges, net
income was $156 million, or $.89 a share. Sales were $1.95 billion.
The company's board recently declared a regular quarterly dividend of
$.40 a share, payable December 12 to shareholders of record November
10, and authorized repurchase of up to 10 million additional shares.
About 48 million shares have been reacquired since October 1993.
PPG's dividend increased by recently by $.02 in March 2000, marking
30 consecutive years of dividend increases.
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