PPG Industries has reported sales for the third quarter of $3.5 billion, an increase of 7% compared to the prior year’s third quarter. Third quarter reported net income was $262 million, or $1.58 per share. Third quarter 2009 sales were $3.2 billion, and reported net income was $159 million, or $0.96 per share.
Adjusted net income for the 2010 quarter was $1.59 per share. Third quarter 2009 adjusted net income was $0.97 cents per share. Both periods include an aftertax charge of $0.01 per share to reflect the net increase in the current value of the company’s obligation under its proposed asbestos settlement, which is pending court proceedings.
“Our record third quarter earnings reflect the benefits of the strategic initiatives we’ve undertaken to broaden our geographic footprint–especially in high-growth emerging regions–and the diversity of the end-use markets we serve,” said Charles E. Bunch, chairman and CEO. “In addition, our lower overall cost structure has enabled us to leverage the ongoing, gradual global industrial recovery. We achieved these record results despite persistent raw material cost inflation and anemic construction markets in the developed economies of the world.”
Glass segment sales increased $37 million, or 17%, compared with the prior year, as a result of improved fiber glass volumes and price gains. Segment income was $32 million, an improvement of $38 million due to higher volumes, lower manufacturing costs, and higher equity earnings and royalty income.
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