PPG Reports On Third Quarter, Declares Dividend
November 13, 2000
PPG 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.