PPG Industries Reports Increased Sales for Quarter
PITTSBURGH – PPG Industries reported third quarter 2014 net sales from continuing operations of $3.94 billion, up $161 million, or 4%, versus the prior year. Third quarter 2014 reported net income from continuing operations was $377 million, or $2.70 per diluted share. Third quarter 2014 adjusted net income from continuing operations was $394 million, or $2.82 per diluted share, which excludes asset divestiture gains of $73 million after-tax, or 52 cents per diluted share; and charges of $86 million after-tax, or 61 cents per diluted share for an increase to legacy environmental reserves; acquisition-related costs of $2 million after-tax, or 2 cents per diluted share; and a pension settlement charge of $2 million after-tax, or 1 cent per diluted share.
Third quarter 2013 reported sales, net income and earnings per diluted share from continuing operations were $3.77 billion, $204 million and $1.41, respectively. Adjusted third quarter 2013 net income from continuing operations was $336 million, with earnings of $2.32 per diluted share, which excluded business restructuring costs of $73 million, or 50 cents per diluted share; a charge of $56 million, or 39 cents per diluted share, for an increase to legacy environmental reserves; and acquisition-related costs of $3 million, or 2 cents per diluted share.