PITTSBURGH — PPG Industries reported record sales of $2.9 billion for the first quarter, surpassing first quarter 2006 record sales by 11 percent. First quarter net income was $194 million, or $1.17 per share. Net income includes an aftertax charge of $5 million, or 3 cents a share, to reflect the net increase in the current value of the company’s obligation under its proposed asbestos settlement agreement reported in May 2002, which is subject to pending court proceedings.

In the first quarter 2006, PPG reported net income of $184 million, or $1.11 a share, including aftertax charges of $23 million, or 14 cents a share, for business restructuring, and $6 million, or 3 cents a share, to reflect the net increase in the value of the company’s obligation under its asbestos settlement agreement. Sales were $2.6 billion.

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