PPG Posts Record Fourth Quarter with $3.2 Billion in Sales - aftermarketNews

PPG Posts Record Fourth Quarter with $3.2 Billion in Sales

Company ends year with $1 billion in cash.

PITTSBURGH — PPG Industries has reported record sales for the fourth quarter of $3.2 billion, surpassing the prior year’s fourth quarter results by 3 percent. Fourth quarter net income was $71 million, or 43 cents per share. Fourth quarter 2007 sales were $3.1 billion and net income was $200 million, or $1.21 per share.

For all of 2008, sales were $15.8 billion, compared to 2007 sales of $12.2 billion. Net income was $538 million, or $3.25 per share, compared to $834 million, or $5.03 per share in 2007.

Reported net income includes aftertax charges of $110 million, or 67 cents per share, for business restructuring; $89 million, or 54 cents per share, in non-recurring acquisition-related costs stemming from the company’s January 2008 acquisition of SigmaKalon; $11 million, or 7 cents per share, to reflect the catch-up of depreciation expense, which was suspended when the automotive glass and services business was previously classified as a discontinued operation; $12 million, or 7 cents per share, relating to the impact of benefit changes, including accelerated vesting, negotiated as part of the sale of the automotive glass and services business; and $2 million, or 1 cent per share, to reflect the net full year increase in the current value of the company’s obligation under its proposed asbestos settlement. Net income also includes an aftertax gain of $3 million, or 2 cents per share, on the divestiture of the automotive glass and services business. Adjusted net income was $759 million, or $4.59 per share.

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