PPG reports second quarter 2009 financial results
PPG Industries (NYSE:PPG) today reported sales for the second quarter of $3.1 billion, a decline of 30 percent versus the prior year’s second quarter including a 6 percent decline resulting from a business divestiture in 2008. The company reported net income of $146 million, or 89 cents per share. Adjusted net income was $148 million, or 91 cents per share. Second quarter 2008 sales were $4.5 billion and reported net income was $250 million, or $1.51 per share, and adjusted net income was $275 million, or $1.66 per share.
Sales in the quarter were down $1.4 billion, including a $253 million impact from the divestiture of a majority interest in the automotive glass and services (AG&S) business. Sales declined in all major regions of the world, with negative foreign currency translation a contributing factor in the decrease.
Second quarter 2009 net income includes an after tax charge of $2 million, or 2 cents 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. Reported second quarter 2008 net income included one-time, after tax charges related to PPG’s AG&S business of $23 million, or 14 cents per share, and an after tax charge of $2 million, or 1 cent per share, for the proposed asbestos settlement, according to a July 16 PPG release.