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PPG Reports Fourth Quarter 2009 Financial Results

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

PPG Industries reported sales for the fourth quarter 2009 of $3.1 billion, a decline of two percent versus the prior year’s fourth quarter. Reported net income for the quarter increased to $142 million, or 85 cents per share. Fourth quarter 2008 sales were $3.2 billion, and reported net income was $71 million, or 43 cents per share. PPG’s fourth quarter 2009 adjusted net income was $144 million, or 86 cents per share. Fourth quarter 2008 adjusted net income was $68 million, or 41 cents per share. Fourth quarter 2009 reported net income included an aftertax charge of $2 million, or one cent 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. Fourth quarter 2008 net income included aftertax earnings of $3 million, or two cents per share, related to the proposed asbestos settlement.

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