Volume 38, Issue 5, May 2003
PPG Reports Increase in Net Income
Pittsburgh-based PPG Industries has announced its financial results for 2003’s first quarter.
The company saw net income of $78 million, or 46 cents per share, which includes after tax charges of $6 million, or 3 cents per share, for the cumulative effect of a required accounting change for the asset retirement obligations, and $3 million, or 2 cents per share, that reflects the net increase in the current value of its obligation under the previously reported asbestos settlement agreement. Sales for the quarter were $2.1 billion.
These results compare to last year’s first quarter, which saw net income of $34 million, or 20 cents per share. The net income for 2002 included after tax charges of $55 million, or 33 cents per share, for restructuring, and $9 million, or 5 cents per share, for the cumulative effect of a required accounting change for goodwill and other intangible assets. The quarter’s sales were $1.9 million.
This quarter’s income before taxes, minority interest and cumulative effect of accounting change was $151 million, compared to $84 million last year.
Within the company’s glass segment, sales rose 6 percent to $28 million. Operating earnings were down $14 million, because, according to PPG’s statement, “higher energy costs and higher pension and retiree medical costs more than offset the benefit of higher volumes, lower overhead costs and improved manufacturing efficiencies.”
|Despite the economic uncertainty of the past four months, seven of the 18 publicly owned glass companies and companies that own glass concerns posted increases. CRH plc, which owns Oldcastle Glass Group, saw the largest increase, growing $2.43 per share. The remaining 12 companies all posted losses, with the most significant loss noted by Asahi at $7.80.|
|Company Name||Monthy Range
(Jun 6-April 30)
|52-Wk Range||P/E Ratio|
|3M Corp. (MMM)||126.27-126.97||108.20-136.75||24.80|
|Applied Films Corp. (AFCO)||19.71-21.61||7.41-25.25||NE|
|Alcoa (AA) -owns Alumax & Kawneer||23.8-22.71||17.62-36.85||47.80|
|Butler Mfg. (BBR)
|CRH plc (CRHCY)
-owns Oldcastle Glass Group
|Dow Chemical (DOW)||30.35-32.31||24.10-34.73||NE|
|Dwyer Group (DWYR)
-owns the Glass Doctor
|Flour City Int’l (FCIN)||0.01-0.01||0.00-0.04||NE|
|Pilkington plc (PILK)||62.50-59.00||NA||NA|
|ThermoView Ind. (THV)||0.89-0.48||0.42-1.19||NE|
|Valspar Corp. (VAL)
-owns Lilly Industries
-owns VVP America
|NA = Not Applicable; NE = Negative Earnings|
© Copyright Key Communications Inc. All rights reserved. No reproduction of any type without expressed written permission.