PPG industries reported second quarter net income of $152 million which included after-tax charges of $7 million, to reflect the net increase in the current value of the company’s obligation under its previously reported asbestos settlement agreement and $2 million related to restructuring.
For the first six months of 2003, PPG recorded net income of $230 million, which includes after-tax charges of $6 million for the cumulative effect of a required change in the accounting for asset retirement obligations; $10 million to reflect the net increase in the current value of the company’s obligations under the asbestos settlement agreement; and $2 million for restructuring.
Coatings sales increased $62 million, or five percent, due to the strengthening of foreign currencies offset slightly by lower prices in the automotive original equipment business. Volume gains in Asia nearly offset declines in North America and Asia.
PPG Reports On Second Quarter
Published August 10, 2005
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