First quarter reported net income was $30 million, or 18 cents per share, which included a significant charge related to a change in U.S. tax law. Adjusted net income was $117 million, or 70 cents per share. First quarter 2009 sales were $2.8 billion and the reported loss was $111 million, or 68 cents per share, which included a significant charge for business restructuring. Adjusted net income was $32 million, or 19 cents per share.
First quarter 2010 net income includes aftertax charges of $85 million, or 51 cents per share, as a result of a change in U.S. tax law that is part of the recently-enacted U.S. Patient Protection and Affordable Care Act, and $2 million, or 1 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. First quarter 2009 net loss includes aftertax charges of $141 million, or 86 cents per share, for business restructuring, and $2 million, or 1 cent per share, related to the proposed asbestos settlement.
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PPG Reports First Quarter 2010 Financial Results
Date: 16 April 2010
Source: PPG
PITTSBURGH, April 15, 2010 – PPG Industries (NYSE:PPG) today reported sales for the first quarter of $3.1 billion, an increase of 12 percent versus the prior year’s first quarter.