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PPG transformation continues to drive growth

Post Time:Oct 16,2008Classify:Industry NewsView:151

PPG Industries, Pittsburgh,today reported record sales for the third quarter of $4.2 billion, surpassing the prior year's third quarter results by 37 percent. Third quarter reported net income was $117 million, or 70 cents per share. Adjusted net income excluding unusual items was $227 million, or $1.37 per share, according to an Oct. 16 Market Watch report.

"Our financial performance this quarter demonstrates both the successful execution of our transformation strategy and the continued strength of our commodity chemicals business," said Charles E. Bunch, PPG chairman and chief executive officer. "Over the past several years, we have become a more resilient company by expanding our geographic reach, entering new end-markets, and strengthening our ability to generate cash. In the quarter, our adjusted earnings per share were comparable with last year despite the negative impacts from two U.S. Gulf Coast hurricanes and significantly weaker automotive OEM production.

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