Ppg Reports 4Th Quarter Record Eps, Glass Sales Up 3%

On 20 Jan/2005, PPG Industries reported net income for the fourth quarter 2004 of US$183M ($1.06/share). The figure includes aftertax charges of $3M, to reflect the previously announced decision to begin expensing stock options in 2004; $6M, or $0.03/share, to reflect the net increase in the current value of the firm's obligation under its asbestos settlement agreement reported in May 2002; and income of US$6M, ($0.04/share), to reflect the benefit of Medicare prescription drug legislation. Sales were US$2.41BN. PPG reported that earnings per share and sales were at record levels for a fourth quarter. For the whole of 2004, PPG recorded net income of US$683M ($3.95/share).