PPG glass segment sales down in third quarter, despite record earnings per share

PPG Industries (NYSE:PPG) today reported third quarter 2012 net sales of $3.8 billion. Net income for the quarter was $339 million, or $2.18 per diluted share, including nonrecurring charges. Adjusted net income for the quarter, excluding the nonrecurring charges, was $348 million, or $2.24 per diluted share. Third quarter 2011 net sales were $3.8 billion, and net income was $311 million, or $1.96 per diluted share.

Third quarter 2012 results included after-tax charges of $9 million, or 6 cents per diluted share, for costs directly related to the company’s previously announced agreement to separate its commodity chemicals business and merge it with Georgia Gulf Corporation or a subsidiary of Georgia Gulf. The company anticipates additional separation costs in the fourth quarter. There were no nonrecurring charges in the third quarter 2011. A Regulation G Reconciliation of third quarter 2012 adjusted net income and earnings per diluted share to reported net income and earnings per diluted share is included below.

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