PPG 2011 first quarter earnings up 13 percent

PPG Industries, Pittsburgh,reported sales for the first quarter 2011 of $3.5 billion, an increase of 13 percent versus the prior year’s first quarter, according to an April 21 release. The company posted double-digit percentage sales increases in each major region, and all reporting segments achieved higher sales volumes and pricing. Reported net income for the quarter increased to $228 million, or $1.40 per diluted share. First quarter 2010 sales were $3.1 billion, and reported net income was $30 million, or 18 cents per diluted share.

First quarter 2010 adjusted net income was $115 million, or 69 cents per diluted share. First quarter 2010 net income included an aftertax charge of $85 million, or 51 cents per diluted share, as a result of a change in U.S. tax law that was part of the U.S. Patient Protection and Affordable Care Act enacted in March 2010. A Regulation G Reconciliation of adjusted net income to reported net income is included below.

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