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PPG Reports On 2000

  • Friday, 19th January 2001
  • Reading time: about 2 minutes

For all of 2000, PPG’s net income was $620 million, including after-tax charges totaling $38 million, to write-off an equity investment and rationalize the recently formed PPG Auto Glass automotive replacement glass distribution venture. Excluding the charges, net income was $658 million, Sales were a record $8.37 billion. Net income for all of 1999 was $568 million, including $79 million, in after-tax acquisition-related costs and restructuring charges. xcluding these one-time items, 1999 net income was $647 million. Sales were $7.76 billion. “Although sales for full-year 2000 were a record, several global economic developments combined to reduce earnings for the final quarter and year,” said Raymond W. LeBoeuf, PPG chairman and chief executive. “A significant downturn in the economy became apparent after mid-year. Our sales volume went from 6 percent growth in the first quarter to a reduction of 4 percent in the fourth. Natural gas costs increased significantly, reducing 2000 operating earnings by about $95 million. The weak euro adversely affected our results as well. “In response, we are now finalizing plans begun last September to implement additional cost reductions,” LeBoeuf continued. “In December, we said actions would be taken to reduce costs, increase efficiency and accelerate performance improvement. We also said we would incur pretax charges against first quarter earnings in the range of $50 million to $100 million as a result of thee necessary actions, which will include facility and job consolidations. We expect additional earnings to offset these charges within a year.” Fourth-quarter 2000 coatings segment sales declined 6 percent from the year-ago period, largely on lower volume and currency translation for most businesses. Aerospace coatings and sealants volume grew. PPG’s glass segment experienced its strongest sales and operating earnings in several years in the fourth quarter despite a decline in original equipment auto glass volume. Sales grew for other glass and fiber glass businesses, particularly auto replacement glass. Gains in manufacturing efficiencies were achieved across the segment.

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