PPG Glass Segment Posts $1 Million Fourth Quarter Loss
PPG Industries has reported that for the fourth quarter of 2005 its glass business posted an operating loss of $1 million, down $29 million due to the impact of inflation, including $28 million in higher energy costs, and lower other income.
The company reported that glass sales for the quarter increased $24 million, or 5 percent, due to higher volumes across most businesses and higher selling prices, which were partially offset by the impact of weakening foreign currencies. These decreases were partially offset by improved volumes and selling prices, as well as lower manufacturing and overhead costs.
The operating loss is largely due to high energy costs, particularly natural gas, said Jeff Worden, PPG's manager of public relations. According to Worden there have been only two other times the companys glass segment reported a loss.
Company-wide, fourth quarter net income was $113 million on sales of $2.51 billion. In the fourth quarter of 2004, PPG reported net income of $183 million on sales of $2.41 billion.
For all of 2005, the company recorded net income of $596 million on sales of $10.2 billion. In 2004, the company recorded net income of $683 million and sales of $9.51 billion.
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