PPG Industries reported first quarter 2015 net sales from continuing operations of $3.7 billion, up 1 percent versus the prior year.
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Net sales in local currencies grew 8 percent year-over-year, including a 7 percent contribution from acquisition-related sales and a 1 percent improvement in sales volume. Unfavorable currency translation reduced year-over-year net sales by 7 percent, or about $260 million.
First quarter 2015 reported net income from continuing operations was $321 million, or $2.33 per diluted share, and adjusted net income from continuing operations was $327 million, or $2.37 per diluted share.
First quarter 2014 reported net income from continuing operations was $277 million, or $1.97 per diluted share, with adjusted net income from continuing operations totaling $279 million, or $1.98 per diluted share. Both quarters included portfolio transformation transaction-related costs, which were $6 million, or 4 cents per diluted share, in 2015, and $2 million, or 1 cent per diluted share, in 2014.
During the quarter, the adjusted effective tax rate from continuing operations increased to 24.4 percent versus 24 percent in the first quarter 2014, resulting principally from the inclusion of Comex acquisition earnings.
The board of directors declared a regular quarterly dividend of 72 cents per share, payable June 12 to shareholders of record May 11. This marks the company's 467th consecutive dividend payment.
PPG's previous dividend, paid in March, was 67 cents per share. The company has paid uninterrupted annual dividends since 1899.
PPG directors also approved a 2-for-1 split of the company's common stock for all shareholders of record as of the close of business May 11. On June 12, following payment of the quarterly per-share dividend, each shareholder will also receive a stock dividend of one additional share of common stock for each share held on the record date. PPG common stock will begin trading on a split-adjusted basis on Monday, June 15. ■