PPG Industries sales $3.71 billion, to pay dividend 466th time
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Net sales in local currencies grew 10 percent year-over-year, with acquisition-related sales contributing about 6 percent and volume growth adding 4 percent. Unfavorable currency translation impacted net sales by 4 percent, or about $130 million.
Fourth quarter 2014 reported net income from continuing operations was $86 million, or 62 cents per diluted share. Fourth quarter 2014 adjusted net income from continuing operations was $293 million, or $2.11 per diluted share.
PPG has paid uninterrupted annual dividends since 1899.
The ongoing tax rate on the adjusted earnings excluding these adjustments was 23.5 percent for the fourth quarter and 23.9 percent for the full year, consistent with the company's prior guidance.
Fourth quarter 2013 reported net income and earnings per diluted share were $237 million and $1.66, respectively. Adjusted fourth quarter 2013 net income from continuing operations was $240 million with earnings from continuing operations of $1.68 per diluted share, excluding transaction-related costs of $3 million, or 2 cents per diluted share.
The board of directors of PPG Industries declared a regular quarterly dividend of 67 cents per share, payable March 12 to shareholders of record February 20.
This marks the company's 466th consecutive dividend payment. PPG has paid uninterrupted annual dividends since 1899. ■