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PPG Lowers 3Q Expectations

14 September 2000

PPG Lowers 3Q Expectations

    PITTSBURGH--Sept. 13, 2000--Earnings of PPG Industries for the third quarter are forecast to be between 85 cents and 90 cents a share, excluding a previously announced one-time charge of two to three cents a share to rationalize the company's new PPG Auto Glass venture, according to Raymond W. LeBoeuf, board chairman and chief executive.
    First Call's current estimate range for PPG, on a comparable basis, is 89 cents to $1.02 a share. Per-share earnings in the third quarter of 1999 were 89 cents, excluding one-time acquisition-related charges.
    "Although sales and earnings for the quarter continue to benefit from recent acquisitions, a slowdown in automotive, construction and some industrial markets have reduced demand for our products. Also, earnings continue to be pressured by ongoing increases in energy and raw material costs," LeBoeuf said.
    "Several price increases have been implemented, and additional increases will be implemented in the fourth quarter. While we expect to improve our earnings substantially from last year, if current trends continue we are unlikely to exceed our record earnings per share from operations of $4.13," he said.