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PPG REPORTS ON SECOND QUARTER; DIRECTORS SET DIVIDEND

 PPG REPORTS ON SECOND QUARTER; DIRECTORS SET DIVIDEND
 PITTSBURGH, July 16 /PRNewswire/ -- PPG Industries (NYSE: PPG)


today reported second quarter net earnings of $106.7 million, or $1.01 a share, on sales of $1.51 billion, compared with $79.1 million, or 75 cents a share, on sales of $1.48 billion a year ago.
 Six month net earnings were $185.5 million, or $1.75 a share, on sales of $2.96 billion. First half 1991 net earnings were $175.8 million, or $1.66 a share, including a one-time gain from an accounting change partially offset by a business realignments charge for a net gain of 35 cents a share, on sales of $2.86 billion.
 In addition, PPG's board of directors declared a regular quarterly dividend of 46 cents a share, payable Sept. 11 to shareholders of record Aug. 10.
 "Through the continual utilization of the quality process, earnings improvements from 1991 levels reflect the benefits of efficiency and productivity measures, especially in the glass and coatings segments," said Vincent A. Sarni, board chairman and chief executive officer.
 "As expected, North American economic expansion is progressing at a snail's pace, and there remains no discernible improvement in Europe. However, PPG expects to report earnings improvements in the second half compared with a year ago."
 Contributing to lower second quarter glass segment sales, compared with the 1991 quarter, were continued weak pricing in Europe and North America as well as volume declines, particularly in European flat glass. These were largely offset by improved North American flat glass volume and the favorable effects of European currency translation. Continuous strand fiber glass sales were about the same as a year ago.
 For coatings and resins, sales improved substantially on the strength of higher North American volumes for original equipment automotive products, including a Canadian business acquired in June 1991, and industrial finishes. European currency translation also contributed to the improvement. Lower North American architectural finishes volumes offset some of the gains.
 In chemicals, sales increased modestly despite weaker prices and volumes for chlorine and caustic soda. Volumes were generally higher for chlorine derivatives, silicas, surfactants and specialty chemicals.
 PPG INDUSTRIES AND CONSOLIDATED SUBSIDIARIES
 Condensed Statement of Earnings (unaudited)
 3 Months Ended 6 Months Ended
 June 30 June 30
 (millions)
 1992 1991 1992 1991
 Net Sales $1,513.1 $1,477.9 $2,959.8 $2,854.6
 Cost of sales 941.4 949.7 1,852.7 1,849.3
 GROSS PROFIT 571.7 528.2 1,107.1 1,005.3
 Other expenses:
 Selling & other 265.1 266.2 539.7 528.3
 Depreciation 88.1 86.8 177.3 174.0
 Interest 34.9 38.3 71.2 77.9
 Other charges (earnings)
 - net (5.6) 3.1 (11.4) (5.9)
 (Gain) Loss from business
 divestitures &
 realignments 3.7 (1.2) 8.8 58.3
 EARNINGS BEFORE INCOME
 TAXES & MINORITY
 INTEREST 185.5 135.0 321.5 172.7
 Income taxes 77.4 53.7 131.8 68.2
 Minority interest 1.4 2.2 4.2 3.5
 Earnings before cumulative
 effect of change in
 accounting for glass
 furnace repairs 106.7 79.1 185.5 101.0
 Cumulative effect, change
 in accounting, net of
 income taxes -- -- -- 74.8
 NET EARNINGS $ 106.7 $ 79.1 $ 185.5 $ 175.8
 Earnings per share
 Earnings before
 cumulative effect,
 change in accounting $1.01 $0.75 $1.75 $0.96
 Cumulative effect,
 change in accounting -- -- -- 0.70
 NET EARNINGS PER SHARE $1.01 $0.75 $1.75 $1.66
 Avg. shares outstanding 106.1 106.1 106.2 106.1
 CONDENSED BALANCE SHEET (unaudited)
 June 30 Dec. 31
 1992 1991
 (millions)
 Current assets:
 Cash & cash equivalents $ 85.6 37.6
 Receivables - net 1,172.6 1,057.9
 Inventories 831.8 875.3
 Other 152.1 202.5
 Total current assets 2,242.1 2,173.3
 Investments 216.7 193.1
 Property less accumulated depreciation 3,111.5 3,183.2
 Other assets 514.0 506.6
 TOTAL $6,084.3 $6,056.2
 Current liabilities:
 Short-term debt & lease obligations $ 374.4 $ 410.4
 Accounts payable & accrued liabilities 899.5 915.1
 Income taxes 41.6 15.0
 Total current liabilities 1,315.5 1,340.5
 Long-term debt & lease obligations 1,103.5 1,163.2
 Deferred income taxes 487.7 475.6
 Accumulated provisions 353.6 346.9
 Minority interest 75.1 75.5
 Shareholders' equity 2,748.9 2,654.5
 TOTAL $6,084.3 6,056.2
 BUSINESS SEGMENT INFORMATION (unaudited)
 3 Months Ended 6 Months Ended
 June 30 June 30
 (millions)
 1992 1991 1992 1991
 Net Sales
 Glass $ 573 $ 581 $1,109 $1,120
 Coatings & Resins 611 577 1,193 1,080
 Chemicals 281 272 557 555
 Other 48 48 101 100
 TOTAL $1,513 $1,478 $2,960 $2,855
 Operating earnings
 Glass 64 44 104 75
 Coatings & Resins 111 79 198 121
 Chemicals 45 41 98 100
 Other (4) 1 (1) 4
 Gain (Loss) from
 business divestitures
 & realignments (4) 2 (9) (58)
 TOTAL $ 212 $ 167 $ 390 $ 242
 Interest - net (30) (33) (62) (64)
 Other unallocated
 corporate income
 (expense) - net 4 1 (6) (5)
 EARNINGS BEFORE INCOME
 TAXES, MINORITY
 INTEREST & ACCOUNTING
 CHANGE $ 186 $ 135 $ 322 $ 173
 /delval/
 -0- 7/16/92
 /CONTACT: John S. Ruch of PPG Industries, 412-434-2445/
 (PPG) CO: PPG Industries ST: Pennsylvania IN: CHM SU: ERN


DM -- PG005 -- 9926 07/16/92 10:13 EDT
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