clarinews@clarinet.com (01/19/90)
PITTSBURGH (UPI) -- PPG Industries Thursday reported fourth-quarter earnings of $101.4 million, or 93 cents a share, down 1 percent from $102.3 million, or 94 cents a share, in the fourth quarter of 1988. Revenue for the quarter fell to $1.424 billion from $1.432 a year ago. ``The effect on PPG's glass and coatings businesses of fourth-quarter declines in United States vehicle production and construction were countered substantially by sales gains for automotive original equipment glass and coatings in Canada and Europe, as well as improved automotive aftermarket sales in North America,'' said Vincent A. Sarni, PPG board chairman and chief executive officer. Earnings for the year were $465.2 million, or $4.18 a share, down 1 percent from $467.6 million, or $4.26 a share in 1988. Revenue for the year rose to $5.73 billion from $5.62 billion in 1988. Sarni said 1990 was ``a challenge in view of anticipated weak economic conditions, with U.S. gross national product growth for the year expected to be less than 2 percent and economic performance in Europe only slightly better. An increase in PPG's overall profitability this year depends upon the success of actions already initiated to improve operating efficiencies in each of our business units.''