On 21 April 2005, PPG reported 1Q net income of US$ 95M, or US$ 0.55 a share, down from US$ 119M (US$ 0.69 per share) in the year-ago quarter. The results included after-tax charges of US$ 91M, or US$ 0.52 per share for settlement of a case involving a defective wood treatment product made by PPG, and US$ 5M, or US$ 0.03 per share, to cover an increase in the company's obligation to settle asbestos litigation resulting from its involvement in the bankrupt Pittsburgh Corning Corp. Without the nonrecurring legal charges, net income totaled US$ 186M, up 56% from a year ago, on record 1Q sales of US$ 2.5BN that were helped by a 34% jump in chemicals sales. The adjusted per-share earnings were US$ 1.10, better than analysts' estimates of US$ 1.06. Also on 21 April 2005, the company's board of directors raised the quarterly dividend on its common stock to USD 0.47 from USD 0.45 per share, payable 10 June 2005 to shareholders of record on 10 May 2005.
