1998 net income for PPG Industries totalled $801m, or $4.48 a share, diluted, including a gain from the sale of European flat and automotive glass businesses. This was partially offset by a restructuring charge related to the disposition of equity interest in Chinese glass operations and restructuring charges related to cost-reduction initiatives. Sales topped a record $7.51bn ($7.38m). Excluding the onetime gain and charges, 1998 net income was $738m ($714m), or $4.13 ($3.94) per share. Glass segment sales declined in the fourth quarter from the previous year, because of divestiture of European flat glass and automotive glass operations. Operating earnings increased, as the 1997 quarter included $102m of nonrecurring charges compared with $3m of net charges in the 1998 period.
