PPG Industries Inc. (PPG) raised its quarterly dividend by 1.9%,
the company's 38th-straight annual increase, saying the move
expresses confidence in the company's ability to generate cash even
during tough economic times.
The paint, glass, and chemicals maker said a quarterly dividend
of 54 cents a share, up 1 cent, will be paid Dec. 11 to
shareholders of record as of Nov. 10.
The announcement came a day after PPG posted a 36% rise in
third-quarter profit amid prior-year restructuring charges. As
demand remained weak, results topped analysts' expectations on cost
cuts and higher margins. The company has closed plants and cut jobs
in two major restructurings in the past year as its industrial and
automotive customers cut output. Modest demand gains were seen in
the third quarter and more are expected this quarter.
PPG shares closed Thursday at $62.08 and didn't trade premarket.
The stock is up 46% this year.
-By Mike Barris, Dow Jones Newswires; 212-416-2330;
mike.barris@dowjones.com;