PPG Third Quarter Sales Grow 17%
PPG Industries recently reported third quarter net sales of $4 billion, up 17% compared to the prior year. Third quarter reported net income from continuing operations was $220 million, vs. $288 million in the same period last year.
Performance Coatings segment net sales for the quarter were $1.6 billion, an increase of 34%, or $409 million, vs. the prior year, reportedly due primarily to the addition of sales from acquired businesses.
Industrial Coatings segment net sales for the quarter were $1.2 billion, up about 10%, or $109 million, compared to the prior year’s quarter, reportedly due to higher volumes and modest acquisition-related gains. Volumes in automotive original equipment manufacturer (OEM) coatings grew by about 10% globally, with each major region delivering growth on a comparable scale.
Architectural Coatings – EMEA (Europe, Middle East and Africa) segment net sales for the quarter were $571 million, up $7 million or 1%, vs. the prior year, as lower volumes offset favorable foreign currency translation.
Glass segment net sales were $278 million for the quarter, up $16 million year over year. Volumes reportedly grew modestly in both fiber glass and flat glass, reversing a negative trend from earlier in the year. Pricing also improved in flat glass. Segment earnings were $21 million, a decrease of $3 million from the prior-year quarter.
“We continued to deliver record financial performance in the third quarter, as positive impacts from our cash deployment and our strong operating focus were coupled with a broader improvement in market conditions,” said Charles E. Bunch, chairman and CEO. “Aerospace and automotive OEM coatings remained PPG’s most consistent growth drivers, with many other businesses contributing to the overall sales and earnings growth.”
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