Headlines / Coatings

PPG First Quarter Sales Jump 17%

May 6, 2014
/ Print / Reprints /
ShareMore
/ Text Size+

PPG Industries recently reported record first quarter 2014 net sales from continuing operations of $3.6 billion, up $528 million (17%) compared to the prior year. First quarter 2014 reported net income from continuing operations was $277 million, and adjusted net income from continuing operations was $279 million.

Performance Coatings segment net sales for the quarter were $2 billion, up $429 million (27%). Acquired businesses increased sales by 23% year-over-year, and segment volume growth added 3%, with currency translation and price accounting for the remaining net sales change.

Automotive refinish and aerospace increased sales volumes in all major regions, reportedly reflecting continued global industry growth. Segment earnings of $248 million were up $56 million (29%), reportedly as a result of the increase in organic net sales and earnings contribution from business acquisitions.

Industrial Coatings segment net sales for the quarter were $1.4 billion, increasing $89 million (7%). Automotive OEM coatings grew by more than 10% globally, reportedly outpacing a global industry growth rate of about 4%, with strong growth in each major region. 

Glass segment net sales were $266 million for the quarter, up $10 million (4%), vs. the same period last year. Flat glass segment earnings were $4 million, down $1 million, compared to the prior year, reportedly due primarily to scheduled maintenance and repair costs of $12 million and higher natural gas costs that were partly offset by improved earnings from the higher net sales.

“We achieved year-over-year global volume growth of 5%, our highest level in three years,” said Charles E. Bunch, chairman and CEO. “Additionally, growth rates accelerated in each region vs. recent quarters, including in Europe, where our volumes grew 5% as we benefited from the early stages of that region’s economic recovery. PPG’s growth was also broad-based across many of our businesses, led by automotive OEM coatings and aerospace, where our performance continued to outpace strong global growth in these end-use markets.”

For more information, visit www.ppg.com.

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

ASI April 2014 Photo Gallery

Our April 2014 issue is now available!

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

Adhesives & Sealants Industry Magazine

ASI August 2014 cover

2014 August

Our August issue includes what is traditionally our most popular article of the year: the ASI Top 25. You won't want to miss it!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

ASI 2014 Buyers GuideASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40 google+ icon ASI 30px