PPG Fourth Quarter Net Sales up 4%
PPG’s annual sales for 2011 were $14.9 billion, an increase of 11% compared to 2010 sales of $13.4 billion. PPG’s full year 2011 net income was $1.1 billion, vs. net income of $769 million for the previous year.
“PPG achieved record earnings per share each quarter this year by focusing on strong execution in its global businesses, aggressive cost management and amplified cash deployment,” said Charles E. Bunch, chairman and CEO. “In so doing, we delivered the best full year earnings per share in PPG’s history.”
Performance Coatings segment sales for the quarter were $1.1 billion, up $34 million compared to the prior year. Higher selling prices were realized in each business, while segment volumes declined 2% vs. last year. Industrial Coatings segment sales rose $70 million over last year’s fourth quarter to $1 billion, a 7% increase. Volume grew 4% based on increased global automotive production and growth in several general industrial end-use markets, coupled with PPG market share gains. Segment earnings for the quarter were $106 million, an increase of $27 million over the prior year’s fourth quarter.
Glass segment sales were $256 million for the quarter, down $2 million, or 1%, year-over-year. Fiber glass volumes declined from robust prior-year levels due to lower European demand. Segment earnings were $19 million, a decrease of $10 million from the prior-year quarter, primarily due to the lower volumes, lower capacity utilization, and lower licensing and equity earnings, including weaker results from PPG’s joint venture serving the electronics industry.
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