PPG Industries recently reported net sales of $3.8 billion for the first quarter of 2012, an increase of 6% compared to the prior year’s first quarter. Net income for the quarter was $13 million. Adjusted net income for the quarter, excluding the nonrecurring charges, was $279 million.
Performance Coatings segment sales set a first quarter record at $1.2 billion, up $98 million compared to the prior year. Sales reportedly increased as a result of higher selling prices and volume growth. The aerospace business delivered mid-teen percentage sales growth that exceeded industry growth rates, and U.S. architectural coatings sales improved about 20%. Automotive refinish and protective and marine coatings results were solid but with more modest sales growth. Architectural coatings volumes in emerging regions declined slightly. Segment earnings grew $21 million vs. the prior year to $160 million due to higher sales, partly offset by raw materials cost inflation and higher costs to support the sales growth.