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.”
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