PPG Reports Record Fourth Quarter Sales
PPG’s fourth quarter 2010 adjusted net income was $207 million. Fourth quarter 2009 adjusted net income was $144 million. Both years include an after-tax charge of $2 million, reflecting the net increase in the current value of the company’s obligation under its proposed asbestos settlement, which is pending court proceedings.
PPG’s annual sales for 2010 were $13.4 billion, an increase of 10% vs. previous year’s sales of $12.2 billion. PPG’s full year 2010 adjusted net income was $862 million, compared with full year 2009 adjusted net income of $485 million. Reported net income for 2010 increased to $769 million. Full year 2009 reported net income was $336 million.
“Our record fourth quarter sales and earnings capped what was an excellent year for PPG and give us momentum heading into 2011,” said Charles E. Bunch, chairman and CEO. “In the quarter, our Coatings and Optical and Specialty Materials segments combined to post sales and earnings records despite increasing raw materials costs for coatings. Our Commodity Chemicals and Glass segments continued their significant improvement trends by growing earnings by a combined $90 million year-over-year and delivering solid double-digit operating margins in a seasonally slow quarter.” Bunch said that the company’s selling prices increased in each quarter during the year, and its businesses in emerging regions once again grew by double-digit percentages.
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