Ceramic Industry News

PPG Second Quarter Sales Increase 15%

July 29, 2011
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PPG Industries recently reported sales for the 2011 second quarter of $4 billion, a 15% increase compared to the prior year’s second quarter. Each major region and reporting segment achieved volume and price gains. Net income for the quarter increased to $340 million. Second quarter 2010 sales were $3.5 billion, and net income was $272 million.

The company’s Optical and Specialty Materials segment achieved record quarterly sales and earnings, according to Charles E. Bunch, chairman and CEO, with further geographic expansion as increased advertising capitalized on high-growth opportunities in emerging regions. Sales in the Commodity Chemicals segment grew due to higher pricing and earnings doubled, despite increased maintenance costs and lower facility utilization due to scheduled and unscheduled downtime. Glass segment results were up notably versus last year based on improved fiber glass pricing, he added.

“Our strong execution during the quarter enabled us to deliver excellent financial performance, including record earnings for any quarter,” said Bunch. “We implemented further pricing initiatives and managed our businesses aggressively to overcome continued input cost inflation, a global economy that has only partially recovered and several transitory impacts to some businesses’ volumes early in the quarter. Our strong performance underscores the benefits of our broad end-use market reach and the global business portfolio we have built.”

For more information, visit www.ppg.com.

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