PPG First Quarter Sales Grow 6%
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.
Glass segment sales were $256 million for the quarter, down $2 million, or 1%, year over year. Fiber glass pricing declined from prior-year levels driven by the effects of lower European and Asian demand. Segment earnings were $8 million, a decrease of $18 million from the prior-year quarter as a result of lower pricing, decreased capacity utilization, and lower international licensing and equity earnings.
“PPG’s earnings growth momentum continued during the first quarter, and we achieved a seventh consecutive quarter of record earnings with adjusted earnings per share up about 30% vs. last year,” said Charles E. Bunch, chairman and CEO. “We have delivered consistently strong earnings over nearly two years despite the prolonged, gradual recovery from the economic crisis and continued raw materials cost inflation. Our broad business portfolio and operating discipline have been critical factors in our record performance, and we still have further growth opportunities as demand in some of our larger end-use markets continues to recover.
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