PPG Fourth Quarter Sales Flat; Glass Segment Drops
PPG Industries recently reported fourth quarter 2012 net sales of $3.6 billion. Annual sales for 2012 were $15.2 billion, up 2% compared to $14.9 billion in 2011. The company’s full year 2012 net income was $941 million, vs. $1.1 billion the previous year.
“Our record fourth quarter results capped off an exceptional year for the company, driven by excellent operating performance and several significant strategic actions that have accelerated the pace of our portfolio transformation,” said Charles E. Bunch, chairman and CEO. “During the quarter, as we did during the first nine months, we grew our sales and earnings despite moderate overall economic conditions that varied by region and end-use market, and continued negative impacts from currency translation.”
Glass segment sales were $241 million for the quarter, down $15 million from the prior year. Higher flat glass sales were reportedly offset by lower fiber glass volumes and pricing. Segment earnings were $8 million, a decrease of $11 million from the prior-year quarter, as lower fiber glass sales and equity earnings offset strong manufacturing cost improvements.
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