PPG First Quarter Sales Flat
PPG Industries recently reported first quarter 2013 net sales from continuing operations of $3.3 billion, equal with the prior year. First quarter 2013 adjusted net income was $235 million, compared to adjusted net income of $216 million in the same period last year.
Sales in the Glass segment were $256 million for the quarter, matching the prior year. Higher flat glass volumes were reportedly more than offset by lower fiber glass pricing resulting from reduced demand.
“During the quarter, we delivered strong performance in our coatings portfolio, as we grew aggregate coatings segment earnings by 13% vs. last year’s record level,” said Charles E. Bunch, chairman and CEO. “We continued to experience notable demand divergence among the major regional economies, with activity generally strong in North America, broad growth improvement in Asia and persistent weakness in Europe.
“Despite these regional differences, our coatings earnings grew in each major region, aided principally by our proactive cost-management actions coupled with the continued strength of several end-use markets, including automotive OEM, aerospace and U.S. construction,” Bunch said.
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