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PPG Reports Record Q2 Sales Despite Glass Segment Declines

Post Time:Jul 18,2013Classify:Industry NewsView:53

PPG Industries reported record second quarter net sales in 2013 of $4.1 billion, up 16 percent versus the prior year, according to a PPG press release. “We achieved new sales and adjusted earnings records due to the continued strong performance of our coatings businesses, which in aggregate delivered 25 percent earnings growth in comparison to last year’s record level,” said Charles E. Bunch, PPG chairman and CEO, in the release. However, earnings in the glass segment "declined as market conditions for both glass businesses remained challenging," he said. Glass segment sales were $269 million for the quarter, down $4 million year-over-year, according to the report. Volumes declined in both fiber glass and flat glass, and they were partly offset by higher flat glass pricing. Earnings for the segment were $8 million during the quarter, down $15 million from the prior-year quarter. Lower sales, reduced equity and international licensing earnings, and the negative impact of inflation, including higher transportation and natural gas unit costs, affected earnings, according to the report.

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