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PPG reports record fourth quarter, despite glass segment sales remaining flat

Post Time:Jan 19,2012Classify:Industry NewsView:62

PPG Industries reported net sales for fourth-quarter 2011 of $3.5 billion, an increase of 4 percent versus the prior year’s fourth quarter. Net income for the quarter increased to $216 million, according to a Jan. 19 release.Glass segment sales were $256 million for the quarter, down $2 million, or 1 percent, year-over-year.

“PPG achieved record earnings per share each quarter this year by focusing on strong execution in its global businesses, aggressive cost management and amplified cash deployment,” said Charles Bunch, PPG chairman and CEO, in the release.

“During the year, we experienced uneven economic conditions, persistent raw material inflation and continued anemic construction activity in developed regions. However, the geographic and end-use market diversity of our business portfolio continued to be an important benefit in 2011,” he continued.

Looking ahead, Bunch said that he anticipates first quarter 2012 growth to remain uneven by region and varied by industry, similar to the fourth quarter 2011. “We expect the European region to remain the most challenging,” he said. “We expect moderate strengthening in the U.S. economic recovery, supported by an enhanced global cost position in the industrial sector due to lower regional natural gas prices."

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