PPG Industries' Q3 sales down 24% on tough economy

15 October 2009 14:01  [Source: ICIS news]

TORONTO (ICIS news)--PPG Industries posted third-quarter sales down 24% to $3.2bn (€2.1bn) as the difficult global economy continued to impact year-over-year sales and earnings comparisons, the US-based chemicals and coatings producer said on Thursday.

Net income for the three months ended 30 September was $159m. This was up by $42m from $117m in the 2008 third quarter, but that quarter included $110m in restructuring charges, PPG said.

Adjusted third-quarter net income was $161m, compared with adjusted net income of $227m in the 2008 third quarter.

However, sequentially PPG saw sales and earnings improve from the first two quarters of 2009, it said.

“In the quarter, we continued to restore profitability and to deliver strong cash generation,” said chief executive Charles Bunch.

“We benefited from our aggressive cost-reduction actions, as well as a modest improvement in demand versus the first half of 2009, stemming from a very gradual recovery in the global economy.

“Additionally, we capitalised on our expanded geographic footprint and posted record earnings in the Asia-Pacific region due to stronger year-over-year performance in China,” Bunch said.

($1 = €0.67)

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By: Stefan Baumgarten
+1 713 525 2653

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