19 January 2012 14:06 [Source: ICIS news]
HOUSTON (ICIS)--PPG Industries’ 2011 fourth-quarter net income rose 5.4% year on year to $216m (€168m) but volumes were flat because of global economic uncertainties, the US-based chemicals and coatings producer said on Thursday.
Customers curtailed inventory and remained cautious with their ordering, CEO Charles Bunch said.
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PPG’s fourth-quarter sales rose 4% year on year to $3.5bn.
For the full 12 months of 2011, PPG’s net income was $1.1bn, compared with $769m in 2010, as sales rose 11% to $14.9m.
“During the year, we experienced uneven economic conditions, persistent raw material inflation, and continued anaemic construction activity in developed regions,” Bunch said.
“However, the geographic and end-use market diversity of our business portfolio continued to be an important benefit in 2011,” he added.
Looking ahead, Bunch expects 2012 first-quarter growth to remain uneven by region and varied by industry, similar to the fourth quarter of 2011, he said.
However, in the
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