18 April 2013 16:19 [Source: ICIS news]
HOUSTON (ICIS)--PPG Industries’ 2013 first-quarter net income jumped to $2.4bn (€1.8bn), from $13m in the same period a year ago, because of a big one-off gain from the separation of its commodity chemical business, the US-based coatings and specialty materials firm said on Thursday.
PPG in January completed the separation of its commodity chemicals business and subsequent merger with a subsidiary of ?xml:namespace>
PPG’s first-quarter income from continuing operations was $254m, compared with a loss of $16m in the 2012 first quarter. Sales for the three months ended 31 March were $3.3bn, unchanged from the same period a year ago.
“During the quarter, we delivered strong performance in our coatings portfolio, as we grew aggregate coatings segment earnings by 13% versus last year’s record level,” said CEO Charles Bunch.
“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
“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 [original equipment manufacturer], aerospace and
Looking ahead, PPG expects “positive momentum” in the
($1 = €0.77)
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