17 October 2013 14:41 [Source: ICIS news]
HOUSTON (ICIS)--PPG Industries’ third-quarter net income fell 33% year on year to $226m (€167m) because of $133m in charges but sales rose 17% to $4bn, the US-based coatings and specialty product firm said on Thursday.
PPG took charges to account for busines restructuring, an increase in its environmental reserve, and acquisition-related expenses. Adjusted third-quarter net income from continuing operations was $353m.
Sales rose on improved volumes in each of PPG’s major regions, “including some initial signs of stability in ?xml:namespace>
Looking ahead, Bunch said: “We expect to continue to benefit from the gradual growth in global demand trends.”
Bunch said that the fourth quarter is seasonally slower than the third quarter in many of PPG’s end-use markets, especially architectural coatings.
Architectural coatings represent a large proportion of PPG’s revenues following the completion of its acquisition of AkzoNobel’s North American architectural coatings business in April.
($1 = €0.74)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections