PPG Q3 net income falls 33% on charges, but sales rise 17% to $4bn

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 Europe", CEO Charles Bunch said.

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)

By: Stefan Baumgarten
+1 713 525 2653

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