US PPG Industries' Q4 net income up 12% as sales rise 14% to $3.7bn

16 January 2014 14:02  [Source: ICIS news]

HOUSTON (ICIS)--US coatings and specialty products company PPG Industries on Thursday reported a 12% year-over-year increase in fourth-quarter net income to $254m, driven by a 14% increase in sales to $3.7bn.

"We achieved record fourth-quarter financial results, as higher earnings stemming from our continuing operating and cost discipline are now being coupled with a higher level of organic sales growth," said CEO Charles Bunch.

"We continued to outpace industry growth in aerospace and automotive OEM [original equipment manufacture] coatings," Bunch said.

"More broadly, we also benefited from stabilising regional demand in Europe, as our year-over-year coatings volumes in that region were flat in the fourth quarter following nine consecutive quarters of decline," he added.

PPG’s full-year 2013 net income was $3.2bn, up from $941m in 2012. Full-year results included a $2.2bn net gain from PPG’s former commodity chemicals business which was separated in January 2013. Sales for the 12 months ended 31 December were $15.1bn, up 12% year over year.

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

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.

Printer Friendly

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