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.
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