PPG reports record earnings

PPG Industries reported sales for the second quarter of 2011 of $4.0 billion, an increase of 15 percent versus the prior year's second quarter.

Net income for the quarter increased to $340 million versus $272 million in second quarter 2010, according to a July 21 company release.

"Our strong execution during the quarter enabled us to deliver excellent financial performance, including record earnings for any quarter," said Charles Bunch, PPG chairman and CEO, in the release. "We implemented further pricing initiatives and managed our businesses aggressively to overcome continued input cost inflation, a global economy that has only partially recovered and several transitory impacts to some businesses' volumes early in the quarter," he said.

Glass segment sales were $274 million, up $27 million, or 11 percent, compared with the prior year as a result of improved volumes, fiber glass pricing and favorable foreign currency translation. Segment income was $29 million, an improvement of $13 million, according to the release.

600450 PPG reports record earnings glassonweb.com
Date: 3 August 2011
Source: PPG Industries

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