PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Register Now for D+D 2014

Paint and Coatings Industry News

Main News Page


PPG Reports Revenue Decline

Friday, October 16, 2009

Comment | More

PPG Industries has reported that its third quarter sales show a decline of $3.2 billion, or 24%, versus third quarter 2008. The figure includes a 5% decline resulting from a business divestiture in 2008. The company reported a net income of $159 million and an adjusted net income of $161 million.

Third quarter 2008 sales were $4.2 billion, with a reported net income of $177 million and an adjusted net income of $227 million.

“In the quarter, we continued to restore profitability and to deliver strong cash generation,” said Charles E. Bunch, PPG chairman and chief executive officer. “We benefited from our aggressive cost-reduction actions, as well as a modest improvement in demand versus the first half of 2009, stemming from a very gradual recovery in the global economy.”

Bunch also said that the company posted record earnings in the Asia/Pacific region due to stronger year-over-year performance in China. He stated that PPG repaid $700 million of debt in the third quarter and has about $900 million cash on hand.

The performance coatings segment sales decreased by $154 million, or 13%, in third quarter 2009 versus the prior year’s quarter. The decline was due to lower sales across all businesses and weaker foreign currency.

Architectural coatings—Europe, Middle East, and Africa (EMEA) segment sales fell by $73 million. Segment sales in the optical and specialty materials segment dropped by $33 million. The commodity chemicals segment saw a decrease in sales of $213 million, or 43%. Glass segment sales declined by $329 million, primarily due to the AG&S business divestiture.

The industrial coatings segment sales for the quarter decreased by $198 million, or 19%, due primarily to lower year-over-year volumes in the automotive coatings and industrial coatings businesses. However, demand in the third quarter improved over the first two quarters of 2009. Segment earnings for the quarter were $58 million, which is an increase of $10 million from third quarter 2008.

PPG Industries is headquartered in Pittsburgh, PA, and is a global supplier of paints, coatings, optical products, specialty materials, chemicals, glass, and fiber glass.

For more information, visit www.ppg.com.

   

Tagged categories: Earnings reports; Finance; PPG

Comment Join the Conversation:

Sign in to our community to add your comments.

NLB Corporation
VacLance cleans up as you work

Add vacuum recovery to any NLB rotating water jet lance with a VacLance attachment and vacuum source. Model DM32283 works vertically, horizontally and in corners.


Wasser High-Tech Coatings Inc.
Wasser Coatings Protect

some of the most important bridges in the country; learn about our NEPCOAT-approved system and our entire range of MCU & Polyurea coatings. 1-800-627-2968 www.wassercoatings.com


Polyval Coatings
Polyflex® Polyurea Linings

exhibit outstanding versatility in use; providing abrasion resistance, superior seamless waterproofing and high-chem corrosion protection. www.polyflexlinings.com


Graco Inc.
Eco-friendly surface prep blasting equipment

EcoQuip blast equipment adds a fine water mist during the spraying process for less dust. Less media consumption. Less cleanup. Easy to use. Call 877.326.7847


International Paint LLC
A Long Track Record of Success

  • Polyurethanes
  • Linings
  • Epoxies
  • Zincs
The Power to Protect™
1-800-589-1267


Greener Blast Technologies
Reinventing the Blasting Industry

Greener Blast Technology, Inc. manufactures the most effective slurry blasting system available on the market to date.


Corrosion Probe, Inc.
From Detection to Correction

Corrosion Probe, Inc. has the Most Concrete Coatings Experience and Expertise. Contact us today at
860-767-4402, www.cpiengineering.com

 
 
 
Technology Publishing

The Technology Publishing Network

The Journal of Protective Coatings & Linings (JPCL) PaintSquare
Durability + Design Paint BidTracker JPCL Europe

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
 

© Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com