PPG Reports First Quarter Earnings Growth, Glass Sales Flat
April 19, 2012

PPG Industries of Pittsburgh today reported glass segment sales of $256 million for the first quarter 2012, down $2 million, or 1 percent, year-over-year. The company's net sales was $3.8 billion for the quarter, an increase of 6 percent versus the prior year's first quarter.

The glass segment earnings were $8 million, a decrease of $18 million from the prior-year quarter as a result of lower pricing, decreased capacity utilization and lower international licensing and equity earnings, according to the report.

"PPG's earnings growth momentum continued during the first quarter, and we achieved a seventh consecutive quarter of record earnings with adjusted earnings per share up about 30 percent versus last year," says Charles E. Bunch, PPG chairman and CEO. "… In the quarter, we benefited from strengthening demand in the United States in most end-use markets and growth in emerging regions, which offset weaker European activity."

Net income for the quarter was $13 million, or 8 cents per diluted share, including nonrecurring charges. Adjusted net income for the quarter, excluding the nonrecurring charges, was $279 million, or $1.81 per share. First quarter 2011 net sales were $3.5 billion, and net income was $228 million, or $1.40 per diluted share.

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