
PPG Reports Increased Volume, Price Compression
in Second Quarter
July 19, 2012
Pittsburgh-based PPG Industries has reported that its glass segment
sales for the second quarter totaled $273 million, down $1 million
for the same period in 2011.
The company reports that "higher flat glass volumes were offset
by lower pricing and the negative impact of foreign currency translation."
Glass segment earnings totaled $23 million, a decrease of $6 million
from the prior-year quarter as a result of lower pricing, according
to the company's most recent financial report.
PPG reported net sales of $4 billion for the second quarter for
the company and net income of $362 million-a record quarter, according
to the company's report.
"Overall, our sales in local currencies grew in the quarter,
led by continued strong organic growth in North America," says
PPG chair and CEO Charles Bunch. "Business in emerging regions
also expanded, but results were mixed by end-use market. Organic
growth in North America and emerging regions was comparable to first
quarter performance; however, these gains were partly offset by
a further, fairly broad step-down in European demand. These regional
variations were evident in nearly all our global businesses, which
resulted in an overall flattening of our worldwide volume growth
rate."
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