PPG reports record sales for Q4 2010
PPG Industries, Pittsburgh, reported record sales for the fourth quarter 2010 of $3.4 billion, an increase of 8 percent versus the prior year’s fourth quarter, according to a Jan. 20 release. Reported net income for the quarter increased to $205 million, or $1.24 per share. Fourth quarter 2009 sales were $3.1 billion, and reported net income was $142 million, or 85 cents per share.
“Our record fourth quarter sales and earnings capped what was an excellent year for PPG and give us momentum heading into 2011,” said Charles E. Bunch, PPG chairman and CEO, in the release. “In the quarter, our coatings and Optical and Specialty Materials segments combined to post sales and earnings records despite increasing raw materials costs for coatings. Our Commodity Chemicals and Glass segments continued their significant improvement trends by growing earnings by a combined $90 million year-over-year and delivering solid double-digit operating margins in a seasonally slow quarter.”
Read the full release.