PPG Reports Increased Volume, Price Compression in Second QuarterJuly 20th, 2012 | Category: Industry News
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.”