PPG reports record fourth quarter sales
Jan. 21, 2011 — PPG Industries this week reported record sales of $3.4 billion during the fourth quarter of 2010, an 8 percent increase over the same time period in 2009. Net income for the quarter increased $1.24 per share to $205 million.
The fourth quarter numbers end a strong year for the company. Annual sales were $13.4 billion, a 10 percent jump over 2009. Net income for the year reached $769 million. Overall sales for the year were still below 2008 numbers, but PPG Chairman and CEO Charles Bunch said the improvements over 2009 show how strongly the company is emerging from the recession.
“Our record fourth quarter sales and earnings capped what was an excellent year for PPG and give us momentum heading into 2011,” Bunch said. “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.”
The company plans to focus on the deployment of cash and short-term investments of nearly $2 billion for future growth.
“Looking ahead to 2011, we anticipate that the global economic recovery will strengthen and broaden,” Bunch said. “This should drive volume increases for PPG, which we expect to leverage into higher earnings through our continued cost focus.”
PPG also returned nearly $1 billion to shareholders this year through dividends and share repurchases.
PPG, founded in 1883, serves customers in industrial, transportation, consumer products and construction markets and operates in more than 60 countries.