MOSCOW (
MRC) -- PPG reported first quarter net income of USD347 million, up 8.1% year-on-year (YOY), on sales that were roughly flat at USD3.67 billion, said the producer on its site.
Adjusted net income totaled USD1.31/share, slightly ahead of analysts’ consensus estimate of USD1.30/share, as reported by Thomson Reuters (New York). Volumes grew YOY, led by packaging, automotive refinish, and architectural coatings, according to PPG. The company saw volume gains in most regions of the world.
“Sales volumes grew one percent year-over-year, reflecting a continuation of modest global demand trends. Our growth accelerated and broadened in Europe, where volumes have improved for five consecutive quarters. U.S. and Canada sales volumes were flat, as we continued to experience variations by end-use market and country. Year-over-year growth in emerging regions remained positive, despite strong prior-year growth in China and Mexico, and reflected uneven end-use market demand,” McGarry said. “Sales volume increases were comparable in both of our coatings segments, led by the packaging, automotive refinish and architectural coatings – EMEA businesses. Sales volumes declined in our Glass segment primarily due to reduced production capacity related to a scheduled facility outage. Also, the six acquisitions we completed during 2015 contributed to the improved financial results for our two coatings segments,” McGarry said.
As MRC informed earlier, PPG Industries agreed to acquire US-based IVC Industrial Coatings for an undisclosed amount. The company operates five manufacturing facilitates in the US, one plant in Guangdong, China, and a small development lab in Manchester, England.
PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world.
MRC