International. PPG Industries reported net sales for the third quarter of 2011 of $3.8 billion, an 11% increase over the third quarter of last year. This implies that net income for the quarter increased to $311 million, or $1.96 per diluted share.
It is important to note that for the third quarter of 2010 net sales were $3.5 billion, and net profit was $262 million, or $1.58 per diluted share. Charles E. Bunch, president and CHIEF Executive Officer of PPG, said, "This is the fifth consecutive quarter in which we have surpassed our previous track record of quarterly results."
"This continued improvement in performance, especially in light of the current economic situation, demonstrates the value of our management's aggressive approach to operations and the continued benefit of the structural changes we have made to the company in recent years, including the decline of our cost base and expansion in emerging regions." Bunch also pointed out.
Although the company implemented higher prices to cope with the increase in the cost of inputs, global sales volumes remained. Demand in most North American markets rose moderately, while continued increases in sales volume in Asia/Pacific and Latin America offset the decline in demand in Europe.
In addition to the above, the company reported that to date revenue from operations has risen more than 10% compared to the previous year and explained that "looking ahead, we expect the current situation and regional economic trends to continue."
"Our liquidity position remains strong, and we intend to continue to focus on the effective deployment of initiatives that enable our earnings growth. In addition, we remain vigilant about the world economy, and we are prepared to adapt to changing conditions," Bunch concluded.
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