United States. PPG Industries reported net sales for the third quarter of 2014 for continuing operations of $3.94 billion, or $161 million, or 4% higher than the prior year.
Net income from continuing operations was $377 million, or $2.70 per diluted share. In the third quarter of 2014, adjusted net income from continuing operations was $394,000,000, which excludes asset divestment earnings of $73 million after tax, charges of $86 million after tax for increased environmental reserves acquired, acquisition-related costs of $2,000,000 after tax, and a $2,000,000 after-tax pension settlement fee.
"We continue to benefit from customer adoption of our core technologies," said Charles E. Bunch, president and chief executive officer of PPG. "In the quarter, net sales increased by 4%, which is consistent with the previous quarter, and revenue grew in each region. Our sales performance was driven by continued increases in aerospace, OEM automotive coatings and auto repainting, where our growth this quarter matched or exceeded recent quarters."
"The results remained uneven in the major regions," Bunch added. "In North America, sales gains were supported by continued moderate economic expansion. Sales in Europe improved slightly, but results remained mixed while improved demand in some countries was offset by weaker conditions elsewhere in the region. Our growth rate in emerging regions accelerated slightly compared to recent quarters, driven by improved PPG results in Asia and Latin America."
