PPG Industries, which operated more than 150 manufacturing plants across the globe, last week reported record sales for the third quarter of $4.2 billion, surpassing the prior year's third quarter results by 37%. Third quarter reported net income was $117 million.
"Our financial performance this quarter demonstrates both the successful execution of our transformation strategy and the continued strength of our commodity chemicals business," said Charles E. Bunch, PPG chairman and chief executive officer. "Over the past several years, we have become a more resilient company by expanding our geographic reach, entering new end-markets, and strengthening our ability to generate cash. In the quarter, our adjusted earnings per share were comparable with last year despite the negative impacts from two U.S. Gulf Coast hurricanes and significantly weaker automotive OEM production."
During the quarter, the company finalized the sale of an approximate 60% interest in its automotive glass and services business, and it announced business restructuring that will result in expected savings at an annual run rate of approximately $100 million by the end of 2009.
