Float manufacturers report mixed quarterly results
Mexico’s Vitro S.A. de C.V., France’s Saint-Gobain and Japan’s Nippon Sheet Glass released quarterly earnings reports in the last week with mixed results.
Earnings for Vitro’s flat-glass division suffered in its second quarter, according to the company’s July 25 release.
While consolidated net sales for Vitro’s flat glass division edged up 0.5 percent in the second quarter this year, compared to the same period in 2005, earnings before taxes, interest, depreciation and amortization fell 9 percent, according to the release.
Alvaro Rodriguez, chief financial officer, reported in the release that the company scaled back exports of flat glass and will “refocus on domestic markets.”
Consolidated net sales for the entire company increased 5.7 percent during the quarter, compared to last year, according to the release.
However, at the close of Saint-Gobain’s second quarter, sales were up 20 percent compared to last year, according to a July 27 release.
Sales for the company reached $26 billion in the first six months of the year, up 20 percent from the same period last year. The company’s net income for the period increased about 27 percent to just more than $1 billion, according to the release.
Sales in the flat-glass division rose by 4.2 percent compared to last year. High prices of fuel and raw materials limited growth for the division, according to the release.
Nippon Sheet Glass completed its first quarter of 2007, running April to June, with sales up 1.2 percent compared to the same period last year, according to the company’s July 28 financial report.
Sales rose from $545 million in first quarter 2006 to $552 million during the same period this year, according to the report.
The profit and income results for the company during the quarter were tremendously skewed because of the company’s June 16 purchase of British glassmaker Pilkington for about $3.3. billion.
Pittsburgh’s PPG Industries released its quarterly report two weeks ago… read more