PPG anticipates strong first quarter 2011 results
Officials at PPG Industries, Pittsburgh, announced that they anticipate first quarter 2011 earnings to be in the range of $1.30 to $1.35 per diluted share, according to a March 30 release. This compares with adjusted earnings of 69 cents per diluted share and 18 cents per diluted share in the first quarters of 2010 and 2009, respectively.
“Our aggressive cost focus, coupled with continued recovery in global industrial activity levels and slightly higher than anticipated European volumes, has resulted in higher year-over-year earnings and comparable margins in our combined coatings and Optical and Specialty Materials segments,” said Charles E. Bunch, PPG chairman and CEO, in the release. “In addition, our commodity chemicals and fiber glass businesses are benefiting from higher pricing and stronger end-use market demand, and earnings have recovered substantially versus the prior year, which was still heavily impacted by the recession.”
Bunch said that the company expects many of these trends to continue in the second quarter. He added that, despite the strong earnings performance, several businesses have not fully offset inflationary pressures, and that the company is aggressively pursuing higher selling prices, including nontraditional pricing actions, in these businesses.
PPG will announce its first quarter 2011 financial results on April 21.