PPG Q3 sales flat
PPG acquires auto refinish products manufacturer.
Paint and coatings manufacturer PPG reported third quarter 2018 net sales of about $3.8 billion, up just 1% from third quarter 2017 net sales of a more than $3.7 billion.
The company said sales volume growth of about 2% was offset by lower U.S. architectural coatings volumes due to previously announced customer assortment changes, including Lowe’s decision earlier this year to discontinue its partnership with PPG paints while expanding its relationship with Sherwin-Williams.
The Pittsburgh, Pa.-based company also reported a third quarter net income from continuing operations of $368 million – more than a 6% drop from a net income of $393 million during the same period last year.
Industrial coatings segment third quarter net sales were about $1.5 billion, up $42 million, or nearly 3% compared to the prior year but architectural coatings sales declined a single digit percentage year-over-year, the company said.
Michael McGarry, PPG chairman CEO said the company has “improved” selling prices for 6 consecutive quarters and additional pricing actions are underway. McGarry also said the company has undertaken an acceleration of restructuring actions and additional cost management strategies.
PPG also announced today it is acquiring SEM Products, Inc., a Rock Hill, S.C.-based manufacturer of specialized automotive refinish products. The transaction is expected to close in the fourth quarter 2018. Financial terms were not disclosed.
No comments found