Volume 48, Issue 12- December 2013
PPG Sees Improved Glass Segment Sales In Third-Quarter Results
PPG enjoyed record third-quarter results, including improved glass segment sales, which netted $278 million for the quarter—an increase of $16 million year over year. Volumes grew modestly in flat glass, reversing a negative trend from earlier in the year, while pricing also improved. Segment earnings were $21 million, a decrease of $3 million from the prior-year quarter. The positive earnings impact from improved sales was offset by reduced equity and international licensing earnings and the negative impact of inflation, including higher transportation and natural gas unit costs.
In its statement PPG’s latest financial figures showed the company’s net sales had increased 17 percent from the same time last year to $4 billion, resulting in a net profit of $220 million from continuing operations. The company reported year-to-date cash from continuing operations of about $1.3 billion, approximately 25 percent ahead of the prior-year total. In addition, cash and short-term investments totaled about $2.2 billion as of September 30, 2013, up from $2.0 billion at the end of the third quarter 2012.
Glaston Expects 2013 Net Sales to Exceed 2012
Glaston issued its interim report for the period of January 1 to September 30, 2013, and said orders received during this period totaled $122.3 million (USD). Consolidated net sales in January-September totaled $117.4 million (USD). Third-quarter net sales were $35.8 million (USD).
Glaston officials say they expect its 2013 net sales to exceed 2012 net sales.
Among highlights from the period of January-September was the completion of the sale of Glaston’s Software Solutions business area in the first quarter for a sale price of $24.5 million (USD). During the first quarter, the company also completed the sale and leaseback of the Tampere factory property complex in Finland, the sale of which resulted in a non-recurring capital gain of $5.0 million.
Vitro Release Notes Positive EBITDA, Reduced Debt
Vitro S.A.B. de C.V. has released its financial results for the third-quarter, and reported its consolidated EBITDA increased 0.6 percent year-over-year for the third-quarter, totaling $106 million USD. The company attributes the positive result to “a good performance by the container division, counterweighting a lower result in the flat glass unit.
Company officials also reported that they’ve reduced Vitro’s net debt by $83 million to $1.0 billion from $1.1 billion in the second quarter. The reduction in debt resulted from “a healthy cash flow from operations of $100 million.”
As a result of the adverse weather in Mexico during the month of September, company officials report that consolidated net sales declined 6.1 percent during the quarter to $427 million; Vitro also attributes the drop to lower sales volumes.