PPG Industries reported third quarter 2014 net sales from continuing operations of $3.94 billion, up $161 million, or 4 percent, versus the prior year. Net income for the quarter from continuing operations, meanwhile, was $377 million, or $2.70 per diluted share.
“We continue to benefit from customer adoption of our leading technologies,” says Charles E. Bunch, PPG chairman and chief executive officer.
The company reported record third quarter adjusted earnings per diluted share from continuing operations of $2.82, up 22 percent year-over-year, as well as record third quarter earnings in each major region and cash and short-term investments totaling $3 billion at quarter-end.
“Results remained uneven across major regions,” says Bunch. “In North America, sales gains were supported by continued moderate economic expansion. European sales improved slightly, but results remained mixed as demand improvement in some countries was offset by weaker conditions in other parts of the region. Our growth rate in emerging regions accelerated slightly in comparison with recent quarters, led by improved PPG results in Asia and Latin America.”
PPG repurchased $150 million, or approximately 740,000 shares, of company stock during the quarter. It also reported year-to-date cash uses as follows: $358 million for capital spending, $269 million for dividends paid, $114 million on acquisition transactions that have closed, and $450 million on share repurchases totaling approximately 2.4 million shares.
The company expects its pending acquisition of Comex to close during the fourth quarter and has recently completed the sale of a North American flat glass manufacturing facility.