Financial News
PPG posts 36% rise in 3rd-quarter profit
PPG said its third-quarter profit rose 36
percent as cost-cutting and a modest
improvement in demand compared
with the first half of the year offset a big
decline in sales. Revenue dropped 24
percent to $3.23 billion from $4.23 billion a year ago. Charles Bunch, PPG
chairman and chief executive, said the
company expects "only modest improvement in the overall economy" in the
fourth quarter. He expects growth in
Asia will continue, and global automotive production "will remain at least at
the third quarter levels, if not higher."
Automakers are key customers for
PPG. Earnings rose to $159 million in
the three months ended Sept. 30 from
$117 million a year ago.
revenue was down six percent while
volume dropped nine percent.
"We have seen some signs of an im-
provement in emerging markets, but
overall we don’t foresee a quick recovery,"
said chief executive Hans Wijers. CW
SHERWIN-WILLIAMS 3Q PROFIT
SLIPS ON WEAK SALES
Sherwin-Williams said weaker paint
sales to residential, commercial, consumer and global customers drove down
third-quarter earnings, but stricter cost
controls helped soften the blow.
"We have seen limited improvements
in DIY and other end-user areas of our
business but not to an extent that indicates any significant recovery or sustainable growth from the depressed markets
of the past year," CEO Christopher
Connor said in a statement.
Quarterly earnings fell 1.1 percent
to $175.2 million from $177.1 million.
Revenue fell 12 percent to $2 billion
from $2.27 billion.
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AKZONOBEL 3Q PROFIT UP 30%
AkzoNobel reported its third-quarter
sales continued falling but cost savings maintained profitability. Revenue
declined 10 percent to € 3.639 billion.
The company posted a third-quarter
net profit of €197 million, up 30% from
a year earlier as it offset the slide in
sales with cost savings. At the performance coatings division revenue
fell 12 percent and volumes fell 11 percent. Its decorative paintings’ division
