PPG Industries reported Q1 2013 net sales from continuing operations of $3.3 billion, equal to the prior year.
Its glass segment sales were $256 million for the quarter, matching the prior year sales for the same quarter. It said higher flat glass volumes had been offset by lower glass fibre glass pricing due to reduced demand.
The lower pricing led to a decrease of $3 million in its segment earnings to $5 million along with the negative impact of inflation, including higher natural gas costs, which offset strong manufacturing cost improvements.
CEO Charles Bunch said there are signs of improvement in the commercial construction market and said the flat glass market was a leading indicator of the improvement.
“Looking to Q2, we anticipate positive momentum in the USA and Asia to continue, while conditions in Europe remain challenging with limited prospects for near-term improvement,” Bunch said.
