PPG Industries profit declines

PPG Industries Inc. posted a 38% decline in third-quarter profit, hurt by lower sales amid weaker demand for its products. The Pittsburgh, US, maker of chemicals, coatings, glass and fibreglass produc…

PPG Industries Inc. posted a 38% decline in third-quarter profit, hurt by lower sales amid weaker demand for its products. The Pittsburgh, US, maker of chemicals, coatings, glass and fibreglass products reported net income of US$ 93 million, or 55 cents a share, compared with US$ 150 million, or 86 cents a share, a year earlier. Sales fell 6.8% to US$ 2 billion from US$ 2.14 billion. PPG warned in September that third-quarter earnings would be sharply lower than the 73 cents a share expected by analysts, tabulated from a Thomson Financial/First Call survey. The company said it instead would earn between 50 and 60 cents a share, citing the slowing global economy and the uncertainty following the 11 September attacks. PPG also pointed out then that rising unemployment, spreading economic weakness and auto makers“ plans to lower production already had taken a toll on business, even before the attacks.