PPG Industries (NYSE: PPG), Pittsburgh, PA, reported sales for the third quarter of $3.9 billion, down 1.6 percent from the same period a year ago. In local currencies, sales increased 6 percent. Profit increased 19.4 percent to $443 million.
“Our third-quarter performance was achieved despite the impact of unfavorable foreign currency translation, which was more than offset by the continued benefit of our acquisitions, including consistently strong performance of Comex, ongoing and aggressive cost-management actions and continued cash deployment,” said Michael McGarry, president and CEO.
For the first nine months, sales were $11.6 billion, down 0.2 percent year-over-year. Profit for the period was $1.1 billion, down from $2 billion the prior year.