Net income for the quarter (ended 30 June 2009) was $146 million.
“Looking ahead to the third quarter, we expect overall market demand to improve, but only mildly,” says Charles E. Bunch, PPG's chairman and CEO, noting that the third quarter is traditionally a slower period due to seasonal trends in PPG’s businesses. “We expect sequential improvement in the US automotive OEM market, but we expect the opposite for commodity chemicals.”
PPG Fiber Glass, a supplier of glass fibre reinforcements for the composites industry, is part of PPG's Glass business. In this sector, second quarter net sales were $207 million, down $374 million from the prior year, mainly because of a business divestiture completed in September 2008. Lower volumes, reflecting reduced construction and general industrial demand, and weaker foreign currency also contributed to weaker sales.
The Glass sector reported a loss of $7 million, a fall of $37 million due to the lower volumes and the absence of earnings from the divested business.
Pittsburgh, USA-based PPG is a global supplier of paints, coatings, optical products, speciality materials, chemicals, glass and fibre glass.