BUSINESS: Financial PPG Industries Reports 1Q Sales for 2013 By Staff Monday, April 22, 2013 12:20 AM PITTSBURGH— PPG Industries (NYSE:PPG) reported first quarter 2013 sales of $3.3 billion, virtually equal with the same period the prior year. Reported adjusted net income for the first quarter increased to $235 million. First quarter adjusted net income for 2012 was $216 million. “During the quarter, we delivered strong performance in our coatings portfolio, as we grew aggregate coatings segment earnings by 13 percent versus last year’s record level,” said Charles E. Bunch, PPG chairman and CEO. “We continued to experience notable demand divergence among the major regional economies, with activity generally strong in North America, broad growth improvement in Asia and persistent weakness in Europe. Optical and Specialty Materials first quarter 2013 segment sales were $314 million, down $20 million, or 6 percent, versus a record prior-year period that benefited from the optical industry recovery after late 2011 Thailand flooding. The lower volumes reflected the return to a traditional seasonal sales pattern along with somewhat lower optical consumer activity in the U.S., according to an announcement from the company. Partly offsetting this weakness was optical growth in Europe due to the successful commercial introduction of Generation VII Transitions lenses in February, coupled with modest silica demand improvements. Segment earnings of $99 million were down 9 percent, as the earnings impact of lower sales was partly offset by lower costs. During the conference call, Bunch was questioned by an analyst for “an update about PPG’s discussions with Essilor on the Transitions joint venture” to which Bunch responded, “we have no update today on the discussions other than the disclosure that we made early in the first quarter.” Bunch was referring to a January announcement that outlined details of discussions with Essilor International (ESSI.PA) relating to the future of PPG’s and Essilor’s joint venture, Transitions Optical, a leading provider of photochromic lenses to optical manufacturers and a consolidated subsidiary of PPG.