LG Display CEO: Glass Shortage May Ease Oversupply

Date: 20 July 2009
Source: Reuters

Date: 20 July 2009

PITTSBURGH, July 16, 2009 – PPG Industries (NYSE:PPG) today reported sales for the second quarter of $3.1 billion, a decline of 30 percent versus the prior year’s second quarter including a 6 percent decline resulting from a business divestiture in 2008.

The company reported net income of $146 million, or 89 cents per share. Adjusted net income was $148 million, or 91 cents per share. Second quarter 2008 sales were $4.5 billion and reported net income was $250 million, or $1.51 per share, and adjusted net income was $275 million, or $1.66 per share.
 
Sales in the quarter were down $1.4 billion, including a $253 million impact from the divestiture of a majority interest in the automotive glass and services (AG&S) business. Sales declined in all major regions of the world, with negative foreign currency translation a contributing factor in the decrease.
 
Second quarter 2009 net income includes an aftertax charge of $2 million, or 2 cents per share, to reflect the net increase in the current value of the company’s obligation under its proposed asbestos settlement, which is pending court proceedings. Reported second quarter 2008 net income included one-time, aftertax charges related to PPG’s AG&S business of $23 million, or 14 cents per share, and an aftertax charge of $2 million, or 1 cent per share, for the proposed asbestos settlement.
 
“While sales and earnings were down versus last year, our cash generation was up 25 percent and our earnings rose considerably in comparison to the previous two quarters,” said Charles E. Bunch, PPG chairman SEOUL, July 17 (Reuters) - LG Display expects the LCD industry to face an oversupply situation between late this year and early 2010, but its chief executive said the impact could be limited due to glass shortages and possible output cuts by makers.
 
CEO Kwon Young-soo also said he expected the company to start making organic light-emitting diode (OLED) panels for TV sets by 2012, although the timing for volume production had yet to be decided.
 
LG Display Co Ltd (034220.KS), the world's second-biggest maker of liquid crystal display (LCD) panels, also aims to become the sector's leader in terms of profitability by 2011, he said.
 
Kwon's remarks were made at a news conference late Thursday and embargoed until Friday.
600450 LG Display CEO: Glass Shortage May Ease Oversupply glassonweb.com

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