INDUSTRY NEWS EXTRA: Business Pulse<br>
First-Quarter Reports Reflect Deliberate Pace of Economic Recovery
First-quarter financial reports from major coatings manufacturers suggest that the uneven pace of the economic recovery is resulting in subdued growth in key coatings markets, with the industrial sector appearing to lag behind the architectural segment in rebounding from the 2001 downturn.
The Sherwin-Williams Co., PPG Industries Inc., DuPont Co., ICI plc, and Ferro Corp. reported declines in first-quarter earnings and sales from the same period a year earlier, and PPG announced additional restructuring moves aimed at reducing costs. Akzo Nobel said net income rose from the prior year, but operating income for the company's Coatings business fell slightly.