Sales of the performance coatings and finishes group were higher in the fourth quarter of 2003 than in the fourth quarter of 2002, due to the continued impact of currency exchange rates on foreign operations. Segment income, however, declined slightly due to higher costs, according to Ameron. For the full year, coatings sales and segment income were higher in 2003 than in 2002.
According to Ameron, industrial markets served primarily by operations in the U.S. and Europe remained weak, while demand for offshore and marine coatings improved.
The company reported that future improvements by the performance coatings and finishes group are dependent on increased spending in worldwide industrial, marine and offshore markets, which appear to be strengthening. The market improvement should bode well for the performance coatings and finishes group, according to a company statement.