PPG Achieves Record-Breaking Second Quarter Sales
PPG Industries recently reported financial results for the second quarter of 2012. Net sales for the quarter were $4 billion and net income was $362 million. Adjusted net income for the quarter, excluding the nonrecurring charges, was $365 million. Second quarter 2011 net sales were $4 billion, and net income was $340 million.
Performance Coatings segment sales for the quarter were $1.2 billion, up 1% vs. the prior year. Industrial Coatings segment sales for the quarter were $1.1 billion, up 2% or $24 million over the previous year. Segment volumes grew by more than 20% in the U.S., including strong automotive OEM coatings business performance. Architectural Coatings for the EMEA (Europe, Middle East and Africa) segment had second quarter sales of $601 million, a decrease of $10 million, or 2%, vs. the prior year due to lower volumes partly offset by price.
Glass segment sales were $273 million for the quarter, down $1 million from the prior year. Higher flat glass volumes were reportedly offset by lower pricing and the negative impact of foreign currency translation. Fiber glass pricing declined from prior-year levels, driven by reduced European and Asian demand. Segment earnings were $23 million, a decrease of $6 million from the prior-year quarter as a result of lower pricing and lower fiber glass equity earnings.
“In the second quarter, PPG delivered the highest quarterly earnings per share in company history as a result of continued execution, strong cost discipline and effective cash deployment,” said Charles E. Bunch, chairman and CEO. “These record earnings were achieved despite significantly weaker European and Latin American currency exchange rates and growth that varied by region and end-use market.”
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