PPG Second Quarter Sales Grow 16%
PPG Industries recently reported record second quarter net sales in 2013 of $4.1 billion, up 16% compared to the prior year. Second quarter 2013 reported net income from continuing operations was $341 million. Adjusted net income for the quarter was $356 million.
Glass segment sales were $269 million for the quarter, down $4 million year over year. Volumes declined in both fiber glass and flat glass, and were partly offset by higher flat glass pricing. Segment earnings were $8 million, a decrease of $15 million from the prior-year quarter.
“We achieved new sales and adjusted earnings records due to the continued strong performance of our coatings businesses, which in aggregate delivered 25% earnings growth in comparison to last year’s record level,” said Charles E. Bunch, chairman and CEO. “The record adjusted earnings results were driven by our strong operating focus, including ongoing aggressive cost management, and the earnings benefit from cash deployed on recent coatings acquisitions.”
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