PPG Industries has reported sales for the 2010 second quarter of $3.5 billion, an increase of 11% compared to the prior year’s second quarter. Second quarter reported net income was $272 million, or $1.63 per share. Second quarter 2009 sales were $3.1 billion and reported net income was $146 million, or $0.89 per share.
“PPG’s strong results this quarter benefited largely from a 10% increase in volumes,” said Charles E. Bunch, PPG chairman and CEO. “The breadth of geographies and end-use markets that we serve is enabling us to leverage continuing positive momentum in global industrial demand. The performance of our portfolio is being elevated by this higher industrial activity and strong demand across the Asia/Pacific and Latin America regions. This is more than offsetting weak construction markets in North America and Europe.
“Our earnings this quarter were aided by an improved sales mix from some of our top-performing businesses, such as Aerospace, Auto Refinish and our Optical and Specialty Materials segment,” he said. The Commodity Chemicals segment earnings rebounded significantly compared the first quarter, and the company’s Glass segment benefited from improved performance in the fiber glass business, Bunch said.
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