PPG Industries recently reported sales for the 2011 second quarter of $4 billion, a 15% increase compared to the prior year’s second quarter. Each major region and reporting segment achieved volume and price gains. Net income for the quarter increased to $340 million. Second quarter 2010 sales were $3.5 billion, and net income was $272 million.
“Our coatings segments delivered excellent results,” said Charles E. Bunch, chairman and CEO. “The Performance Coatings segment established a new all-time earnings record, and the Industrial Coatings segment earnings matched the previous record. This was done despite operating margins for these segments that dropped modestly versus last year as a result of the weakened April volumes and an architectural customer bankruptcy charge.”
“Our strong execution during the quarter enabled us to deliver excellent financial performance, including record earnings for any quarter,” said Bunch. “We implemented further pricing initiatives and managed our businesses aggressively to overcome continued input cost inflation, a global economy that has only partially recovered and several transitory impacts to some businesses’ volumes early in the quarter. Our strong performance underscores the benefits of our broad end-use market reach and the global business portfolio we have built.”
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