PPG Reports Record Second-Quarter 2015 Sales
PPG Industries recently reported record second quarter 2015 net sales from continuing operations of $4.1 billion, up $18 million, or about 1%, compared to the prior-year figure of $4.08 billion.
Second quarter net income was $337 million, and adjusted net income was $458 million.
The Performance Coatings segment net sales for the quarter were $2.41 billion, up about 3% year-over-year. Acquisition-related sales, including Comex and several smaller acquisitions, reportedly added about $235 million to net sales, or about 10%.
Quarterly net sales for the Industrial Coatings segment were $1.41 billion, down 3% year-over-year. Segment sales volumes grew more than 2%, and acquisition-related sales, primarily from REVOCOAT, added about 3%, offset by unfavorable foreign currency translation that reduced net sales by approximately $110 million.
“We delivered all-time-record adjusted earnings per share, up 18%, supported by second quarter earnings records in each of our coatings segments and expanded year-over-year earnings in our glass segment,” said Charles E. Bunch, chairman and CEO.
“Sales volumes grew 1% year-over-year, similar to the first quarter, reflecting modest global economic growth. Regionally, in comparison with last quarter, our growth rates improved in Europe and the U.S., moderated in Asia, and remained unfavorable in South America,” he said.
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