PPG Reports Record Earnings

  Industry update

PPG Industries (NYSE:PPG) reported net sales for the second quarter 2012 of USD 4 billion. Net income for the quarter was USD 362 million, or USD 2.34 per diluted share, including nonrecurring charges

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PPG Reports Record Earnings
PPG Industries (NYSE:PPG) reported net sales for the second quarter 2012 of USD 4 billion. Net income for the quarter was USD 362 million, or USD 2.34 per diluted share, including nonrecurring charges. Adjusted net income for the quarter, excluding the nonrecurring charges, was USD 365 million, or USD 2.36 per diluted share. Second quarter 2011 net sales were USD 4 billion, and net income was USD 340 million, or USD 2.12 per diluted share. Second quarter 2012 results include after-tax charges of USD 3 million, or USD 2 cents per diluted share, for costs related to the company’s announced agreement to separate its commodity chemicals business and merge it with Georgia Gulf Corp. or its subsidiary. The company anticipates additional separation costs in the second half of 2012. There were no nonrecurring charges in the second quarter 2011.

“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, PPG 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.” According to Bunch, the negative currency impacts reduced overall sales by 5% and resulted in a negative USD 10 cents per share earnings impact versus the second quarter 2011. The company reported that cash and short-term investments totaled ap...

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