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PPG reports profit gain on sales of $4 billion for 2Q

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

PPG Industries reported sales for the second quarter 2011 of $4 billion, an increase of 15 percent versus the prior year’s second quarter. Each major region and reporting segment achieved volume and price gains. Income for the quarter increased to $340 million. Second quarter 2010 sales were $3.5 billion, and income was $272 million.

“Our strong execution during the quarter enabled us to deliver excellent financial performance, including record earnings for any quarter,” said Charles Bunch, PPG chairman and CEO. “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.”

Performance Coatings segment sales for the quarter were $1.2 billion, up $119 million, or 11 percent, versus last year’s second quarter. Segment earnings grew $14 million to an all-time quarterly record of $204 million.

Industrial Coatings segment sales rose $136 million, or 14 percent, to $1.1 billion versus last year’s second quarter. Segment earnings for the quarter were $115 million, an increase of $3 million from the prior year’s second quarter.

Sales for the Architectural Coatings – EMEA segment for the quarter of $611 million increased $111 million, or 22 percent, versus the prior year. Segment earnings of $50 million matched the prior year.
During the quarter, the company finalized the acquisitions of Equa-Chlor and Ducol Coatings and announced its agreement to acquire Dyrup A/S.

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