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PPG Industries has reported record Q2 net sales in 2013 of US$4.1bn (+16% yr-on-yr). Reported net income from continuing operations was US$341M or US$2.35/diluted share. Adjusted net income was US$356M or a record US$2.45/diluted share, excluding non-recurring acquisition-related charges of 10 cents/diluted share. Net income and earnings/diluted share from continuing operations were US$297M and US$1.92 respectively.
"We achieved new sales and adjusted earnings records due to the continued strong performance of our coatings businesses, which in aggregate delivered 25% earnings growth in comparison to last year’s record level,” said Charles E Bunch, PPG Chairman and CEO.
PPG also announced a US$102M business restructuring programme, focused on achieving cost synergies related to the recent North American architectural coatings acquisition.
