PPG reports record results for Q2

PPG Industries has reported record Q2 net sales in 2013 of US$4.1bn, up 16% yr-on-yr. 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 (US$1.92 yr-on-yr), excluding non-recurring acquisition-related charges of US$0.10/diluted share.
"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. "The record adjusted earnings results were driven by our strong operating focus, including ongoing aggressive cost management and the earnings benefit from cash deployed on recent coatings acquisitions.”