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PPG Industries reported record Q2, 2014 net sales from continuing operations of US$4.1bn, up US$199M or five percent, yr-on-yr. Q2 reported net income from continuing operations was US$393M or US$2.80/diluted share. Adjusted net income from continuing operations was US$398M or US$2.83/diluted share, which excludes US$3M after-tax, or US$0.02/diluted share, for pension settlement costs and US$2M after-tax, or US$0.01/diluted share, for acquisition-related costs.
"The benefits of our new business portfolio are measurable, as our adjusted earnings per share from continuing operations increased 24% this quarter, with an average quarterly increase the past six quarters of more than 30%,” said Charles E Bunch, PPG Chairman and CEO.
"In the quarter, we continued to deliver growth across most of our businesses in comparison with strengthening prior-year results. We realised the highest growth in automotive OEM and various general industrial and speciality coatings end-use markets, as we continue to benefit from solid end-use market demand supplemented by customer adoption of new PPG technologies.
"Emerging-regions earnings advanced 14%, as PPG benefited from accelerating growth rates for automotive OEM and other industrial-related products in both China and India.”
