PPG Reports Record Second Quarter Net Sales and Earnings Per Share
PITTSBURGH – PPG Industries reported record second quarter 2015 net sales from continuing operations of $4.1 billion, up $18 million, or about 1 percent, versus the prior-year figure of $4.08 billion. Net sales in local currencies increased by 8 percent, or approximately $340 million, year-over-year, which included a 7 percent contribution from acquisition-related sales and a 1 percent improvement in sales volume. Unfavorable foreign currency translation reduced year-over-year net sales by more than 7 percent, or nearly $320 million.
Second quarter 2015 reported net income from continuing operations was $337 million, or $1.23 per diluted share, and adjusted net income from continuing operations was $458 million, or $1.67 per diluted share. Net income from continuing operations for the second quarter 2015 includes an after-tax business restructuring charge of $106 million, or 39 cents per diluted share, and portfolio transformation transaction-related costs of $15 million, or 5 cents per diluted share. Second quarter 2014 reported net income from continuing operations was $393 million, or $1.40 per diluted share, and adjusted net income from continuing operations was $398 million, or $1.42 per diluted share. Net income from continuing operations for the second quarter 2014 included after-tax portfolio transformation transaction-related costs of $2 million, or 1 cent per diluted share, and pension settlement costs of $3 million, or 1 cent per diluted share.