Second Quarter Delivers Solid Sales, Earnings for Major Coatings Companies
Leading the second-quarter charge was PPG Industries Inc., which set a sales record for any quarter in the company's history at $2.43 billion. Coatings-segment sales also set a new high-water mark, at $1.35 billion. The company's net income rose 20%, while coatings-segment operating income was up 8.8%, also posting a record high at $223 million.
The Sherwin-Williams Co. reported solid second-quarter sales and earnings on the strength of robust volumes for architectural coatings and improving market conditions for industrial maintenance coatings and product finishes. Sherwin-Williams' second-quarter net income rose 14.8%, to $126.4 million, while sales posted a 9% increase, to $1.62 billion. The company's giant Paint Stores segment reported an 11% sales increase, to $1.04 billion, while operating profit rose 17.3%, to $143.8 million.
RPM Inc. reported record sales and earnings for the company's fourth quarter and fiscal year ended May 31, with sales rising 12%, to $2.3 billion for the year and net income surging 302%. For the company's fourth quarter ended May 31, net income was $53 million, compared to a net loss of $43.4 million for the same period a year earlier. Sales for the quarter rose 15.5%, to $680.878 million.
Other major industry players chimed in with impressive second-quarter results for coatings businesses: