Second Quarter Delivers Solid Sales, Earnings for Major Coatings Companies
The fortunes of major coatings manufacturers continued to improve in the second quarter, building on the momentum of late 2003 and the first quarter of 2004. Sales and earnings benefited from strong economic growth rates, robust housing and construction activity and improved industrial-production levels.
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.