PPG Coatings, Refinish Sales Up in Q2 2017 Financial Results
July 24, 2017—PPG reported second quarter 2017 net sales of $3.8 billion, up about 1 percent versus the prior year. Organic sales expanded in automotive refinish, led by improved results in developed regions.
Automotive original equipment manufacturer (OEM) coatings sales volumes increased by a low-single-digit percentage year-over-year, and exceeded global auto industry production rates which declined slightly versus the prior year.
Overall net sales in local currencies grew nearly 2 percent year-over-year, aided by acquisitions. Selling prices improved slightly versus the prior year and in comparison to recent sequential quarters, reflecting initial efforts to offset raw material cost inflation. Aggregate sales volumes were flat year-over-year with variation by region and business unit. Unfavorable foreign currency translation impacted net sales by nearly 2 percent, or about $65 million.
Second quarter 2017 net income from continuing operations was $504 million, or $1.95 per diluted share. Second quarter 2017 adjusted net income from continuing operations was $472 million, or $1.83 per diluted share.
Second quarter 2016 reported net income from continuing operations was $339 million, or $1.25 per diluted share. Second quarter 2016 adjusted net income from continuing operations was $466 million, or $1.73 per diluted share.