PPG Industries Inc. (NYSE: PPG) shares descended Thursday, as the company produced second-quarter sales numbers that towered over those of the year before.
The company, based in Pittsburgh, reported second-quarter 2018 net sales of about $4.1 billion, up nearly 9% versus the prior year. Net sales in local currencies grew approximately 6% year-over-year aided by higher selling prices of more than 2%, sales volume growth of more than 3% and acquisition-related sales, net of divestitures, of nearly 1%.
The company adds second-quarter 2018 net income from continuing operations came in at $371 million, or $1.51 per diluted share. Second-quarter 2018 adjusted net income from continuing operations was $468 million, or $1.90 per diluted share.
Second-quarter 2017 net income from continuing operations was $497 million, or $1.92 per diluted share.
According to CEO Michael McGarry, "As we look ahead, we currently do not anticipate any relief from inflationary cost pressures in the third quarter. We expect aggregate global economic growth to remain positive with end-use market activity comparable to the second quarter, adjusted for traditionally lower seasonal demand.
"However, uncertainties exist regarding global trade policies, which may create uneven demand by region and in certain industries."
The company also repurchased shares totaling nearly $1.1 billion during the first half of 2018 including approximately $460 million in the second quarter. Its "acquisition pipeline" as McGarry puts it, "remains active and we expect to continue our earnings-accretive cash deployment in the second half of 2018."
Shares in PPG gave up 38 cents to $106.37
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