PPG Industries, Inc. (NYSE:PPG) saw its shares pick up some momentum on fresh new second-quarter figures.
Net sales of approximately $4 billion, down nearly 3% versus the prior year. Net sales in constant currencies were about 1% higher than the prior year driven by higher selling prices of more than 2%.
Sales volumes were down about 4% versus the prior year in aggregate, including about 1.5% stemming from the previously announced U.S. architectural coatings customer-assortment changes. Unfavorable foreign currency translation impacted net sales by more than 3%, or about $130 million, and acquisition-related sales, net of divestitures, added more than 2% to sales growth.
Second-quarter 2019 reported net income from continuing operations was $270 million, or $1.13 per diluted share. Adjusted net income from continuing operations was $441 million, or $1.85 per diluted share.
Adjusted figures exclude an after-tax business restructuring charge of $133 million and other adjustments totaling $38 million, or 56 cents and 16 cents per diluted share, respectively.
Second-quarter 2018 reported net income from continuing operations was $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.
According to CEO Michael H. McGarry, "We continued to benefit from solid growth in several of our businesses, including aerospace and protective and marine coatings."
PPG shares gained 24 cents to $116.85
