United States. PPG Industries reported sales of $4 billion in the second quarter of 2011, an increase of 15% compared to the same period a year earlier. Net income increased by $340 million, or $2.12 per diluted share.
In the second quarter of 2010, sales were $3.5 billion and net income was $272 million. "Our strong execution during the quarter allowed us to achieve excellent financial performance, including record revenue in any quarter. We implemented new pricing initiatives and have aggressively managed our businesses to overcome continued inflation, the global economy that has only partially recovered, and several transitory impacts to the volumes of some businesses," said Charles E. Bunch, president and chief executive officer of PPG.
The executive noted that April was the weakest month in the quarter, with negative results compared to the previous year due to various issues such as the production cut of the OEM automotive industry, due to supplier interruptions related to the March earthquake and tsunami in Japan, the bad timing of architectural paints in the United States and downtime in the chemical segment.
"Our sales volume recovered solidly from April, with most segments posting single-digit gains in May and June compared to last year," Bunch said.
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