United States.
PPG Industries reported that its net sales during the second quarter of 2016 reached $4.1 billion, down 1% from a year earlier. Net sales in local currency grew more than 1% year-over-year, and acquisition-related sales contributed more than 1%.
Sales volumes and sales prices remained stable compared to the same period of the previous year. Unfavorable foreign currency translation has impacted net sales by more than 2%, or about $95 million.
This second quarter recorded net income of $370 million, or $1.37 per diluted share. Adjusted net income was $498 million, or $1.85 per diluted share.
Geographically, the company's growth volume in Europe continued to outpace regional gross domestic product growth, with the highest results year-over-year in most end-use markets. Sales volume accelerated in Asia, supported by growth in China and India, which helped both coatings segments. In the U.S. and Canada, net sales decreased compared to the previous year, mainly due to lower volumes of architectural coatings. Volumes improved in Latin America due to strong growth in architectural coatings in Mexico and its expansion in Central America.
