United States. PPG Industries recently reported record figures in net sales for the second quarter of 2013 of US$4.1 billion, an increase of 16% compared to the same period last year.
This period delivered net income from continuing operations of $341 million, or $2.35 per diluted share. Adjusted net income was $346 million or $2.45 per diluted share.
"We achieved new records in adjusted sales and earnings due to the strong performance of our coatings businesses, which together deliver 25% of revenue growth, compared to last year's level. Adjusted earnings results were driven by our strong operating focus, including aggressive cost management, and the cash revenue benefit deployed from recent coatings acquisitions," said Charles E. Bunch, president and CEO of PPG.
PPG also announced that its board of directors approved a $102 million business restructuring program focused on achieving cost synergies related to the recent acquisition of North American coatings, including the shares of the acquired company, as well as PPG's architectural business.
