UPDATE: PPG Posts Higher Q2 Earnings

PPG Industries

reported a 13% gain in its second-quarter earnings. PPG's quarterly profit surged to $386 million, or $2.75 per share, versus a year-ago profit of $341 million, or $2.35 per share. Excluding certain items, its adjusted earnings from continuing operations surged to $2.83 per share versus $2.28 per share. Its revenue climbed 5.1% to $4.08 billion. However, analysts were estimating a profit of $2.77 per share on revenue of $4.14 billion. Performance Coatings segment net sales climbed 4% y/y to $2.3 billion, while Industrial Coatings segment net sales gained 7% to $1.5 billion. Glass segment net sales surged 7% to $289 million. At quarter-end, PPG also reported cash and short-term investments at $2.9 billion. Charles E. Bunch, PPG chairman and chief executive officer said, “In the quarter, we continued to deliver growth across most of our businesses in comparison with strengthening prior-year results.” PPG shares gained 0.34% to $206.49 in pre-market trading.