PPG Ind reported record sales for 2Q/08 of US$ 4.5BN on 17 July, surpassing the prior year's 2Q results by 42%. Net income for 2Q was US$ 250M, or US$ 1.51/share. Adjusted net income, excluding operating results of the auto glass & services (AG&S) business, which is pending sale, as well as unusual & one-time items, was US$ 269M, exceeding the prior year's quarter by 12%. Reported net income for the 2Q 2007 was US$ 249M, & adjusted net income was US$ 242M."We delivered double digit percent growth in sales & adjusted earnings per share despite continued inflationary pressures & steep recessions in several US end markets," said C. E. Bunch, PPG chairman & CEO. "We are capitalizing on the strategic shift in our portfolio, the broadening of our geographic presence, & the increased end-market diversity of our businesses that we've achieved over the past four years." Mr. Bunch highlighted several key elements of PPG's financial performance in the quarter. "First, our core businesses - coatings and optical and specialty materials - grew combined segment earnings by more than 25%, aided by our acquisition of SigmaKalon and growth in emerging regions," he said. "Second, our commodity chemicals business continued to deliver solid earnings. Last, we achieved one of the largest quarterly increases in our selling prices in the past several years".
