PPG Industries Q2 Profit Increases - Quick Facts

(RTTNews) - PPG Industries (PPG) reported that its second-quarter net income attributable to the company rose to $386 million from the previous year's $341 million, with earnings per share improving to $2.75 from $2.35 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.77 per share for the quarter. Analysts' estimates typically exclude special items.

Second quarter 2014 reported net income from continuing operations was $393 million, or $2.80 per share. Second quarter 2014 adjusted net income from continuing operations was $398 million or $2.83 per share, which excluded $3 million after-tax, or 2 cents per diluted share, for pension settlement costs and $2 million after-tax, or 1 cent per share, for acquisition-related costs.

Net sales for the quarter rose to $4.082 billion from last year's $3.883 billion. Wall Street expected revenues of $4.14 billion for the quarter.

"Looking forward, we remain highly focused on deploying our strong cash position and balance sheet for additional earnings-accretive opportunities. We anticipate moderate global expansion and believe that our geographic diversity, coupled with our previous structural cost reductions, will allow us to continue to deliver excellent earnings performance from increased global demand," said Charles Bunch, PPG chairman and chief executive officer.