PPG reported financial results for the second quarter 2022, said the company.
PPG Industries reported second-quarter net income up 3% year-on-year (YOY), to USD443 million, on net sales up 8%, to USD4.69 billion. Adjusted earnings totaled $1.81/share, down 7% YOY and ahead of analysts’ consensus estimate of USD1.73/share. But sales volumes were down 4%.
"Our sales growth was achieved despite softening consumer demand in Europe, significant COVID-19-related demand disruptions in China and unfavorable currency translation,” says PPG chairman and CEO Michael McGarry. “Our strong selling price realization fully offset persistent cost inflation during the second quarter, leading to higher sequential operating margins compared to the first quarter. Although still somewhat challenging, raw material and logistics availability improved throughout the quarter, and we are already experiencing further improvement in the third quarter."
PPG expects demand to be broadly solid for the balance of the year, with industrial production rising in Asia and continued strong demand in North America. Europe is expected to be a soft spot, however. The company also expects to benefit from supply deficits and low inventories in the automotive OEM and aerospace markets.
As per MRC, PPG announced that it will feature its recently acquired Vanberg Specialized Coatings line of agriculturally focused protective coatings and repair mortars at the World Pork Expo, June 8-10, 2022, at the Iowa State Fairgrounds in Des Moines. PPG added the Vanberg product portfolio as part of its acquisition of VersaFlex Inc. in February 2021. For 33 years, Vanberg coatings have provided long-lasting, cost-effective restoration and protection of concrete and metal surfaces in pork production facilities.
mrchub.com