PPG Announces Second Quarter 2019 Earnings

· Achieved net sales of approximately $4 billion, down nearly 3% from a year earlier; up approximately 1% at constant exchange rates

· Diluted EPS of $13 from continuing operations; adjusted EPS of $85 from continuing operations

· Continued year-over-year growth in margins driven by further sales price increases and cost management measures

Operating cash flow increased by approximately $350 million year-over-year; financial resilience continued to stabilize with approximately $1 billion in cash and short-term investments at quarter-end

Pittsburgh, USA, July 23, 2019 - PPG (NYSE: PPG) recently reported second quarter 2019 results, reporting net sales from continuing operations of nearly $4 billion, a decrease of nearly 3% from a year earli.

In the second quarter of 2019, net income from continuing operations was $270 million, or $13 per diluted share, while adjusted net income from continuing operations was $441 million, or $85 per diluted sha.

"We remain committed to measures related to a gradual recovery of margi.

"With product price hikes and proactive cost management, we have achieved satisfactory results in an increasingly challenging operating environment," McGarry sa.

“Looking ahead to the third quarter, we expect to remain subdued in industry demand across a number of business are.

"Currently, we expect third-quarter diluted earnings per share to be approximately $57 to $6" McGarry added: "We reiterate our full-year 2019 guidance -- excluding the objective impact of currency changes, adjusted for Earnings per share growth rate is around 7%-10%, and sales growth is maintained in the low single digi.

Performance of each business unit in the second quarter of 2019

· The functional coatings business achieved net sales of approximately US$4 billion in the second quarter, a decrease of US$65 million from the previous year and a decrease of nearly 3% year-on-ye.

The aerospace coatings business posted high-single-digit sales growth in the quarter, resulting in low double-digit sales growth in the first half of the ye.

The functional coatings business achieved a net profit of US$425 million in the second quarter, a decrease of US$3 million, or about 1%, from the same period last ye.

· Second-quarter net sales for the Industrial Coatings business were approximately $6 billion, a decrease of nearly $40 million, or 2 percent, from the same period a year earli.

Automotive original equipment manufacturer (OEM) coatings net sales declined in the high single digits from a year earlier, mainly due to lower global vehicle producti.

        In the second quarter, the net profit of the industrial coatings business was US$235 million, an increase of US$12 million or about 5% year-on-year, including the adverse impact of foreign exchange losses, which amounted to about US$10 milli.

        All business units will continue to actively implement cost control measures and strictly implement previously announced cost saving pla.

        PPG: We Protect and Beautify the World

        PPG (NYSE: PPG) has been developing and delivering trusted paints, coatings and specialty materials products to customers for more than 135 yea.