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    Home > Coatings News > Paints and Coatings Market > PPG releases financial report for the second quarter of 2021

    PPG releases financial report for the second quarter of 2021

    • Last Update: 2021-07-30
    • Source: Internet
    • Author: User
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    · A record net sales of nearly 4.


    · Diluted earnings per share (EPS) is $1.


    · Thanks to the strong recovery of terminal market demand, sales volume increased by about 24% year-on-year

    · The supply of raw materials is generally affected, leading to mid-to-high double-digit increases in costs

    · Sales prices have risen by 3.


    · The acquisitions of Tikkurila, Wörwag and Cetelon were completed this quarter


    Pittsburgh, July 21, 2021 — PPG (New York Stock Exchange: PPG) recently announced its financial report for the second quarter of 2021, with net sales of approximately US$4.


    In the second quarter of 2021, net profit of 431 million U.






    McGarry concluded: "Finally, I am very happy that we have completed the acquisitions of Tikkurila, Wörwag and Cetelon in the second quarter



    The performance of each business unit in the second quarter of 2021 The performance of each business unit in the second quarter of 2021

    · Functional Coatings Business Unit

    · Functional Coatings Business Unit

    Million USD Second quarter of 2021 Second quarter of 2020 Change%



    Business Unit Revenue $454 $362 +25%

    Proportion of business sector revenue% 16.


    Sales volume +9%

    Sale price +3%

    Sales related to acquisitions +14%

    Foreign currency conversion +7%

    Excluding the impact of exchange rate changes and acquisitions (organic sales), the net sales of the architectural coatings business in Europe, the Middle East and Africa (EMEA) achieved mid-double-digit growth year-on-year, and some professional channels for architectural coatings in the United States and national retail (DIY) products The continued weakness of the company was offset by strong demand for architectural coatings products



    · Industrial Coatings Business Unit

    · Industrial Coatings Business Unit

    Million USD Second quarter of 2021 Second quarter of 2020 Change%

    Net sales $1610 $946 +70%

    Business Unit Revenue $190 $34 +458%

    % Of business sector revenue 11.
    8% 3.
    6%

    Sales volume +56%

    Sale price +4%

    Sales related to acquisitions +5%

    Foreign currency conversion +5%

    The sales of PPG automotive original equipment manufacturer (OEM) coatings have increased by approximately 75%, and the performance varies from region to region
    .
    This growth rate is still higher than the production rate of the global automotive industry
    .
    The production speed of the global automobile industry continues to be severely reduced due to the shortage of computer chips, and the inventory of American car dealers and the number of leased cars have remained at historically low levels
    .
    As global industrial demand continues to recover on a large scale, the sales volume of industrial coatings continues to grow: an increase of nearly 50% year-on-year and an increase of about 10% month-on-month
    .
    Driven by the beverage can market segment, the sales volume of packaging coatings has achieved a year-on-year growth of high single-digit percentages
    .

    At the end of the quarter, the company’s total cash and short-term investments were approximately US$1.
    3 billion, and its net debt was US$5.
    9 billion
    .
    The acquisition of Tikkurila, Cetelon and Wörwag was funded through a combination of company cash and external financing
    .


    In addition, based on the current global economic situation, global chip shortages have led to intensified customer production constraints, the current situation that the supply of coating raw materials continues to be disrupted, and the short-term economic uncertainty caused by the continued impact of the epidemic.
    The quarterly performance forecasts are as follows:


    · Total net sales including acquisitions increased by 21%-23%, of which organic sales achieved year-on-year growth in low single-digit percentages
    .

    · Structural costs saved through restructuring measures increased by approximately US$30 million year-on-year
    .

    · The overall operating expenses for the second quarter were 52 million U.
    S.
    dollars, and the third quarter is expected to be approximately 60 million U.
    S.
    dollars
    .

    · Net interest expense is between US$28 million and US$30 million
    .

    · The company’s current global effective tax rate is between 21%-23%
    .

    · Adjusted and diluted earnings per share for the full year are between US$7.
    40 and US$7.
    60
    .

    A detailed supplementary commentary on the second quarter earnings information has been published on the company's investor relations website, and the comparison with the second quarter of 2019 has also been included as an additional content of the second quarter of 2021 results
    .
    The epidemic has the greatest impact on the company's financial performance in the second quarter of 2020
    .

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