PPG reports Q2 adjusted EPS $2.22, consensus $2.22

Reports Q2 revenue $4.195B, consensus $4.16B. Tim Knavish, PPG (PPG) chairman and chief executive officer, commented on the quarter: “I am pleased with our growth momentum as we delivered 2% organic sales growth with equal contributions from sales volumes and selling prices. This organic growth reflects the benefits of PPG’s strong product portfolio and our commercial execution across our global business in an increasingly dynamic macro environment. The Performance Coatings segment achieved record quarterly sales and earnings with a 6% increase in organic sales supported by strong customer demand for our technology-advantaged products and services. In the Industrial Coatings segment, following several quarters of contraction, sales volumes were flat as we realized the initial benefits of share gains. Overall demand for architectural coatings in Europe was lackluster with declines primarily in the east, which were partially offset by organic sales growth in the Nordic region and the United Kingdom. In Mexico, retail demand for architectural coatings was solid, and although project-related spending improved sequentially, it remained lower year over year. Regionally, organic sales grew a mid-single-digit percentage in the U.S. and Canada, representing the second consecutive quarter of year-over-year increases, and Latin America delivered comparable organic growth.”