F inancial News
PPG reports second quarter results
PPG’s Performance Coatings segment
sales in the second quarter 2008
increased $295 million, or 30%, versus the prior year's quarter, primarily as a result of the acquisitions of
SigmaKalon's protective and marine
coatings business and of Barloworld.
The positive impact of stronger foreign currencies, increased selling
prices and growth in emerging
regions more than offset significant
volume declines in the U.S. architectural coatings business. Segment
earnings improved by $12 million, or
eight percent, as the earnings impact
from acquisitions and favorable currency outpaced lower volumes.
Industrial Coatings segment sales
for the quarter increased $209 million, or 22%, as a result of the acquisition of SigmaKalon's industrial
coatings business, stronger foreign
currencies and improved volumes,
primarily in the automotive coatings
business. The segment experienced
volume declines in North America
that were more than offset by higher
volumes in all other regions. Segment
earnings were flat. The positive
impact of acquisitions, stronger foreign currencies and lower manufacturing costs were offset by inflation.
Lastly, the Architectural Coatings
EMEA (Europe, Middle East and
Africa) segment is a new reportable
segment in 2008 and represents the
largest business from the Sigma-Kalon acquisition. Segment sales for
the quarter were $667 million, up a
double-digit percentage in comparison to SigmaKalon's corresponding
sales in 2007.
VALSPAR REPORTS 3Q RESULTS
Valspar has reported its results for
the third-quarter ended July 25,
2008. Third-quarter sales totaled
$957.7 million, a 7.2% increase from
the third quarter of 2007. Net income
for the third quarter was $47 million.
In 2007, third-quarter net income
was $58.2 million.
TIKKURILA 2Q RESULTS
Tikkurila’s revenue in the second
quarter rose by nine percent to
€205.7 million ($188.7). Sales development was high in most markets
both in decorative paints and industrial coatings. The slowdown in new
construction and the decrease in
sales of construction material in the
Baltic affected the growth of
Tikkurila in that region. Operating
profit in the second quarter amounted to € 29. 7 million ($27.3), an
increase of nine percent.
DUPONT REPORTS 2Q PERFORMANCE
DuPont has announced its quarterly
financial results. The Coatings &
Color Technologies business unit
reported a ten percent sales increase to $1.9 billion. Higher selling
prices in all businesses and volume
growth in emerging markets more
than offset lower volumes in North
America., the company said. PTOI
increased nine percent to $247 million. Sales growth and favorable
currency offset the impact of weak
auto and housing markets and higher raw material and transportation
costs for the company.
SHERWIN-WILLIAMS’ GLOBAL
GROUP REPORTS STRONG 2Q
Sherwin-Williams has announced its
financial results for the second quarter and first six months ended June
30, 2008. Compared to the same periods in 2007, consolidated net sales
increased $31.4 million, or 1.4%, to
$2.230 billion in the quarter and
$56.9 million, or 1.4%, to $4.011 billion in the first six months due to
strong sales by the Global Group and
acquisitions. Seven acquisitions completed after the second quarter of
2007 increased consolidated net sales
2.4% in the quarter and 2.5% in the
first six months.
Net sales in the Paint Stores Group
decreased $10.4 million, or 0.8%, to
$1.355 billion in the quarter and
$30.2 million, or 1.2%, to $2.386 billion in the first six months due primarily to soft domestic architectural
paint sales in the new residential,
residential repaint, DIY and commercial markets as well as weak sales in
non-paint categories. Acquisitions
added 2.6% to this Group's net sales
in the quarter and 2.9% in the first
six months.
Net sales of the Consumer Group
declined $12.7 million, or 3.2%, to
$383.9 million in the quarter and
$27.0 million, or 3.9%, to $670.8 million in the first six months. The sales
declines were due primarily to soft
DIY demand at most of the group's
retail customers.
The Global Group's net sales
increased $54.6 million, or 12.6%, to
$488.9 million in the quarter and
$114.3 million, or 13.7%, to $950.8
million in the first six months due
primarily to volume gains, selling
price increases, currency translation
impact and acquisitions. Favorable
currency translation rate changes
increased net sales of the Global
Group by 5.8% in the quarter and
6.3% in the first six months.
Acquisitions increased this Group's
net sales by 3.8% in the quarter and
3.7% in the first six months. CW
