• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Aerospace Coatings Market

    Energy Curing and Coil Coatings

    Lab/Testing Equipment Update

    High Performance and Special Effect Pigments

    The Wood Coatings Market
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    Hempel Receives Its Best-Ever ESG Rating by EcoVadis

    New President & CEO Announced for the Canadian Coatings Association

    PPG Launches Clearcoats for Premium Collision Repair Segments

    Indorama Ventures Honored with Dual Awards from ACC

    Weekly Recap: PPG, Sun Chemical, Dutch Boy Paints Top This Week’s Stories
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    PPG Launches Clearcoats for Premium Collision Repair Segments

    PPG To Invest $380 Million in Aerospace Coatings Facility

    AkzoNobel Working with BASF to Lower Carbon Footprint of High-volume Paint Products

    BASF Coatings Expands Business with Biomass-balanced Products

    Aerospace Coatings Market
    Additives
    Binders
    Pigments
    Solvents

    BASF Becomes First Producer of Renewable Ammonia in Central Europe

    BASF's Intermediates Division Converts European Amines Portfolio to 100% Renewable Electricity

    High Performance and Special Effect Pigments

    Strategic Value Partners and Blantyre Capital Acquire OQ Chemical

    Clariant's Ceridust 1310 Addresses Carnauba Wax Supply Volatility
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Siltech Corporation

    WAB US Corp

    Evonik Corporation

    Shepherd Color Company, The

    Vibrantz Technologies
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Saudi Arabia Coatings Show

    Eastern Coatings Show 2025

    RadTech 2025 UV+EB Technology Expo & Conference

    Canadian Coatings Conference

    Paintistanbul & Turkcoat Congress and Exhibition
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Siltech Corporation

    WAB US Corp

    Evonik Corporation

    Shepherd Color Company, The

    Vibrantz Technologies
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    PPG Reports Second Quarter 2021 Financial Results

    PPG recorded second quarter net sales of nearly $4.4 billion.

    PPG Reports Second Quarter 2021 Financial Results
    07.20.21
    PPG reported second quarter 2021 net sales of approximately $4.4 billion, approximately 45% higher than the prior year. Selling prices increased by 3.5% and sales volumes were higher by approximately 24% in comparison to the previous year. Favorable foreign currency translation impacted net sales by about 6%, or about $185 million, and acquisition-related sales added more than 11% year over year.

    Second quarter 2021 reported net income was $431 million, or $1.80 per diluted share, and adjusted net income was $465 million, or $1.94 per diluted share. Adjusted figures exclude after-tax items, including acquisition-related amortization expenses of $31 million and other items totaling to $3 million of expense, primarily related to environmental matters, income from legal settlements, decrease in allowance for doubtful accounts, natural disaster-related expenses, other acquisition- and integration-related costs, and a charge related to the U.K. statutory tax rate change. Second quarter 2020 reported net income from continuing operations was $99 million, or $0.42 per diluted share, and adjusted net income from continuing operations was $258 million, or $1.09 per diluted share. The second quarter 2021 reported and adjusted effective tax rates were about 27% and 23% respectively, compared to the second quarter 2020 reported and adjusted effective tax rates of about 23% and 25% respectively. Detailed reconciliations of the reported to adjusted figures are included below.

    “Our strong organic sales growth reflects a partial demand recovery from the pandemic, including above-market contributions across many of our businesses. However, our volume growth was significantly tempered due to various supply and component disruptions, including those that reduced the overall manufacturing capability of our customers. In addition, despite strong underlying end-use market demand, various coatings raw material shortages and logistics issues reduced our ability to fully supply our existing order book within the quarter. Our recent acquisitions also contributed to our strong year-over-year sales growth, and they are meeting our expectations,” said Michael H. McGarry, PPG chairman and chief executive officer.

    “While we delivered solid adjusted EPS in the second quarter, our results were below our April forecast. In addition to the top-line impact from the supply disruptions, we experienced continual increases in raw material and transportation costs throughout the quarter. We actively implemented additional selling price increases during the quarter and our pace of price realization is well ahead of the most recent raw material inflation cycle in 2017-2018. In addition to further selling price increases, we delivered about $40 million of structural cost savings from business restructuring programs and have increased our targeted, full-year 2021 savings by about 10%, to $135 million. We also continued our outstanding cash flow generation which year to date is about $600 million, or about $250 million higher than 2020.

    “We continue to proactively manage various supply chain disruptions, which we now expect will likely persist through the third quarter. As a result, we expect that aggregate input and logistics costs will be sequentially higher in the third quarter, compared to the second quarter. We continue to prioritize further selling price increases, which we expect will fully offset raw material cost inflation before the end of 2021, on a run-rate basis. Overall economic demand growth remains very broad and robust and, as supply conditions normalize, we expect strong sales growth later this year and into next year aided by our technology advantaged products, our diverse geographic and end-use market participation, and continuing recovery from our aerospace business. As is PPG’s hallmark, we will continue to aggressively manage all aspects of our cost structure,” added McGarry.

    “Finally, I am pleased that we closed the Tikkurila, Wörwag, and Cetelon transactions during the second quarter. We have now completed five acquisitions since December 2020, and we welcome all of our new colleagues to the PPG team. Our well-experienced teams are rapidly integrating these acquisitions, and we are beginning to realize initial synergies. These acquisitions have greatly improved our product and technology portfolios, geographic reach, and sustainability capabilities. In aggregate, these acquisitions bring more than 10% sales growth, based on 2019 levels, and strong earnings growth potential. I want to thank all of our employees around the world for their dedication and commitment to doing better today than yesterday, every day, in our efforts to continuously improve our company,” concluded McGarry.
    Suggested For You
    Axalta Schedules Second Quarter 2021 Earnings Conference Call Axalta Schedules Second Quarter 2021 Earnings Conference Call
    PPG Board of Directors Approves Nearly 10 Percent Shareholder Dividend Increase PPG Board of Directors Approves Nearly 10 Percent Shareholder Dividend Increase
    BASF Group Releases Preliminary Figures for 2Q 2021 BASF Group Releases Preliminary Figures for 2Q 2021
    RPM to Announce Fiscal 2021 Fourth-Quarter and Year-End Results on July 26, 2021 RPM to Announce Fiscal 2021 Fourth-Quarter and Year-End Results on July 26, 2021
    OQ Chemicals Announces Price Increases for Oxo Intermediates OQ Chemicals Announces Price Increases for Oxo Intermediates
    IM Group Recognized as One of the Top 10 Chemical Solutions Providers IM Group Recognized as One of the Top 10 Chemical Solutions Providers
    PPG Introduces Digital Color-Matching Device for Commercial Vehicles PPG Introduces Digital Color-Matching Device for Commercial Vehicles
    ALTANA Renews Long-Term Group Financing with First ESG-linked Credit Line ALTANA Renews Long-Term Group Financing with First ESG-linked Credit Line
    BRB Silicone Appoints TER Chemicals Distribution Group for Distribution in UK and Ireland BRB Silicone Appoints TER Chemicals Distribution Group for Distribution in UK and Ireland
    IMCD China Acquires Shanghai Yuanhe Chemicals IMCD China Acquires Shanghai Yuanhe Chemicals
    Imerys Performance Minerals Extends Lab Facilities in Toulouse, France Imerys Performance Minerals Extends Lab Facilities in Toulouse, France
    Union Process Announces Combination Lab Attritor Union Process Announces Combination Lab Attritor
    Mule-Hide Products Promotes Kyle Stavish to National Training Manager Mule-Hide Products Promotes Kyle Stavish to National Training Manager
    OQ Chemicals Announces Price Increases for 2-Ethylhexanoic Acid OQ Chemicals Announces Price Increases for 2-Ethylhexanoic Acid
    Nouryon Signs Long-term Partnership with Sustainable Bioproduct Supplier Metsä Fibre Nouryon Signs Long-term Partnership with Sustainable Bioproduct Supplier Metsä Fibre

    Related Breaking News

    • Breaking News | Financial News
      Axalta Schedules Second Quarter 2021 Earnings Conference Call

      Axalta Schedules Second Quarter 2021 Earnings Conference Call

      The release and supporting materials will be posted to the Investor Relations portion of the company's website.
      07.19.21

    • Breaking News | Financial News
      PPG Board of Directors Approves Nearly 10 Percent Shareholder Dividend Increase

      PPG Board of Directors Approves Nearly 10 Percent Shareholder Dividend Increase

      PPG Board of Directors approves nearly 10 Percent shareholder dividend increase to 59 cents per share.
      07.16.21

    • Breaking News | Financial News | Industry News
      BASF Group Releases Preliminary Figures for 2Q 2021

      BASF Group Releases Preliminary Figures for 2Q 2021

      Company increases forecast for full year 2021, with sales expected between €74 billion and €77 billion.
      07.12.21


    • Breaking News | Financial News
      RPM to Announce Fiscal 2021 Fourth-Quarter and Year-End Results on July 26, 2021

      RPM to Announce Fiscal 2021 Fourth-Quarter and Year-End Results on July 26, 2021

      The results will be issued via newswire and will also be available on the RPM website at www.RPMinc.com.
      07.05.21

    • Breaking News | Price Increases
      OQ Chemicals Announces Price Increases for Oxo Intermediates

      OQ Chemicals Announces Price Increases for Oxo Intermediates

      ...
      06.30.21

    Loading, Please Wait..
    Breaking News
    • Hempel Receives Its Best-Ever ESG Rating by EcoVadis
    • New President & CEO Announced for the Canadian Coatings Association
    • Indorama Ventures Honored with Dual Awards from ACC
    • PPG Launches Clearcoats for Premium Collision Repair Segments
    • Weekly Recap: PPG, Sun Chemical, Dutch Boy Paints Top This Week’s Stories
    View Breaking News >
    CURRENT ISSUE

    April 2025

    • The Wood Coatings Market
    • The Importance of Utilizing Sustainability-Driven Innovation
    • Coating Resins Market
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe

    Latest Breaking News From Nutraceuticals World

    Gattefossé Opens New Facilities in Mumbai, India
    TSI Group Unveils myHMB + Vitamin D Logo
    Indena to Showcase Metabolic, Brain Health Solutions at In-Vitality 2024

    Latest Breaking News From Coatings World

    Hempel Receives Its Best-Ever ESG Rating by EcoVadis
    New President & CEO Announced for the Canadian Coatings Association
    PPG Launches Clearcoats for Premium Collision Repair Segments

    Latest Breaking News From Medical Product Outsourcing

    StimLabs's Umbilical Cord-Derived Wound Care Product Released in U.S.
    New Medical-Grade Bio-Based PVC Compounds Introduced
    Croívalve Reports 1st Tricuspid Coaptation Valve Implant in U.S. Feasibility Study

    Latest Breaking News From Contract Pharma

    Neurocrine Bioscience’s CRENESSITY Becomes Commercially Available in the U.S.
    Roche's Parkinson's Disease Drug Misses Primary Endpoint
    PTC Therapeutics Submits Vantiquinone NDA to FDA

    Latest Breaking News From Beauty Packaging

    Weekly Recap: Coty Sells SKKN, Henkel Recall, Awards, & More
    Rare Beauty to Host Pop-Up Event with Sephora UK
    Cloud Haircare Expands to Walmart Stores Nationwide

    Latest Breaking News From Happi

    Cosmetify Names Nikkie de Jager the World’s Most Powerful Beauty Influencer
    Big Lips in the Small Wonder
    L’Oréal’s Bioprinted Skin & Dove’s Deodorant Launch

    Latest Breaking News From Ink World

    Agfa Wins Triple Accolade for Jeti Tauro H3300 XUHS from EDP
    International Paper Announces Facility Alignment in Rio Grande Valley
    Smurfit Westrock Publishes Its First Sustainability Report

    Latest Breaking News From Label & Narrow Web

    Mexico's Flexopolis adds second Bobst flexo press
    Paramount Labels installs Rotatek Brava 450
    Esko teams with Bobst for smartGRAVURE System

    Latest Breaking News From Nonwovens Industry

    Cottonsie Launches Disposable Cotton Diaper
    Swiss Textile Machinery Association Announces New Leadership
    Honest Company Names New CFO

    Latest Breaking News From Orthopedic Design & Technology

    David Thordarson Takes Charge of American Orthopaedic Foot & Ankle Society
    UPM Biomedicals Launches FibGel Injectable Nanocellulose Hydrogel for Medical Devices
    ONWARD Medical Attracts €50 Million in Capital

    Latest Breaking News From Printed Electronics Now

    Universal Display Heads to SID Display Week 2025
    ams OSRAM Initiates Legal Proceedings to Protect LED Patent Rights
    Infineon Reports Results for Second Quarter of Its 2025 Fiscal Year

    Copyright © 2025 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login