PPG says Q2 EPS impacted by lower global industrial production
According to prepared remarks ahead of PPG's Q2 earnings call, EPS was impacted by lower global industrial production; wetter than normal weather conditions in the U.S. and Europe, which impacted the architectural businesses; and unfavorable foreign currency translation. Positively impacting earnings were higher selling prices, savings of nearly $20M from previously announced cost savings programs and continued discretionary cost management. The unfavorable foreign currency translation totaled about $20M and resulted from strengthening of the U.S. dollar compared to the euro, Chinese RMB, British pound and several emerging region currencies in the second quarter. Adjusted earnings per diluted share were modestly higher year-over-year, excluding the impact of currency translation.