PPG Industries Q2 2024 Update
Ticker: PPG · Form: 10-Q · Filed: 2024-07-19T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, debt
TL;DR
PPG Q2 2024: Financials out, debt due 2025-2029. Check full report for details.
AI Summary
PPG Industries Inc. reported its financial results for the period ending June 30, 2024. The company's filing indicates ongoing operations and financial commitments, including various notes due in 2025, 2027, and 2029. Specific financial figures for revenue, net income, and cash flow are detailed within the full report.
Why It Matters
This filing provides investors with an update on PPG's financial health and operational performance for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: medium — The filing details significant debt obligations and financial commitments, which can pose risks depending on market conditions and company performance.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 20240719 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- PPG INDUSTRIES INC (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240719 (date) — Filing date of the report
- 0000079879 (company) — Central Index Key for PPG INDUSTRIES INC
- PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851] (industry) — Standard Industrial Classification for PPG
- PITTSBURGH (location) — City of PPG's business and mailing address
- 0.875 Notes Due 2025 (dollar_amount) — Debt instrument maturity
- 1.875 Notes Due 2025 (dollar_amount) — Debt instrument maturity
- 1.400 Notes Due 2027 (dollar_amount) — Debt instrument maturity
- 2.750 Notes Due 2029 (dollar_amount) — Debt instrument maturity
FAQ
What is PPG Industries' primary business as indicated by its SIC code?
PPG Industries' primary business is in PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS, with a Standard Industrial Classification code of [2851].
When is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the quarter ended June 30, 2024.
What are some of the debt instruments mentioned in the filing and their maturity dates?
The filing mentions debt instruments including '0.875 Notes Due 2025', '1.875 Notes Due 2025', '1.400 Notes Due 2027', and '2.750 Notes Due 2029'.
Where is PPG Industries headquartered?
PPG Industries is headquartered in Pittsburgh, PA, with its business and mailing address at ONE PPG PL 40 EAST, PITTSBURGH, PA 15272.
What is the Central Index Key (CIK) for PPG Industries Inc.?
The Central Index Key for PPG INDUSTRIES INC is 0000079879.
Filing Stats: 4,898 words · 20 min read · ~16 pages · Grade level 15.8 · Accepted 2024-07-19 14:08:38
Key Financial Figures
- $1.66 — ch registered Common Stock, par value $1.66 2/3 PPG New York Stock Exchange 0.875
Filing Documents
- ppg-20240630.htm (10-Q) — 1339KB
- ppgq2202410qex311.htm (EX-31.1) — 9KB
- ppgq2202410qex312.htm (EX-31.2) — 9KB
- ppgq2202410qex321.htm (EX-32.1) — 4KB
- ppgq2202410qex322.htm (EX-32.2) — 4KB
- ppg-20240630_g1.gif (GRAPHIC) — 25KB
- 0000079879-24-000167.txt ( ) — 7343KB
- ppg-20240630.xsd (EX-101.SCH) — 43KB
- ppg-20240630_cal.xml (EX-101.CAL) — 65KB
- ppg-20240630_def.xml (EX-101.DEF) — 232KB
- ppg-20240630_lab.xml (EX-101.LAB) — 616KB
- ppg-20240630_pre.xml (EX-101.PRE) — 418KB
- ppg-20240630_htm.xml (XML) — 1095KB
Financial Information
Part I. Financial Information
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited): Condensed Consolidated Statement of Income 2 Condensed Consolidated Statement of Comprehensive Income 3 Condensed Consolidated Balance Sheet 4 Condensed Consolidated Statement of Shareholders' Equity 5 Condensed Consolidated Statement of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 33
Controls and Procedures
Item 4. Controls and Procedures 33
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Other Information
Item 5. Other Information 36
Exhibits
Item 6. Exhibits 36
Signatures
Signatures 38 1 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements PPG INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income (Unaudited) Three Months Ended June 30 Six Months Ended June 30 ($ in millions, except per share amounts) 2024 2023 2024 2023 Net sales $ 4,794 $ 4,872 $ 9,105 $ 9,252 Cost of sales, exclusive of depreciation and amortization 2,734 2,866 5,179 5,462 Selling, general and administrative 1,077 1,069 2,141 2,061 Depreciation 98 93 201 185 Amortization 36 40 74 81 Research and development, net 111 110 220 214 Interest expense 62 67 117 126 Interest income ( 45 ) ( 32 ) ( 87 ) ( 57 ) Pension settlement charge — — — 190 Other charges/(income), net 28 13 29 ( 9 ) Income before income taxes $ 693 $ 646 $ 1,231 $ 999 Income tax expense 156 149 285 229 Net income attributable to controlling and noncontrolling interests $ 537 $ 497 $ 946 $ 770 Net income attributable to noncontrolling interests ( 9 ) ( 7 ) ( 18 ) ( 16 ) Net income (attributable to PPG) $ 528 $ 490 $ 928 $ 754 Earnings per common share (attributable to PPG) $ 2.25 $ 2.08 $ 3.95 $ 3.20 Earnings per common share (attributable to PPG) - assuming dilution $ 2.24 $ 2.06 $ 3.93 $ 3.18 The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement. 2 Table of Contents PPG INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Comprehensive Income (Unaudited) Three Months Ended June 30 Six Months Ended June 30 ($ in millions) 2024 2023 2024 2023 Net income attributable to controlling and noncontrolling interests $ 537 $ 497 $ 946 $ 770 Other comprehensive (loss)/income, net of tax: Defined benefit pension and other postretirement benefits 20 — 20 139 Unrealized foreign currency translation adjustments ( 434 ) 109 ( 448 ) 373 Other comprehensive (loss)/income, net of tax ($ 414 ) $ 109 ($ 428 ) $ 512 Total comprehensive income $ 123 $ 606 $ 518 $ 1,282 Less: amounts attributabl