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PPG Industries Inc PPG
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/18/2013

Operator: Good day, ladies and gentlemen, and welcome to the PPG Industries Second Quarter 2013 Conference. My name is Shaqwana, and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of this conference.

I would now like to turn the presentation over to your host for today's call, Mr. Vince Morales. Please proceed, sir.

Vincent J. Morales - VP, IR: Thank you. This is Vince Morales, and good afternoon. Welcome to PPG's second quarter 2013 financial teleconference.

Joining me from PPG today on the call is Chuck Bunch, PPG's Chairman and Chief Executive Officer; David Navikas, Senior Vice President, Finance and Chief Financial Officer and Frank Sklarsky, Executive Vice President, Finance.

Our comments relate to the financial information released today, Thursday, July 18, 2013. I will remind everybody that approximately one hour ago; we posted detailed commentary and relating presentation slides on our Investor Center at ppg.com. These slides are also available on the webcast site for this call and they provide additional support to the opening comments that Chuck will make momentarily.

Following Chuck's perspective on the Company's results for the quarter, we will move directly to Q&A. Both our prepared commentary and discussion during this call may contain forward-looking statements, reflecting the Company's current view about future events and their potential effect on PPG's operating and financial performance. These statements involve uncertainties and risks, which may cause actual results to differ. The Company is under no obligation to provide subsequent updates to these forward-looking statements.

Our presentation also contains certain non-GAAP financial metrics. The Company has provided in the appendix of the presentation materials, which are also available on our website, reconciliation of these non-GAAP financial metrics to the most comparable GAAP financial metrics. For additional information, please refer to PPG's filings with the SEC.

Now, let me introduce PPG's Chairman and CEO, Chuck Bunch.

Charles E. Bunch - Chairman and CEO: Thank you, Vince, and good afternoon, everyone. We appreciate your continued interest in PPG. For the past several years, under a variety of different economic circumstances, we have delivered consistent earnings growth. We are pleased to continue this trend as the second quarter financial results included all-time records for both sales and adjusted earnings per share.

Our adjusted earnings per share of $2.45 from continuing operations exceeds our prior record set last year. Of equal importance, this quarter we more than fully replaced the earnings per share reduction stemming from separating our former Commodity Chemicals business.

This record performance was achieved despite continued divergence in the level of economic activity in the major regions of the world. During the quarter, we benefitted from generally modest but consistent growth in most North American end-use markets. Solid growth also continued for all our Asian businesses except the marine coatings market. Yet again, demand in Europe was lower year-over-year, although we are experiencing a fairly consistent pace of business in the region and a few of our businesses did achieve volume growth in that region this past quarter.

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