PPG reported second quarter 2020 net sales of US$3.0 billion, down approximately 25% versus the prior year. Selling prices increased by nearly 2%. Sales volumes were down 24% versus the prior year. The lower sales volumes reflect the negative economic impacts of the COVID-19 pandemic. Unfavorable foreign currency translation impacted net sales by more than 3%, or about US$135 million, and acquisition-related sales, net of divestitures, added less than 1% to sales growth.

Second quarter 2020 reported net income from continuing operations was US$99 million, or US$0.42 per diluted share, and adjusted net income was US$235 million, or US$0.99 per diluted share. Adjusted net income excludes business restructuring charges of US$128 million after-tax, or US$0.54 per diluted share, and certain other adjustments detailed in the reconciliation below. Second quarter 2019 reported net income from continuing operations was US$270 million, or US$1.13 per diluted share, and adjusted net income was US$441 million, or US$1.85 per diluted share. For the second quarter 2020, the reported and adjusted effective tax rates were about 23% and 25%, respectively. 

The adjusted effective rate was higher than expected due to the mix of earnings by country. The second quarter 2019 reported and adjusted effective tax rates were approximately 24%.