PPG Reports Higher Net Sales for First Quarter of 2023
PPG recently reported financial results for the first quarter of 2023, posting record net sales of approximately $4.4 billion. Organic sales grew more than 5% versus the prior year, led by higher selling prices. Reported earnings per diluted share (EPS) was $1.11, and adjusted EPS was $1.82. According to PPG, supply disruptions are moderating and manufacturing operations are improving.
In the first quarter of 2023, the Performance Coatings segment’s net sales increased approximately 2% to $2,628 million (2022: $2,570 million), as higher selling prices in all businesses more than offset lower sales volumes, the impact of divestitures, the wind down of business in Russia, and unfavorable foreign currency translation. Segment income increased by 24% versus the prior year primarily due to higher selling prices, which more than offset aggregate cost inflation and the impact of lower sales volumes.