PPG reports mixed Q1 results
Paint and coatings manufacturer PPG reported first quarter 2019 sales fell roughly 4% to $3.62 billion from first quarter 2018 sales of $3.78 billion.
The Pittsburgh, Pa.-based company also posted a net income from continuing operations of $312 million for the quarter, down nearly 7% from a net income of $334 million for the same period last year.
Sales volume fell 3% during the period with about half of the decrease attributed to Lowe’s decision last year to stop selling PPG’s Olympic paint brands.
“As we look ahead to the second quarter compared with the prior year, we expect industry demand in several of our markets to remain mixed, but anticipate gradual improvement over the first quarter of this year,” said PPG CEO and Chairman Michael McGarry.
The Pittsburgh, Pa.-based company also posted a net income from continuing operations of $312 million for the quarter, down nearly 7% from a net income of $334 million for the same period last year.
Sales volume fell 3% during the period with about half of the decrease attributed to Lowe’s decision last year to stop selling PPG’s Olympic paint brands.
“As we look ahead to the second quarter compared with the prior year, we expect industry demand in several of our markets to remain mixed, but anticipate gradual improvement over the first quarter of this year,” said PPG CEO and Chairman Michael McGarry.