PPG maintains strong sales pace

PPG reported record 2023 Q2 net sales of $4.9 billion, 4% higher than the prior year’s second quarter net sales of approximately $4.7 billion.

Adjusted net income for the second quarter increased to $490 million compared to $443 million in the previous year’s Q2, an increase of 11%.

Tim Knavish, president and CEO of Pittsburgh-based PPG said, “while overall global industrial demand was lackluster, several of our technology-advantaged businesses and leading brands once again delivered strong growth.”

In the Performance Coatings segment for Q2, net sales increased to $3.04 billion, up 4% Y-O-Y, primarily due to higher selling prices in all businesses and favorable foreign currency translation that more than offset lower sales volumes.

The paint giant said that demand for PPG’s technology-advantaged aerospace products remained robust across all product categories as the business delivered record sales aided by low-teen percentage sales volume growth year over year.

Segment income rose 20% from $446 million last year Q2 to $537 million this quarter.

The Industrial Coatings segment Q2 net sales rose to $1.83 billion, up 4%. Segment income increased to $250 million from $156 million last year, an increase of 60%.

The Bottom Line: PPG sales moved ahead 4% for Q2 2023 and income rose 11%.

What the CEO said: “We remain highly focused on our enterprise growth strategy and partnering with our customers to deliver superior service and products with a focus on enhancing their productivity and sustainability. As a result, we expect to achieve more customer success in subsequent quarters.

“Lastly, PPG will mark its 140th anniversary in August, a strong testament to the dedication of PPG team members around the world,” said Tim Knavish, president and CEO of PPG.

Company info: Click HERE to read the 2023 second quarter financial report from PPG.