PPG shows record sales

PPG reported record second quarter 2022 net sales of $4.7 billion, about 8% higher than prior year’s same quarter of approximately $4.4 billion.

Michael H. McGarry, chairman and CEO of Pittsburgh-based PPG said, “we continued to deliver above-market volume performance in several end-use markets, including all-time quarterly sales records in the automotive refinish coatings, PPG-Comex and traffic solutions businesses.”

In the Performance Coatings segment, net sales increased to $2.9 billion, or 7% Y-O-Y, primarily due to selling price increases across all businesses and acquisition-related sales.

The Industrial Coatings segment net sales increased to $1.8 billion, up 9%, primarily due to selling price increases across all businesses and acquisition-related sales, partially offset by lower sales volumes because of COVID-19 restrictions in China and lower industrial activity in Europe. 

The Bottom Line: PPG sales moved ahead 8% for Q2 2022 to $4.7 billion.

What the CEO said: “For the seventh consecutive quarter, we delivered record quarterly sales driven by our continued implementation of real-time selling price increases to fully counter inflation and we benefitted from our recent acquisitions,” said Michael H. McGarry, PPG chairman and CEO.

“Our sales growth was achieved despite softening consumer demand in Europe, significant COVID-19-related demand disruptions in China and unfavorable currency translation,” said McGarry.

Company info: Click HERE to read the Q2 2022 financial report from PPG.