Automotive refinish sales were at all-time quarterly record.
PPG (NYSE:PPG) reported net sales of $4.691 billion, up 8% from $4.359 billion in the same quarter last year. According to the company it had higher selling prices of 12%, but sales volumes were down 4%. The company reported raw material costs were up about 20% year over year and that energy and transportation costs remained elevated.
Michael H. McGarry, PPG chairman and chief executive officer, commented on the quarter, “For the seventh consecutive quarter, we delivered record quarterly sales driven by our continued implementation of real-time selling price increases to fully