Refinish coatings organic sales flat compared to last year.
PPG (NYSE:PPG) yesterday reported net sales of $4.38 billion for the first quarter 2023, a record for the company and up 2% from 4.308 billion in the first quarter last year. According to the company, the year-over-year net sales change was the result of higher selling prices (+8%), lower sales volumes (-3%), divestiture-related sales and the wind down of Russia operations (-1%), and unfavorable foreign currency translation (-2%).
Net income for the quarter was $264 million, up 1367% from $18 million in the first quarter of 2022.
Tim Knavish, PPG president
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