PPG Industries, Inc. (NYSE: PPG), a leading manufacturer of paints, coatings, and specialty materials, on Friday, reported higher sales and net profit for the first quarter of 2023.
- First-quarter net sales increased 2% year-over-year to a record high of $4.38 billion
- Net income was $264 million or $1.11 per share in the March quarter, compared to $18 million or $0.08 per share a year earlier
- On an adjusted basis, earnings increased 33% annually to $1.82 per share during the three-month period
- The company had cash and short-term investments totaling nearly $1.5 billion at the end of the quarter
- For the second quarter, the company expects reported earnings per share to be in the range of $1.92 to $2.02
- Adjusted earnings per share, excluding amortization expense, is expected to be between $2.05 and $2.15 in Q2
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