PPG Industries, Inc. (NYSE: PPG), a leading manufacturer of paints, coatings, and specialty materials, on Thursday, reported financial results for the second quarter of 2023.
- Second-quarter net sales increased to a record high of $4.9 billion from $4.69 billion in the year-ago quarter
- Organic sales growth was 4% year over year, which mainly reflects higher selling prices
- Unadjusted earnings per share rose to $2.06 during the three-month period from $1.86 last year
- Adjusted earnings advanced to an all-time high of $2.25 per share in Q2 from $1.81 per share a year earlier
- Year-to-date operating cash flow was an impressive $620 million, which is up $750 million YOY
- The company raised its full-year adjusted earnings guidance to the range of $7.28 per share to $7.48 per share