PPG Profits Grow 5.7 Percent From First Quarter 2017

PPG Industries Inc. (Pittsburgh) reported a net income of $347 million from continuing operations in the first quarter of 2018, with net sales growing 9 percent from the same period last year to $3.8 billion. The income is up 5.7 percent from $328 million in the first quarter of 2017.

Net income adjusted to exclude after-tax costs related to cost realignment totaled $350 million for the quarter.

The company’s reported sales earnings were bolstered by higher selling prices of nearly 2 percent, as well as volume growth, which overall increased less than one percent year-over-year.

“During the quarter, we experienced further raw material inflation and higher logistics costs across all of our businesses,” PPG CEO Michael McGarry said in a statement. “We are continuing to prioritize working with our customers to further offset the impact of inflation.”

PPG is the parent company of Synteko, along with a multitude of other coatings brands.