PPG Industries raises forecast as higher prices boost quarterly results

PPG Industries (PPG.N) raised its full-year profit forecast on Thursday after beating second-quarter profit estimates as strong prices helped the industrial coatings maker offset lower demand.

While overall sales volumes were down, demand for automotive OEM coatings remained robust as the quarter witnessed higher vehicle production in the U.S. after two straight quarterly declines, boosting the industrial segment’s income by 60% to $250 million.

PPG, whose selling prices for performance coatings rose 6% year-over-year, said demand for global industrial materials was “lackluster,” after its expectations that sales volumes would hit 2019 pre-pandemic levels in the reported quarter did not come true.