PPG Q1 Report 2024

Tim Knavish, PPG chairman and chief executive officer, commented on the quarter:

We achieved year-over-year adjusted EPS growth for the fifth consecutive quarter despite continued challenges in the macro environment. The company benefited from our well-established businesses in Mexico and China, our second and third largest net sales countries, respectively. We also delivered organic sales growth in India and in several long-cycle businesses such as protective and marine coatings and aerospace coatings, where our backlog grew. These gains were mitigated by a large customer load-in and pass-through energy surcharges in Europe that occurred in the prior-year period, lowering year-over-year sales comparisons by approximately 130 basis points. 

Highlights

• Record reported earnings per diluted share (EPS) of $1.69 and adjusted EPS of $1.86
• Net sales of $4.3 billion; organic sales declined 2% versus prior year, down 1% excluding prior year large customer load-in
• Segment margins improved 60 basis points year over year, the sixth consecutive quarter of margin expansion versus prior year
• Share repurchases of approximately $150 million