PPG reports record second quarter financial results; raises full-year guidance

Performance Coatings net sales increased led by higher selling prices in all businesses and favorable foreign currency translation that more than offset lower sales volumes.

Automotive refinish coatings organic sales increased by a mid-single-digit percentage led by higher global selling prices and sales volume growth in the U.S. where demand approached pre-pandemic levels. Organic sales in the protective and marine coatings business improved by a high single-digit percentage, with solid contributions from higher selling prices and sales volumes compared to the second quarter of 2022.

Segment income was higher than the prior year by $94 million, or 60%, primarily due to higher selling prices and moderating raw material costs. Segment margins improved by 470 basis points compared to the second quarter 2022.

Record quarterly net sales of $4.9 billion

Organic sales growth of 4% year over year (YOY), led by higher selling prices

Record quarterly earnings per diluted share (EPS) of $2.06 and adjusted EPS of $2.25

Significant progress on margin recovery; segment margins up 330 basis points YOY

Strong year-to-date operating cash flow of about $620 million; up about $750 million YOY