Paint manufacturer PPG is reporting record-breaking financial results for the first quarter of 2021, highlighting first-quarter net sales roughly 15 percent higher than in 2020.
The company is reporting net sales in the first quarter of $3.9 billion, up 14.7 percent from 2019’s first-quarter total of $3.4 billion. These net sales represent a new quarterly record for the company. Overall, PPG reports net income of $378 million, up sharply from net $243 million in the first quarter of 2019.
Previously, PPG reported 2020 total sales of $13.8 billion.
PPG confirmed sales volumes in the first quarter rose about 7 percent. The company also achieved record reported earnings per diluted share (EPS) at $1.58 and an adjusted EPS of $1.88.
“We delivered excellent operating performance in both reportable segments. We achieved these results despite experiencing accelerating raw material and logistics cost inflation during the quarter, and with demand remaining tepid in the global commercial aerospace and U.S. protective coatings end-use markets,” says says Michael H. McGarry, PPG chairman and CEO.
McGarry says PPG also delivered roughly $35 million in structural cost savings from business restructuring initiatives. He also highlighted the ways in which PPG’s recent acquisitions of coatings companies Tikkurila, Wörwag and others.
He says PPG is managing both “direct supply chain disruptions and production constraints at some of our customers due to their input component shortages.” McGarry says these issues will likely delay seasonal sales activity into the second half of the year.