Fri, Jul 19, 6:09 PM (50 days ago)
PPG Industries Inc. reported a slight decline in net sales for Q2 2024, down 1.6% to $4.8 billion, primarily due to unfavorable currency impacts and divestitures. Despite this, income before taxes rose by $47 million to $693 million, driven by moderating raw material costs, partially offset by wage inflation. Performance Coatings saw a 6% increase in segment income to $570 million, aided by higher selling prices and lower raw material costs. Industrial Coatings experienced a 3.6% rise in segment income to $259 million, despite a 4.6% drop in net sales. Cash from operations fell to $305 million, largely due to working capital changes. PPG maintains strong liquidity with $1.2 billion in cash and short-term investments. Future expectations include continued strong demand in aerospace coatings and seasonal sales boosts in traffic solutions.