Pittsburgh, Pennsylvania — PPG has reported record net sales of US$4.4 billion this quarter, the equivalent of $5.99 billion Canadian dollars.
According to a company press release, the primary driving factor comes from organic sales growing by more than five percent compared to the previous year, along with higher selling prices.
Further broken down, the components of year-over-year net sales change are explained as an eight percent increase in higher selling prices, three percent losses lower sales volumes, divestiture-related sales and the winding down of Russian operations resulting in a one percent drop and a two percent drop in unfavourable foreign currency translations.
This tallies in a two percent year-over-year increase in net sales for Q1 2023, compared to Q1 2022.
For more information, click here for PPG’s full press release.
