Pittsburgh, Pennsylvania — The paint giants at PPG released their First Quarter 2021 Financial Results on Thursday, posting some record-breaking sales numbers for the beginning of the fiscal year.
PPG reported that the company achieved record first quarter net sales of approximately $3.9 billion, about a 15 percent increase from last year.
First quarter 2021 reported net income was $378 million, or $1.58 per diluted share, and adjusted net income was $450 million, or $1.88 per diluted share.
“We delivered record adjusted EPS in the first quarter which is significantly above 2020 first quarter results, and also 27% higher than first quarter 2019 despite sales volumes not yet having fully recovered to pre-COVID levels,” said Michael H. McGarry, PPG chairman and CEO.
“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. The company’s first quarter segment margins were at multi-year seasonal highs as we benefited from strong leverage on higher year-over-year net sales growth.”