PPG Industries, Inc. (NYSE:PPG) came out with first-quarter figures Thursday before the opening bell.
Reported first-quarter 2019 net sales of approximately $3.6 billion, down about 4% versus the prior year. Net sales in constant currencies were flat with the prior year aided by higher selling prices of 2.6%. Sales volumes were down about 3% versus the prior year in aggregate.
First-quarter 2019 reported net income from continuing operations was $312 million, or $1.31 per diluted share, and adjusted net income from continuing operations was $330 million, or $1.38 per diluted share.
For the first quarter 2019, the reported and adjusted effective tax rate was about 24%, higher than the first quarter 2018 reported and adjusted effective tax rate of approximately 21%.
CEO Michael McGarry said, "First-quarter operating margins were higher than the prior year, despite a challenging global macro-economic environment and industry demand declines in certain markets. We achieved improved margins through continued selling-price initiatives. This marks the eighth consecutive quarter with improved sequential pricing."
Segment income for the first quarter was $297 million, up $17 million, or about 6% year-over-year, including unfavorable foreign currency translation impacts of about $10 million. Segment income was aided by higher selling prices and continued execution of cost management and restructuring initiatives, offset by raw material and logistics cost inflation and the impact from lower architectural coatings DIY retail sales volumes in the U.S.
Shares raced ahead $3.38, or 2.9%, to $120.77
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