Organic Sales Growth in Asia and U.S.
PPG reported year-over-year organic sales growth in Asia, led by China, India, and Vietnam. In the U.S., organic sales grew by 4% after six quarters of declines or flat performance.
Strong Performance in Performance Coatings
The performance coatings segment achieved a 9% increase in organic sales with aerospace delivering double-digit percentage organic sales growth, achieving record first-quarter sales and earnings.
Robust Share Repurchase and Financial Position
PPG repurchased approximately $400 million of stock and ended the quarter with a strong balance sheet.
Positive Momentum in Industrial Coatings
Although net sales declined, the industrial coatings segment saw a significant improvement compared to previous quarters with organic sales down less than 2%.