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PPG Industries (NYSE: PPG), Pittsburgh, PA, reported sales for the first quarter of $3.6 billion, down 4.1% from the previous year. Profit was $312 million, down 6.6% from the first quarter of 2018.
“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,” said Michael H. McGarry, PPG chairman and CEO. “We continued to experience cost inflation in raw materials, logistics and wages, and have additional initiatives under way to offset the cumulative impacts from this inflationary cycle."