PPG Industries Reports Mixed Q1 Results

Author: Erica Kollmann | April 18, 2024 04:38pm

PPG Industries, Inc. (NYSE:PPG) reported mixed first-quarter financial results after the bell Thursday. Here's a look at the details. 

The Details: PPG reported quarterly adjusted earnings of $1.86 per share, inline with the analyst estimate.

Quarterly sales came in at $4.31 billion which missed the analyst consensus estimate of $4.43 billion by 2.69% and represents a 1.58% decrease over sales of $4.38 billion from the same period last year.

PPG announced its board of directors authorized the repurchase of $2.5 billion of outstanding common stock, effective immediately and do not expire. The company also declared a quarterly dividend of 65 cents per share, payable June 12 to shareholders of record as of May 10.

“We achieved year-over-year adjusted EPS growth for the fifth consecutive quarter despite continued challenges in the macro environment,” said Tim Knavish, PPG CEO. “The company benefited from our well-established businesses in Mexico and China, our second and third largest net sales countries, respectively. We also delivered organic sales growth in India and in several long-cycle businesses such as protective and marine coatings and aerospace coatings, where our backlog grew,”

Outlook: PPG sees second-quarter organic sales growth up by low single digits and expects quarterly adjusted earnings of between $2.42 and $2.52 per share, versus the $2.55 per share estimate.

The company expects full-year 2024 organic sales growth in the low single digits and continues to see full-year adjusted earnings between $8.34 and $8.59 per share, versus the $8.48 per share estimate.

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PPG Price Action: According to Benzinga Pro, PPG Industries shares are down 0.45% after-hours at $134.50 at the time of publication Thursday.

Photo: Csaba Nagy from Pixabay

Posted In: PPG