© Reuters.
By Sam Boughedda
Investing.com — PPG Industries Inc (NYSE:) reported its first-quarter earnings Thursday after the close, beating analyst earnings and revenue forecasts.
The global supplier of paints, coatings and specialty materials announced earnings per share of $1.37 on revenue of $4.31 billion. Analysts polled by Investing.com anticipated EPS of $1.12 on revenue of $4.25 billion.
PPG said it delivered record sales during the quarter despite ongoing supply chain disruptions and the initial impacts of geopolitical issues in Europe, and increasing Covid-19 restrictions in China.
“Our organic sales growth of 7% was driven by continued selling price realization and above-market sales volume performance in several of our end-use markets, most notably in automotive refinish and PPG-Comex architectural coatings,” stated Michael McGarry, PPG chairman, and chief executive officer.
The company sees second-quarter aggregate sales volumes down a low-to-mid-single-digit percentage year-over-year, with adjusted earnings per share between $1.60 to $1.90.
“Looking ahead, aggregate underlying demand for PPG products is expected to remain solid, including continued pandemic-related recovery in certain end-use markets,” added McGarry.
“While supply disruptions are expected to persist, we anticipate further sequential raw material availability improvements driven by increased supplier manufacturing capabilities and labor availability in the U.S., along with lower European demand.”
PPG closed Thursday’s session up 1.1%.
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