{"id":18353,"date":"2023-04-20T20:59:41","date_gmt":"2023-04-20T20:59:41","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/ppg-industries-exceeds-profit\/"},"modified":"2023-04-20T21:04:57","modified_gmt":"2023-04-20T21:04:57","slug":"ppg-industries-exceeds-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/ppg-industries-exceeds-profit\/","title":{"rendered":"PPG Industries exceeds profit expectations, forecasts strong FY earnings"},"content":{"rendered":"<p>(Reuters) &#8211;     PPG Industries Inc on Thursday surpassed street estimates, as the industrial coatings supplier accelerated its margin recovery on the back of higher prices and sales volumes, and forecast better-than-expected full-year 2023 earnings.<\/p>\n<p>The reopening of the Chinese economy after pandemic-induced lockdowns boosted demand for coatings used in aerospace and automotive original equipment manufacturers (OEMs).<\/p>\n<p>Net sales in the performance coatings segment rose 2% to $2.63 billion from $2.57 billion a year earlier as higher selling prices made up for an unfavorable foreign currency translation and the hit from winding down business in Russia.<\/p>\n<p>The industrial coatings segment also saw net sales rise, by about 1%, to $1.75 billion from $1.74 billion a year earlier as sales in automotive OEM coatings were higher.<\/p>\n<p>Demand for chemicals, however, is recovering slowly in areas such as durables and construction, brokerage KeyBlanc Capital Markets had written in a note earlier this month.   <\/p>\n<p>The Pittsburgh, Pennsylvania-based company&#8217;s earnings rose to $1.82 per share in the quarter ended March 31 from $1.37 per share a year earlier, higher than analysts&#8217; estimate of $1.54 per share according to data from Refinitiv.<\/p>\n<p>Quarterly net sales rose 2% to $4.38 billion from $4.31 billion a year earlier. Analysts had expected $4.39 billion.<\/p>\n<p>The company expects sales volumes to be close to pre-pandemic levels in the second quarter of this year and sees earnings between $2.05 per share and $2.15 per share, higher than street estimate of $1.96 per share.<\/p>\n<p>PPG&#8217;s full-year 2023 earnings forecast between $6.95 per share and $7.25 per share was also higher than analysts&#8217; estimate of $6.90.<\/p>\n<p>Paint makers such as PPG Industries had passed a chunk of steep raw material costs on to customers last year via higher prices, but warned of waning sales volumes this year.<\/p>\n<p>Shares rose 1.8% in after-hours trading to $144.<\/p>\n<p \/>\n<p> (Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/ppg-industries-exceeds-profit\/a-ppg-industries-plant-is-pictured-in-west-lake\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3J0YH-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3J0YH-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; PPG Industries Inc on Thursday surpassed street estimates, as the industrial coatings supplier accelerated its margin recovery on the back of higher prices and sales volumes, and forecast better-than-expected full-year 2023 earnings. The reopening of the Chinese economy after pandemic-induced lockdowns boosted demand for coatings used in aerospace and automotive original equipment manufacturers [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":18354,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-18353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3J0YH-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=18353"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18353\/revisions"}],"predecessor-version":[{"id":18355,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/18353\/revisions\/18355"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/18354"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=18353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=18353"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=18353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}