PPG Industries Stock Slips: Top And Bottomline Wins Don’t Offset Weak Q1 Guidance – PPG Indus (NYSE:PPG)

PPG Industries, Inc. PPG shares are trading lower in Thursday’s after-hours session following the release of the company’s fourth-quarter earnings results.

What To Know: PPG Industries reported quarterly earnings of $1.53 per share which exceeded analyst expectations of $1.50, a 25.41% increase over earnings of $1.22 per share from the same period last year.

The company reported quarterly sales of $4.35 billion, clocking in above the analyst consensus estimate of $4.27 billion by 1.87%, a 3.94% increase over sales of $4.18 billion from the same period last year.

Also during the quarter, the company made continued progress on margin recovery, with segment margin up 260 basis points year-over-year.

Additionally, the net sales for the Performance Coatings segment grew 5%. The increase was attributed to higher selling prices and auspicious foreign currency translation.

PPG Industries provided its first-quarter outlook, with earnings estimated to be between $1.80 and $1.87 per share, versus the $1.98 estimate. Full-year 2024 earnings are anticipated to be between $8.34 and $8.59 per share, versus the estimate of $8.46.

“Capping off a record year, the PPG team delivered solid year-over-year sales growth, strong adjusted earnings growth and record operating cash flow,” said¬†Tim Knavish, PPG chairman and CEO.

“The breadth and diversity of our business portfolio was a key driver to our record fourth quarter performance, as we benefited from solid volume growth in China, demand stabilization in Europe and continued growth in several key end-use markets such as aerospace, automotive original equipment manufacturer (OEM) and protective coatings.”

Related Link: What’s Been Happening With e.l.f. Beauty Stock?

PPG Price Action: Shares of PPG were down 1.6% at $142.55 in the after-hours session at the time of publication, according to Benzinga Pro. 

Image by M. H. from Pixabay

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