PPG - PPG beats Q4 estimates as higher prices lessen inflationary pressures

PPG Industries on Thursday reported adjusted EPS of $1.22 for Q4, beating the Wall Street consensus estimate of $1.13.

Net sales for the supplier of paints, coatings and specialty materials were flat with the year-earlier quarter at $4.19 billion, but ahead of analyst estimates of $4.12 billion. Sales advanced 5% in constant currencies because of higher prices for its products, according to PPG.

“This earnings improvement was driven by aggregate selling price increases that totaled 19% on a two-year stacked basis,” Tim Knavish, CEO of PPG, said in a statement, “as we remained focused on mitigating the significant cumulative cost inflation incurred the past two years."

The company estimated adjusted EPS for Q1 2023 will be in the range of $1.10 to $1.20 while sales will slip by a mid-single-digit percentage from a year earlier.

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