PPG - PPG expects Q1 earnings to outperform prior guidance and consensus

2023-04-03 08:44:25 ET

• PPG Industries ( NYSE: PPG ) expects Q1 adjusted earnings per diluted share to be between $1.52 and $1.58, exceeding previously communicated guidance of $1.10 to $1.20 and consensus of $1.19.
• Shares up ~5% in Monday's premarket hours.
• “The pace of our operating margin recovery accelerated during the quarter, driven by higher sales volumes and additional selling price capture,” said Tim Knavish, PPG president and chief executive officer. “Our stronger sales volume performance compared to our guidance was led by the aerospace and automotive original equipment manufacturer coatings businesses. In addition, we delivered higher year-over-year earnings across most of our business portfolio including Europe.”
• The company also revealed that sales volumes in China were higher than expected due to fewer pandemic disruptions.
• The company plans to report Q1 financial results and full-year 2023 guidance on April 20, 2023, after the close of the U.S. stock markets.

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