PPG - PPG Industries beats Q2 earnings revenue estimates

2023-07-20 16:30:56 ET

PPG Industries ( NYSE: PPG ) on Thursday reported Q2 sales and earnings that beat the average estimates among Wall Street analysts.

Sales rose 3.9% from a year earlier to a company record of $4.87 billion, compared with the consensus estimate of $4.84 billion.

Net income advanced 11% to $490 million, or $2.06 a share, from $441 million, or $1.85 a share a year earlier. Earnings adjusted for one-time items were $2.25 a share, beating the consensus estimate of $2.14 a share.

The company raised its Q3 EPS estimate to $1.85 to $1.95, and its full-year EPS estimate to $7.28 to $7.48.

“Looking ahead, we anticipate that the global macroeconomic environment will remain generally consistent with the second quarter including continued tepid global industrial production, along with some incremental slowing in U.S. architectural residential repaint due to significantly lower existing home sales,” Tim Knavish, president and CEO of PPG, said in a statement.

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