PPG - PPG Non-GAAP EPS of $1.22 beats by $0.09 revenue of $4.19B beats by $70M
- PPG press release ( NYSE: PPG ): Q4 Non-GAAP EPS of $1.22 beats by $0.09 .
- Revenue of $4.19B (flat Y/Y) beats by $70M.
- Margin recovery with segment earnings growth of more than 20% year-over-year, despite more severe commercial and supply disruptions in China than original guidance.
- Higher effective tax rate in 2022 reduced year-over-year EPS by $0.25, primarily related to prior year discrete tax items that did not recur.
- Record full-year 2022 sales of about $17.7 billion, aided by 8% organic growth.
- Q1 2023 Outlook: Aggregate sales volumes down a mid-single-digit percentage year over year
- Corporate expenses of between $90 million and $95 million; higher than prior year, partially due to increasing pension costs (non-cash) and prior-year adjustments to incentive compensation that are not expected to recur.
- Net interest expense of between $38 million and $40 million
- Effective tax rate of 22% to 24%
- Reported EPS of $0.95 to $1.05
- Adjusted EPS of $1.10 to $1.20 vs. consensus of $1.38 .
- Shares +0.16% .
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PPG Non-GAAP EPS of $1.22 beats by $0.09, revenue of $4.19B beats by $70M