PPG - PPG posts Q1 earnings beat plans more price hikes to counter inflation

PPG Industries (NYSE:PPG) +1% post-market after comfortably beating Q1 adjusted earnings estimates, exceeding its January guidance due to "excellent earnings leverage on higher than expected sales volumes." Q1 net income plunged 95% to $18M, or $0.08/share, from $378M, or $1.58/share, in the year-ago period, while revenues rose 11% to a quarterly record $4.3B. PPG (PPG) said Q1 raw material costs climbed 25% Y/Y, and energy and transportation costs also were elevated, and it plans to again raise prices in an effort to counter the effects of higher prices and other cost increases. The company said it finished the quarter with a much larger than normal order backlog of ~$180M, primarily in automotive refinish and aerospace coatings, and it expects further volume growth in the businesses in the coming quarters. Q1 sales rose 11% Y/Y in each of its two segments, performance coatings and industrial coatings, to $2.57B and $1.74B, respectively. For Q2,

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PPG posts Q1 earnings beat, plans more price hikes to counter inflation