Shares of paint maker PPG Industries (NYSE: PPG) rose roughly 12% out of the gate on April 16. The news driving the rally was the company's first-quarter 2021 earnings, which hit Wall Street after trading closed on April 15. Obviously, the reading was pretty good.
PPG Industries, which operates in the basic materials sector , reported sales of $3.9 billion in the first quarter, up roughly 15% from the same period in 2020. Sales volumes rose around 7% year over year, despite headwinds in some key markets (notably aerospace). On the bottom line, adjusted earnings came in at $1.88 per share, up from $1.31 in the first quarter of 2020. This year's first-quarter earnings figure is a record for the company. This is all good news and investors are right to be pleased.
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Why PPG Stock Rose as Much as 12% in Early Trading Today