PPG Industries Reports Mixed Q1 Results
Portfolio Pulse from Erica Kollmann
PPG Industries, Inc. (NYSE:PPG) reported mixed Q1 results with earnings per share of $1.86, meeting analyst estimates, but missing sales forecasts with $4.31 billion versus the expected $4.43 billion. The company announced a $2.5 billion stock repurchase program and declared a quarterly dividend of 65 cents per share. CEO Tim Knavish highlighted year-over-year adjusted EPS growth for the fifth consecutive quarter and organic sales growth in key markets. PPG anticipates low single-digit organic sales growth and adjusted earnings of $2.42 to $2.52 per share for Q2, slightly below the $2.55 estimate.
April 18, 2024 | 8:38 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
PPG Industries reported mixed Q1 results, meeting EPS estimates but missing sales forecasts. Announced a $2.5 billion stock repurchase and a quarterly dividend. Expects continued growth despite challenges.
The mixed Q1 results with in-line EPS and missed sales forecasts may have a neutral short-term impact on PPG's stock price. The announcement of a significant stock repurchase program and a steady dividend could support the stock price, balancing out the negative impact of the sales miss. The company's optimistic growth outlook despite challenges may also reassure investors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100