Yahoo Finance PPG Raises Q1 Earnings Guidance on Higher Volumes and Prices
PPG Industries, Inc. PPG has announced its adjusted earnings guidance for the first quarter of 2023 in the range of $1.52-$1.58 per share. It exceeds the company’s previously announced outlook of $1.10-$1.20.
The company’s fourth-quarter 2022 adjusted earnings were $1.22 per share. Its adjusted earnings in the prior-year quarter were $1.37 per share.
PPG said that it witnessed an increased pace of recovery in its operating margin during the first quarter, which is attributed to higher sales volumes and improved selling prices. The company's sales volume exceeded its guidance, with significant contributions from its aerospace and automotive original equipment manufacturer coatings businesses. PPG Industries also reported higher earnings in most of its business portfolio, including Europe, than the previous year.
The company reported a higher-than-anticipated demand in PPG Comex and U.S. architectural coatings, which was attributed to a recent customer win that contributed to its quarterly performance. Additionally, sales volumes in China surpassed initial projections due to fewer disruptions caused by the pandemic.
Shares of PPG have gained 3.1% against a 4.2% fall recorded by its industry.
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Zacks Rank & Other Key Picks
PPG Industries currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Olympic Steel, Inc. ZEUS, Steel Dynamics, Inc. STLD and Linde plc LIN. LIN currently carries a Zacks Rank #2, while ZEUS and STLD sport a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olympic Steel’s shares have gained 39.5% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 25.7% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 31% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 13.5% in the past year. The company has an earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.
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