PPG Industries reports mixed Q3 results, shares dip slightly

PITTSBURGH - PPG Industries (NYSE:PPG ) reported mixed third quarter results, with earnings beating estimates but revenue falling short, sending shares down 1.04% in after-hours trading.

The coatings and specialty materials company posted adjusted earnings per share of $2.13, topping the analyst consensus of $2.16. However, revenue came in at $4.58 billion, missing expectations of $4.67 billion.

PPG's Performance Coatings segment saw sales increase 1% year-over-year to $2.92 billion, driven by 2% higher sales volumes. The Industrial Coatings segment struggled, with sales declining 6% to $1.65 billion on lower volumes and selling prices.

"We delivered record third quarter EPS driven by positive volume growth in seven of our ten businesses, including strong growth in several of our key technology businesses and despite deterioration in automotive original equipment manufacturer build rates during the quarter," said Tim Knavish, PPG chairman and CEO.

The company maintained its full-year 2024 guidance, expecting organic sales to be flat and adjusted earnings per share to be at the low end of the $8.15 to $8.30 range.

PPG repurchased approximately $200 million of stock during Q3 and has bought back about $500 million year-to-date. The company also raised its quarterly dividend by 5% in July.

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Source: Investing.com