## PPG Industries Reports Mixed First-Quarter Results
PPG Industries, Inc. reported mixed first-quarter financial results after the bell on Thursday. The company's adjusted earnings per share of $1.86 met analyst expectations, while quarterly sales of $4.31 billion fell short of the $4.43 billion estimate by 2.69%. This represents a 1.58% decrease compared to the same period last year.
Despite the missed sales target, PPG's board of directors authorized a $2.5 billion share repurchase program, effective immediately. The company also declared a quarterly dividend of 65 cents per share, payable on June 12th to shareholders of record as of May 10th.
"We achieved year-over-year adjusted EPS growth for the fifth consecutive quarter despite continued challenges in the macro environment," said Tim Knavish, PPG CEO. He attributed the growth to strong performance in Mexico and China, PPG's second and third largest markets, respectively. Additionally, organic sales growth was achieved in India and several long-cycle businesses, including protective and marine coatings and aerospace coatings.
Looking ahead, PPG expects second-quarter organic sales growth in the low single digits and anticipates adjusted earnings per share between $2.42 and $2.52, slightly below the $2.55 estimate. For the full year 2024, the company projects low single-digit organic sales growth and maintains its adjusted earnings per share guidance between $8.34 and $8.59, compared to the $8.48 estimate.
Following the earnings release, PPG Industries shares were down 0.45% after-hours, trading at $134.50 at the time of publication.