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PPG Industries (NYSE:PPG) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

PPG Industries logo with Basic Materials background

PPG Industries (NYSE:PPG - Get Free Report) released its earnings results on Wednesday. The specialty chemicals company reported $2.13 EPS for the quarter, missing the consensus estimate of $2.15 by ($0.02), Briefing.com reports. The firm had revenue of $4.58 billion during the quarter, compared to analyst estimates of $4.66 billion. PPG Industries had a return on equity of 23.57% and a net margin of 7.98%. The firm's revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $2.07 EPS. PPG Industries updated its FY 2024 guidance to 8.150-8.150 EPS.

PPG Industries Trading Up 0.8 %

NYSE:PPG traded up $0.98 during mid-day trading on Thursday, reaching $131.34. The company's stock had a trading volume of 2,104,948 shares, compared to its average volume of 1,598,746. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.49 and a quick ratio of 1.05. The stock has a market cap of $30.80 billion, a P/E ratio of 22.19, a P/E/G ratio of 1.72 and a beta of 1.26. The company's fifty day simple moving average is $126.73 and its two-hundred day simple moving average is $129.26. PPG Industries has a twelve month low of $118.07 and a twelve month high of $151.16.

PPG Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be paid a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 2.07%. PPG Industries's payout ratio is currently 45.95%.

Wall Street Analysts Forecast Growth

PPG has been the topic of a number of research analyst reports. Bank of America decreased their price objective on shares of PPG Industries from $152.00 to $150.00 and set a "buy" rating on the stock in a report on Monday, July 22nd. Mizuho lowered their price target on PPG Industries from $160.00 to $150.00 and set an "outperform" rating on the stock in a report on Thursday. Citigroup reduced their price objective on PPG Industries from $145.00 to $144.00 and set a "buy" rating for the company in a report on Monday, July 22nd. Barclays lowered their target price on PPG Industries from $148.00 to $144.00 and set an "equal weight" rating on the stock in a report on Monday, July 22nd. Finally, KeyCorp cut their price target on PPG Industries from $162.00 to $153.00 and set an "overweight" rating for the company in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $151.00.

View Our Latest Stock Analysis on PPG

About PPG Industries

(Get Free Report)

PPG Industries, Inc manufactures and distributes paints, coatings, and specialty materials in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through two segments, Performance Coatings and Industrial Coatings. The Performance Coatings segment offers coatings, solvents, adhesives, sealants, sundries, and software for automotive and commercial transport/fleet repair and refurbishing, light industrial coatings, and specialty coatings for signs; wood stains; paints, thermoplastics, pavement marking products, and other advanced technologies for pavement marking for government, commercial infrastructure, painting, and maintenance contractors; and coatings, sealants, transparencies, transparent armor, adhesives, engineered materials, and packaging and chemical management services for commercial, military, regional jet, and general aviation aircraft.

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Earnings History for PPG Industries (NYSE:PPG)

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