PPG Industries Inc.’s shares rose 4% in after-hours trading after the company’s first-quarter net sales and adjusted earnings were above Wall Street estimates, along with its adjusted earnings guidance for the second quarter.
PPG’s net sales rose 15% to $3.88 billion. According to FactSet, analysts were expecting $3.67 billion.
Profit attributable to the paints and coatings company was $378 million, or $1.58 a share. Those earnings a year earlier were $243 million, or $1.02 a share.
Adjusted earnings were $1.88 a share. Analysts were expecting $1.57 a share.
For the second quarter, PPG is expecting adjusted earnings to be between $2.15 a share and $2.20 a share, and for aggregate sequential net sales, compared to the first quarter, to rise by a low-teen percentage. Analysts are expecting $2.03 a share in second-quarter adjusted earnings.