PPG Boosts Q1 Adj. EPS Outlook
(RTTNews) - PPG Industries Inc. (PPG) announced Monday that first quarter 2023 adjusted earnings per share is now expected to be between $1.52 and $1.58, which exceeds the company's previously communicated guidance of $1.10 to $1.20.
On average, 20 analysts polled by Thomson Reuters expect the company to report earnings of $1.18 per share for the quarter. Analysts' estimates usually exclude special items.
The company also noted stronger-than-expected demand in PPG Comex, along with U.S. architectural coatings where the company benefitted from a recent customer win that aided quarterly results. Sales volumes were also better in China due to fewer pandemic disruptions than initially forecast.
In addition, the company reported that in March 2023, PPG purchased group annuity contracts that transferred pension benefit obligations for certain of the company's retirees in the U.S. to third-party insurance companies, resulting in an estimated non-cash pension settlement charge of approximately $191 million, or $0.61 per share.
The expected first-quarter adjusted EPS excludes the impact of this pension settlement charge.
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