S&P 500 (NYSE:SPY) component PPG Industries, Inc. (NYSE:PPG) reported net income above Wall Street’s expectations for the first quarter. PPG Industries Inc. makes coatings, glass and chemical products. .
PPG Industries Earnings Cheat Sheet for the First Quarter
Results: Net income for PPG Industries, Inc. rose to $228 million ($1.40/share) vs. $30 million (18 cents/share) YoY. A substantial increase from the year earlier quarter.
Revenue: Rose 13% to $3.53 billion YoY.
Actual vs. Wall St. Expectations: PPG (NYSE:PPG) beat the mean analyst estimate of $1.31/share. Estimates ranged from $1.15 per share to $1.35 per share.
Quoting Management: “We’ve continued our strong earnings momentum and have posted our third consecutive quarterly record,” said Charles E. Bunch, PPG chairman and CEO. “Each of our reporting segments delivered higher year-over-year earnings driven by continued volume growth from a broadening global industrial recovery, including strengthening conditions in Europe.”
Key Stats: Gross margins grew 5.9 percentage points to 39.8%. The growth seemed to be driven by increased revenue, as the figure rose 13% from the year earlier quarter while costs rose 3%.
Over the last five quarters, revenue has increased 10.4% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 13% from the year earlier quarter.
Competitors to Watch: The Valspar Corp (NYSE:VAL), RPM International (NYSE:RPM), Sherwin-Williams (NYSE:SHW), Akzo Nobel (AKZOY), Southwall Technologies (SWTXD), E.I. du Pont (NYSE:DD), Berkshire Hathaway (BRK.A), Olin Corp (NYSE:OLN), Corning (NYSE:GLW) and Georgia Gulf (NYSE:GGC).
Today’s Performance: Shares of PPG (NYSE:PPG) are trading at $94.21 as of April 21, 2011 at 10:51 AM ET, down 0.4% from the previous closing price of $94.54.