PPG Industries : 1Q 2024 Earnings Conference Call Transcript

April 19, 2024 at 01:45 pm EDT

Corrected Transcript

19-Apr-2024

PPG Industries, Inc. (PPG)

Q1 2024 Earnings Call

	Total Pages: 20
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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

CORPORATE PARTICIPANTS

Jonathan Edwards	Vincent J. Morales
Director-Investor Relations, PPG Industries, Inc.	Senior Vice President & Chief Financial Officer, PPG Industries, Inc.
Timothy M. Knavish
Chairman & Chief Executive Officer, PPG Industries, Inc.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Ghansham Panjabi	Steve Byrne
Analyst, Robert W. Baird & Co., Inc.	Analyst, BofA Securities, Inc.
John McNulty	Jeffrey J. Zekauskas
Analyst, BMO Capital Markets Corp.	Analyst, JPMorgan Securities LLC
Michael Sison	Kevin W. McCarthy
Analyst, Wells Fargo Securities LLC	Analyst, Vertical Research Partners LLC
Duffy Fischer	Michael Leithead
Analyst, Goldman Sachs & Co. LLC	Analyst, Barclays Capital Inc.
David Begleiter	Laurent Favre
Analyst, Deutsche Bank Securities, Inc.	Analyst, Exane BNP Paribas
Christopher Parkinson	Arun Viswanathan
Analyst, Wolfe Research, LLC	Analyst, RBC Capital Markets LLC
John Roberts	Joshua Spector
Analyst, Mizuho Securities USA LLC	Analyst, UBS Securities LLC
Patrick Cunningham	Michael J. Harrison
Analyst, Citigroup Global Markets, Inc.	Analyst, Seaport Research Partners
Frank J. Mitsch	Laurence Alexander
Analyst, Fermium Research LLC	Analyst, Jefferies LLC
Vincent Stephen Andrews
Analyst, Morgan Stanley & Co. LLC

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

MANAGEMENT DISCUSSION SECTION

Operator: Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quarter PPG Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer section.

[Operator instructions]

Thank you. I would now like to turn the conference over to Jonathan Edwards, Director of Investor Relations. Please go ahead, sir.

Jonathan Edwards

Director-Investor Relations, PPG Industries, Inc.

Thank you, Angela, and good morning everyone. This is Jonathan Edwards. We appreciate your continued interest in PPG and welcome you to our first quarter 2024 financial results conference call. Joining me on the call from PPG are Tim Knavish, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

Our comments relate to the financial information released after US equity markets closed on Thursday, April 18, 2024. We have posted detailed commentary and accompanying presentation slides on the investor center of our website, ppg.com.

The slides are also available on the webcast site for this call and provide additional support to the opening comments Tim will make shortly. Following management's perspective on the company's results for the quarter, we will move to a Q&A session.

Both the prepared commentary and discussion during this call may contain forward looking statements, reflecting the company's current view of future events and their potential effect on PPG's operating and financial performance. These statements involve uncertainties and risks, which may cause actual results to differ.

The company is under no obligation to provide subsequent updates to these forward-looking statements. The presentation also contains certain non-GAAP financial measures the company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information, please refer to PPG's filings with the SEC.

And now let me introduce PPG Chairman and CEO, Tim Knavish.

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

Thank you, Jonathan, and good morning everyone. Welcome to our first quarter 2024 earnings call. I'd like to start by providing a few highlights on our first quarter 2024 financial performance and then I'll move to our outlook.

The PPG team delivered sales of $4.3 billion, a solid sales performance despite a very challenging macro environment. And we delivered our sixth consecutive quarter of year-over-year segment margin increases. This culminated in first quarter adjusted earnings per diluted share of $1.86, which is $0.02 above the midpoint of the

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

range that we provided in January. This was also our second-best Q1 adjusted EPS in the company's history, falling just $0.02 short of the record achieved during the early COVID surge and house paint sales.

Our first quarter adjusted EPS was, once again, up year-over-year, with moderating input costs and improving manufacturing performance mitigated by lower sales volumes and higher wage and benefit costs. As we indicated in January, we had a large customer win last year at Walmart, and a significant portion of lower volumes year- over-year was driven by this prior year $40 million load-in. We're also impacted by lower demand in Europe, including the effect of fewer selling days in March stemming from an early Easter holiday this year.

We also experienced ongoing tepid global industrial production. Adjusting for these year-over-year comparison items, volumes were nearly flat, continuing the underlying positive volume trajectory over the last five quarters. As I'll discuss in our outlook, I fully expect positive sales volumes in Q2.

A benefit for us during the quarter was China, where despite a challenging general economy, our portfolio delivered double-digit organic sales growth, reflecting our strong mix of well-established businesses in the country. For PPG, India also grew by double digits in the quarter. In addition, our commercial teams executed well and drove solid global organic sales growth in our aerospace, specialty coatings and materials, and protective and marine coatings businesses. Our selling prices were flat with positive pricing in the Performance segment, offsetting lower pricing in Industrial segment.

First quarter pricing comparisons include a transitory unfavorable impact from European energy-related pricing indices that were put in place during a period of extremely high energy prices in that region in the first quarter of 2023. We experienced lower energy input costs in the quarter to offset this lower index-based pricing.

We expect total company selling prices to be slightly positive overall in 2024, as targeted structural selling price increases have been implemented in several of our Performance segment businesses, offsetting some index- based pricing contracts in the Industrial segment. Our operations have benefited from further improvement, as we experienced stable upstream and downstream supply chains and customer order patterns.

From a supply perspective, the vast majority of our suppliers have sufficient or excess capacity, as we continue to experience moderating input costs. This is noteworthy as we are just entering the peak buying period due to the overall seasonality of the paint industry.

We also increased our growth-related investments, supporting initiatives that will deliver volume gains later this year and going forward. Building off of the full-year 310 basis point improvement in total segment margins in 2023, further margin improvement remains a priority in 2024. This will be driven by stronger sales volumes as the year progresses, improved manufacturing productivity, and moderating input costs from historical highs. Specifically, on manufacturing productivity, our improved operating cadence will be more financially impactful during our peak seasonal quarters, as we deliver additional volume growth.

In the first quarter, we delivered on our margin improvement commitment with the Industrial segment margins improving by 100 basis points versus prior year, and the Performance Coatings business' margins were also up by about 40 basis points, as favorable pricing and moderating input costs were mitigated by lower volumes and higher wage inflation.

From a cash perspective, we expect another year of excellent cash flow, and our balance sheet remains strong, including lower inventories year-over-year. We'll continue to follow our legacy of utilizing our strong cash flow and balance sheet to create shareholder value.

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

In the first quarter, we repurchased approximately $150 million of PPG stock, reflecting our commitment to use excess cash to create shareholder value. Additionally, yesterday, our board of directors increased our share buyback authorization by an additional $2.5 billion, bringing our total share repurchase authorization to approximately $3.4 billion.

I'm pleased with the progress we've made on our enterprise growth initiatives. We executed strong growth from selling our innovative products into the mobility space, and continued to further utilize our world-class distribution of 5,200 concessionaire locations in Mexico to drive additional non-architectural coatings products into one of the world's fastest-growing economies.

In automotive refinish, customer adoption of our industry-leading digital tools increased, yielding nearly 400 additional net body shop wins. These digital tools include our LINQ services and MoonWalk mixing machines, both of which are best-in-class and are focused on improving body shop productivity. To date, we've sold over 2,000 MoonWalk mixing machines and approximately 2,700 LINQ subscriptions.

We announced strategic reviews of the architectural US and Canada business and the global silicas product business in the first quarter. Strategically, we are driving this portfolio optimization with a goal of transforming to a higher growth, higher margin company.

As an example, excluding the architectural coatings business in the US and Canada, Performance Coatings segment margins would be an average of 200 to 300 basis points higher than the last several years. We'll communicate the determination of a path forward on these strategic assessments when appropriate with our target of no later than the third quarter.

Now, I'll comment on our second quarter outlook. We expect to deliver adjusted Q2 EPS between $2.42 and $2.52 per share, which is at midpoint would be 10% higher than our previous record quarterly EPS. While we anticipate global industrial production to remain at low absolute levels and demand to be uneven by geography, we expect our overall second quarter sales volumes to be positive by a low-single-digit percentage, aided by organic growth in aerospace, protective and marine, and our share gains in packaging coatings.

We project continuing solid growth from our businesses in China, our third largest country for sales, led by our automotive OEM business where our strong positioning with electric vehicle OEM producers will drive further sales. Additionally, we expect to deliver further sales growth in Mexico, our second largest country for sales, leveraging our strong position across many businesses as well as our world-class distribution network.

We are confident that PPG's unique geographic profile, with strong and growing positions in China, Mexico and India, along with stabilization and eventually modest growth in Europe and the continued improvements in the US, will support PPG's consistent sales volume growth as we move forward. We anticipate overall company selling prices to be flat to slightly positive in the second quarter, as the impact of index-based contracts in our Industrial segment will be offset by selling price increases in our Performance Coatings segment. There's still some unfavorable pricing impact and offsetting energy input cost benefits from prior year European energy surcharges, but it's less than the first quarter.

With regard to commodity raw materials, supply remains ample, and we will continue to realize benefits from moderating input costs. We expect mid-single-digit percentage raw material deflation in the second quarter, following the realization of high-single-digit percentage decreases in Q1. We're watching oil price and feedstock

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

volatility, and we will manage any impact accordingly, although we expect that recent oil price increases will be absorbed upstream.

Looking at the remainder of 2024, we remain confident that we will deliver positive sales volumes in each remaining quarter in 2024, including our growth in China and India. We'll also execute on our more than $270 million and growing order backlog in aerospace, driving further growth in our well-positioned businesses in Mexico and driving expanded benefits of our key growth initiatives across electric vehicle, auto parts, powder coatings, and various digital solutions. PPG remains focused on our enterprise growth initiatives to drive higher sales volumes and fully capitalize on our technical and service capabilities.

We'll drive further improvement of our operating margins, aided by sales volume growth leverage and our initiatives to drive manufacturing productivity following several years of supply chain and other disruptions. And we will diligently manage our costs and continue to execute against previously approved restructuring actions.

Lastly, we entered the second quarter of 2024 with a strong balance sheet, which provides us with flexibility for further shareholder value creation. Thank you to our more than 50,000 employees around the world who partner with our customers every day to drive mutual success by providing best-in-class paints, coatings, specialty materials, including productivity enhancing and sustainable solutions.

Thank you for your continued confidence in PPG. This concludes our prepared remarks, and now would you please open the lines for questions.

QUESTION AND ANSWER SECTION

Operator: Thank you, Tim. [Operator Instructions] Your first question comes from the line of Ghansham Panjabi from Baird. Your line is open.

Ghansham Panjabi

Analyst, Robert W. Baird & Co., Inc.

Thank you, operator. Good morning everybody. Tim, I know you have a lot going on across the portfolio by business and also by geography, but your guidance embeds quite a bit of an earnings improvement during the back half of the year on a year-over-year basis. So, I guess just on that, can you just lay out the specifics that underlay your confidence for that dynamic to play out, especially with some of the upstream input costs such as energy trending higher? Thank you.

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

Yeah, sure, Ghansham. Thanks for the question. I'll tell you how I'm feeling about the full-year guide here. We have a bold 10% EPS growth target off of a strong record year last year and on a very challenging planet. But we've got strong reasons to believe and we're confident in that.

First of all, we've proven over the last several quarters what we can do on margin and cash. That gives us optionality. We believe that our strong volume momentum will continue. We went from minus 3%, minus 2%, minus 1%, now essentially flat without the one-timers. We're expecting positive volume in the rest of the year.

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

I'm satisfied with where pricing is. We continue to get price in Performance. We've got indexing offsets in Industrial, but I'm confident in that. We've got manufacturing momentum. We're starting to deliver on the productivity initiatives, as well as some incremental volume leverage. The portfolio, we're starting from a position of strength in a number of our countries and businesses, aerospace, Mexico, China, India, PMC, automotive.

We've got some share gains in the process of being launched across packaging, refinish, industrial coatings. We've got our enterprise growth strategy initiatives and we do have some optionality again with capital deployment. So, we feel good about the ramp between Q1 to Q2 and the second half of the year, Ghansham.

Vincent J. Morales

Senior Vice President & Chief Financial Officer, PPG Industries, Inc.

Yeah. And, Ghansham, this is Vince. Just as we talked, a strong balance sheet. In our full-year guide, we don't have any further cash deployment baked in at this point. As we alluded to in our press release, we did purchase about $150 million of shares in the first quarter, but our full-year guide does not assume additional cash deployment at this point in the remainder of the year. We'll make those decisions on a real-time basis.

Operator: Thank you. The next questions comes from the line of John McNulty with BMO. Your line is now open.

John McNulty

Analyst, BMO Capital Markets Corp.

Yeah, good morning. Thanks for taking my question. So, maybe on the price versus raws dynamic. I guess, can you speak to whether you expect to see your raw material basket down from 1Q to 2Q? And then on the pricing side, if we take out the indexing, which really should be kind of a net neutral, what portion of your business do you expect to see real pricing as we're pushing forward? Because it does sound like you've got a number of initiatives to push further price. So, can you help us to think about those things?

Vincent J. Morales

Senior Vice President & Chief Financial Officer, PPG Industries, Inc.

Yeah. Let me just do the math. This is Vince, John. Let me do the math on the pricing. Again, we had in Q1 on a year-over-year basis, European energy surcharges really reflecting the high cost of natural gas in Europe last year. That was about $15 million on a year-over-year basis. As you alluded to, John, that was completely offset an exact pass-through in our cost of goods sold.

But if you're looking myopically at the price line, that's about $15 million and we have about half of that carryover in Q2. So, $6 million, $7 million in Q2. We still have an energy surcharge impact. Excluding that, I would exclude that as what would be our structural pricing. And Tim is going to answer the raws question.

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

Yeah. Hey, John, thanks for the question. As far as progression from Q1 to Q2; Q1, we did say they were down high-single digits, which was better than our forecast of mid-single digits. Q2 was, we believe, down to mid-single digits. And we're confident enough now to issue full-year guide on raws being down in that low-single digits to mid-single digits for full-year 2024. So, we've got better visibility now into what we believe that price/raws will look like for the rest of the year.

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

Operator: Thank you. The next question comes from the line of Michael Sison with Wells Fargo. Your line is now open.

Michael Sison

Analyst, Wells Fargo Securities LLC

Hey guys. Nice start to the year. You talked about being confident in turning the corner in volume growth in 2Q, maybe give us a little bit of color on how much market growth you need or macro help? And how much really just comes from your execution and maybe just some areas of growth that you're seeing in your end markets?

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

Yeah, Mike. First of all, it's based on a number of factors. One is the overall trend of the company, particularly when you adjust for - you got to take the Walmart load-in out. And when you adjust for that, we've been ramping. So, that's one part of it.

Second is, we are seeing a number of the share gain wins across some of our businesses from last year, starting to launch in Q2 in industrial, in refinish and in packaging primarily. And we've also - we're only 16 or whatever days into the month here. And while that's just what one-sixth of the quarter, we're comfortable with what we're seeing on orders and shipments thus far in the quarter. So, we're comfortable in saying that we'll be positive volume for Q2.

Operator: Thank you. The next question comes from the line of Duffy Fischer with Goldman Sachs. Your line is open.

Duffy Fischer

Analyst, Goldman Sachs & Co. LLC

Yeah. Good morning. Two questions [ph] off the (00:21:26) buyback. One, I just want to clarify. So, Vince, in the annual guide, you're saying that there's no more buybacks that - you're not even rolling through the $150 million per quarter into that annual guide number.

And then maybe for Tim, if you look at the $150 million run rate, that'd take you over five years to eat through the program that you've now got available, how should we think about that buyback ramping going forward? What level should we put into our models?

Vincent J. Morales

Senior Vice President & Chief Financial Officer, PPG Industries, Inc.

Yeah. Duffy, this is Vince. You stated it properly. We obviously purchased $150 million in the first quarter. That will obviously be impactful to the financials. We have nothing further assumed in our full-year guide for the balance of the year.

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

The way that I'm thinking about the additional authorization that we got from our board yesterday is really consistent with what we've done and said over the last number of years and quarters. We said that, obviously, we're going to pay our dividend. Obviously, we're going to do what we need to do with the CapEx to grow our

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

businesses organically. We paid down all of our high-cost debt last year. And we've consistently said that in the absence of shareholder value-creating acquisitions, we're not going to let the cash sit on our balance sheet.

And we did that in Q4. We did it in Q1. So, we're really sticking with that mantra. The way to think about magnitude going forward will depend on all of those factors, what's our actual leverage sitting at versus what we see in our acquisition pipeline after we've done those kind of organic things of dividend and CapEx.

Operator: Thank you. The next question comes from the line of David Begleiter from Deutsche Bank. Your line is open.

David Begleiter

Analyst, Deutsche Bank Securities, Inc.

Thank you. Good morning. Tim and Vince, in US architectural, have you seen any disruption since your announcement in late February? What's the level of interest in these assets? And what's, I think, the most likely outcome of this review and process? Thank you.

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

Yeah. Good morning, David. It's Tim. We had a very detailed and thoughtful communications plan ahead of making the announcement on February 26 that we executed very shortly after that press release went out and have continued to execute. And we've seen very minimal, if any, disruption. There's chatter, but we've got really good talk plans out there. We're engaging our key customers. We're engaging our key - obviously, our employees. We're engaging our owners, as you know. So, a very minimal disruption to the business.

Second question, we expected strong interest because of the strength of the brands and the strength of the assets in our architectural US/Canada business. I'm pleased to say the interest is even higher than what we expected. So, that's - we feel good right now about where we are. As far as the - which likely outcome, David, until numbers start coming across the desk and we can start looking at what's best for long-term shareholder value creation, it's a bit early. But we want to be definitive on our path forward in Q3. So, we'll have a much better view of what this structure might look like in another quarter or so, David.

Operator: Thank you. The next question comes from the line of Chris Parkinson with Wolfe Research. Your line is open.

Christopher Parkinson

Analyst, Wolfe Research, LLC

Great. Thank you so much. Tim, you've obviously been at the company a long time, and you're making some pretty dramatic moves in the first six quarters. When you take a step back away from the North American architectural and the specialty reviews and you look at your remaining businesses across Performance and Industrial, just how confident are you versus even, let's say, a couple of quarters ago, last year, however you want to characterize it, how confident are you that those remaining businesses are the best-in-class R&D innovators and will ultimately render above-market growth in the respective end markets over the next year or two? I mean - or perhaps even a little longer, just has your confidence changed in the portfolio positively or negatively? Thank you.

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PPG Industries, Inc. (PPG)	Corrected Transcript
Q1 2024 Earnings Call	19-Apr-2024

Timothy M. Knavish	A
Chairman & Chief Executive Officer, PPG Industries, Inc.

Hey, Chris, thanks for your very polite way of saying that I'm old at the beginning there. I feel more comfortable now than ever that we are building a portfolio here at PPG that will have a higher growth profile and a higher margin profile. As you alluded to, we did what I would call just pruning last year of some smaller parts of our portfolio that we really did not see being consistent with our enterprise growth strategy and our performance targets. We did that last year. Obviously, Q1 this year, I announced two pretty sizable ones.

Going forward, at least today, you shouldn't count on us coming out tomorrow or any time soon with another very sizable divestiture. So, I'm comfortable with what's in the portfolio at a high level. We will continue, however, to prune on a smaller scale. And one of our mantras going forward is that, every business has to earn the right to stay in the portfolio.

That means, one, from a performance outlook standpoint, but two, consistent with our very focused enterprise growth strategy. I also want to add that, when we talk about portfolio, Chris, it's not just about the pruning and divestitures. But we are also intending to be continued acquirers going forward just on a very focused basis for those things that meet both our performance outlook and our enterprise growth strategy.

Vincent J. Morales

Senior Vice President & Chief Financial Officer, PPG Industries, Inc.

Yeah. And, Chris, this is Vince. If you think about the remaining portfolio, the businesses, we have the right to win in the businesses, whether it be on a regional basis or on a global basis. As you alluded to in your question, most of these businesses have strong technology associated with them.

We've talked earlier in our comments about the margin profile, if absent these businesses that we're doing a strategic review on, which again would be higher on a pro forma basis. So, again, the right to win, good margins, good customer pull. Those are the things that we're focused on with respect to the portfolio.

Operator: Thank you. The next question comes from the line of John Roberts with Mizuho. Your line is open.

John Roberts

Analyst, Mizuho Securities USA LLC

Thank you. Another coatings firm has suggested that you might separate North American architectural into Pro versus DIY and deal with them separately. Could you comment on that?

Timothy M. Knavish

Chairman & Chief Executive Officer, PPG Industries, Inc.

Hey, John. There's a lot of theories out there from a lot of different parties. As I mentioned, the interest level that we've seen coming in is very high, higher than we expected. And not all of those parties have the same view of what we should do, and what this might look like at the end.

So, my only comment would be everyone should be confident that we - we said we were casting a wide net intentionally. Everybody should be confident that we will look at every option that comes in and weigh them and do what's best for shareholder value, period. It's a little early to go beyond that, again because nothing - no numbers have hit our desk yet.

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Sherwin-Williams misses Q1 profit target as demand in North America drags	Apr. 23	RE
BMO Capital Adjusts PPG Industries Price Target to $165 From $168	Apr. 23	MT
DA Davidson Lowers Price Target on PPG Industries to $161 From $170, Maintains Buy/Add Rating	Apr. 23	MT
Goldman Sachs Adjusts PPG Industries' Price Target to $166 From $172	Apr. 22	MT
Barclays Adjusts Price Target on PPG Industries to $148 From $149, Maintains Equal-Weight Rating	Apr. 22	MT
BofA Securities Adjusts Price Target on PPG Industries to $164 From $167, Maintains Buy Rating	Apr. 22	MT
Deutsche Bank Adjusts PPG Industries Price Target to $155 From $160	Apr. 22	MT
A little reprieve before the corporate earnings rush	Apr. 22
KeyBanc Adjusts PPG Industries Price Target to $162 From $164	Apr. 22	MT
PPG Industries, Inc. Elects Kathy L. Fortmann to Its Board of Directors, Effective July 17, 2024	Apr. 22	CI
RBC Cuts Price Target on PPG Industries to $141 From $156, Keeps Sector Perform Rating	Apr. 22	MT
Seaport Global Upgrades PPG Industries to Buy From Neutral, Price Target is $175	Apr. 22	MT
Evercore ISI Downgrades PPG Industries to In Line From Outperform, Price Target is $152	Apr. 22	MT
Jefferies Adjusts PPG Industries' Price Target to $150 From $155, Keeps Hold Rating	Apr. 22	MT
ANALYST RECOMMENDATIONS : AMD, Cisco, Alphabet, Apple, Netflix...	Apr. 22
Wells Fargo Lowers PPG Industries Price Target to $161 from $163	Apr. 19	MT
UBS Lowers PPG Industries Price Target to $150 from $156, Retains Neutral Rating	Apr. 19	MT
Transcript : PPG Industries, Inc., Q1 2024 Earnings Call, Apr 19, 2024	Apr. 19
Mizuho Securities Adjusts PPG Industries Price Target to $166 From $175	Apr. 19	MT
Futures Decline Pre-Bell Amid Middle East Tension; Asia, Europe Down	Apr. 19	MT
PPG Industries Offers Downbeat Short-Term Earnings Guidance as First-Quarter Sales Miss Views	Apr. 19	MT
Coatings maker PPG misses Q1 revenue estimates on lower sales volume	Apr. 18	RE
PPG Industries Q1 Adjusted Earnings Rise, Sales Dip; Q2, Full-Year EPS Outlook Set, $2.5 Billion Share Buyback Approved	Apr. 18	MT

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THE SHERWIN-WILLIAMS COMPANY	-2.39%	76.94B
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RPM INTERNATIONAL INC.	-2.96%	13.83B
AKZO NOBEL N.V.	-17.56%	11.32B
BERGER PAINTS INDIA LIMITED	-13.51%	7.11B
KANSAI PAINT CO., LTD.	-14.01%	2.75B
KANSAI NEROLAC PAINTS LIMITED	-14.24%	2.71B
SKSHU PAINT CO.,LTD.	-28.44%	2.48B

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