Shares of paint maker PPG Industries (NYSE: PPG) rose roughly 12% out of the gate on April 16. The news driving the rally was the company’s first-quarter 2021 earnings, which hit Wall Street after trading closed on April 15. Obviously, the reading was pretty good.
PPG Industries, which operates in the basic materials sector, reported sales of $3.9 billion in the first quarter, up roughly 15% from the same period in 2020. Sales volumes rose around 7% year over year, despite headwinds in some key markets (notably aerospace). On the bottom line, adjusted earnings came in at $1.88 per share, up from $1.31 in the first quarter of 2020. This year’s first-quarter earnings figure is a record for the company. This is all good news and investors are right to be pleased.