Sam Boughedda

Investing.com — PPG Industries Inc (NYSE:)The company reported first quarter earnings on Thursday, surpassing analyst estimates and revenue projections.

On revenue of $4.31 million, the global supplier of paints coatings and specialty material announced earnings per share (EPS) of $1.37. The polled analysts Investing.comExpected EPS of 1.12 for revenue $4.25 Billion

PPG claimed record sales in the fourth quarter, despite continuing supply chain disruptions in Europe and China’s initial effects of geopolitical problems in Europe.

Michael McGarry (PPG Chairman and Chief Executive Officer) stated that organic sales increased by 7% due to continued selling price realization, above-market volume performance in a number of our end-use market, most notably automotive refinish, and PPG Comex architectural coatings.

The company sees second-quarter aggregate sales volumes down a low-to-mid-single-digit percentage year-over-year, with adjusted earnings per share between $1.60 to $1.90.

McGarry added that “Aggregate underlying demand of PPG products in the future is expected to stay solid,” McGarry said.

While supply disruptions will continue, we expect more sequential material availability improvements due to improved supplier manufacturing capabilities, labor availability in America, and lower European demand.”

PPG ended Thursday’s session with a 1.1% increase.