PPG Industries Inc. late Thursday mentioned it expects the U.S. financial system to “remain subdued” within the first half of the yr however anticipates extra demand for its merchandise in China and Mexico.
PPG
PPG,
a maker of paints and coatings for the automotive and different industries in addition to for the house market, mentioned that total world industrial manufacturing “remains at low absolute levels.”
It mentioned it expects its enterprise in China to proceed to enhance and financial exercise in Europe to “stabilize in 2024 at current levels.”
In Mexico, PPG’s second-largest nation by way of whole web gross sales, the corporate mentioned it expects “strong momentum to continue.”
In the U.S. and Canada, gross sales of architectural coatings have been decrease as development in gross sales to contractors “was more than offset by continuing softness in do-it-yourself demand,” PPG mentioned.
The firm reported fourth-quarter outcomes that beat analyst expectations, however the inventory headed 1% decrease within the prolonged session because the first-quarter outlook got here in decrease than forecast.
For the fourth quarter, PPG earned an adjusted $1.53 a share on gross sales of $4.4 billion, up 4% yr over yr, in contrast with the analyst consensus estimate of adjusted earnings of $1.49 a share on gross sales of $4.3 billion, in line with FactSet.
The firm known as for first-quarter adjusted earnings between $1.80 and $1.87 a share, and financial 2024 adjusted EPS between $8.34 and $8.59.
The FactSet consensus requires adjusted EPS of $1.98 for the primary quarter and $8.47 for the yr.
Shares of PPG have gained 13% previously 12 months, whereas the S&P 500 index
SPX
has gone up about 21% in the identical interval.
Source web site: www.marketwatch.com
