Paint supplier PPG Industries misses quarterly profit on rising costs
PPG•Pricing actions, earnings and outlook
- Shares of PPG fell 3.6% in extended trading.
- PPG posted an adjusted profit of $2.23 per share for the three months ended June 30, compared with analysts' expectations of $2.26, according to data compiled by LSEG.
- The company reaffirmed its 2026 adjusted profit per share at $7.70 to $8.10, while analysts estimated $7.90.
- Peer Sherwin-Williams SHW.N said earlier in the day it would increase prices at its Paint Stores Group segment by 8% to offset higher raw material and related costs. PPG had announced similar pricing actions in early April.
- PPG posted revenue of $4.5 billion, supported by higher sales volumes and higher selling prices.
- "The company has proactively made price adjustments globally and across all of our businesses, resulting in a 2% selling price improvement in the quarter," CEO Tim Knavish said.
Quarterly profit misses as costs rise
July 28 (Reuters) - Global paint supplier PPG Industries PPG.N fell short of Wall Street expectations for second-quarter profit on Tuesday, weighed down by rising cost for raw materials, energy, logistics and packaging across the coatings value chain.
The U.S.-Israeli war with Iran has led to rising costs for raw materials and logistics, prompting paintmakers such as PPG to increase product prices.
