PPG Industries, Inc. (NYSE:PPG) stock fell 2.48% (As on January 19, 11:32:54 AM UTC-4, Source: Google Finance) after the company surpasses market’s expectations for the fourth quarter of FY 23. Performance Coatings net sales increased 5%, led by higher selling prices and favorable foreign currency translation. Sales of PPG’s technology-advantaged aerospace products remained strong, as the business delivered mid-teen percentage organic sales growth year over year. Protective and marine coatings delivered mid-single-digit percentage organic sales growth driven by strong volume growth in the U.S. and Europe. Automotive refinish coatings organic sales grew by a low single-digit percentage, aided by growth in Europe and Asia. In the architectural coatings Americas and Asia-Pacific business, organic sales decreased a low single-digit percentage. Industrial Coatings segment net sales were higher compared to the fourth quarter 2022 aided by favorable foreign currency translation. Automotive OEM coatings organic sales increased by a mid-single-digit percentage with higher selling prices in all regions and higher aggregate sales volumes led by our market share gains in the Asia-Pacific region and Mexico

PPG in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.53, beating the analysts’ estimates for the adjusted earnings per share of $1.50, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 4 percent to $4.35 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $4.27 billion.

For the current quarter ending in March, PPG Industries expects its per-share earnings to range from $1.80 to $1.87. The company expects full-year earnings in the range of $8.34 to $8.59 per share. The FactSet consensus calls for adjusted EPS of $1.98 for the first quarter and $8.47 for the year.

PPG Industries Inc. expects the U.S. economy to “remain subdued” in the first half of the year but anticipates more demand for its products in China and Mexico. PPG (PPG), a maker of paints and coatings for the automotive and other industries as well as for the home market, said that overall global industrial production “remains at low absolute levels.” It said it expects its business in China to continue to improve and economic activity in Europe to “stabilize in 2024 at current levels.” In Mexico, PPG’s second-largest country in terms of total net sales, the company said it expects “strong momentum to continue.” In the U.S. and Canada, sales of architectural coatings were lower as growth in sales to contractors “was more than offset by continuing softness in do-it-yourself demand”.