PPG Industries Inc. experienced a significant decline in first-quarter profits, reporting only $18 million, a stark contrast to $378 million during the same quarter last year. While the company's sales of $4.31 billion exceeded Wall Street expectations, it faces substantial challenges from supply chain disruptions and inflation across raw materials and logistics. In an attempt to offset these pressures, PPG has announced a price increase and anticipates a decrease in net sales volumes for the upcoming quarter, while its stock has dropped by 22% over the past year.
“PPG Industries Inc. · is affected by · Covid-19 shutdowns in China · major effects on the company’s outlook for 2022”
“PPG Industries Inc. · reported · first-quarter profit · $18 million”
“PPG Industries Inc. · earned · per share · 8 cents”
“PPG Industries Inc. · earned · adjusted for one-time items · $1.37 a share”
“PPG Industries Inc. · sales · above Wall Street expectations”
“PPG Industries Inc. · will increase · prices · again”
“PPG Industries, Inc. · share price slid · 22% · over twelve months”
“PPG Industries, Inc. · share price is up · 15% · in three years”
“PPG Industries, Inc. · share price is down · 14% · in about a quarter”
“PPG Industries Inc. · logged net income of · first-quarter 2022 · $18 million or 8 cents per share”
“PPG Industries Inc. · recorded profit of · year-ago quarter · $378 million or $1.58 per share”
“PPG Industries Inc. · faced headwinds from · supply-chain disruptions · raw material cost inflation and higher energy and transportation costs”