PPG Industries Reports Q2 2024 Earnings with $4.8 Billion Sales, Stock Declines 4.3%

PPG Industries reported its Q2 2024 earnings, revealing an adjusted EPS of $2.50, slightly above the Bloomberg consensus estimate of $2.48. The company achieved a record reported EPS of $2.24 and net sales of $4.8 billion, which fell short of the estimated $4.92 billion. Despite segment margins improving by 110 basis points year over year, organic sales remained flat compared to the prior year. CEO comments highlighted that growth was offset by weakened global automotive builds and stagnant global industrial production. PPG Industries sees Q3 organic sales growth flat to low single digits. The stock declined by 2.82% in after-hours trading and by 4.3% at another point.