Toronto, Ontario — PPG raises its guidance for Q1 2023 earnings thanks to stronger automotive OEM coatings sales performances, while Rivian reassures investors and analysts in this weekly Tuesday Ticker.
PPG pumps it up
PPG upped its guidance for first-quarter adjusted profit to between US$1.52 per share and US$1.58 per share, thanks to “stronger sales performance…led by the aerospace and automotive original equipment manufacturer coatings business.”
The paint maker previously issued guidance between US$1.10 per share and US$1.20 per share. Wall Street analysts are expecting earnings of US$1.18 per share, according to FactSet estimates.
“The pace of our operating margin recovery accelerated during the quarter, driven by higher sales volumes and additional selling price capture,” said Tim Knavish, PPG president and chief executive officer. “Our stronger sales volume performance compared to our guidance was led by the aerospace and automotive original equipment manufacturer coatings businesses.
“In addition, we delivered higher year-over-year earnings across most of our business portfolio including Europe.”
As of 11 a.m. ET Monday, shares of PPG traded at US$138.87 up 9.48 percent year-to-date. The company will report first-quarter 2023 earnings on Thurs., April 20 at 8 a.m. ET.
Rivian is maintaining its expectation to produce 50,000 units in 2023 after reporting Q1 delivery numbers in line with analyst predictions.
The EV maker said it delivered 7,946 vehicles in Q1 2023; analysts had predicted 8,000 deliveries.
Shares of Rivian fell about four percent following the announcement.
The OEM will announce its Q1 2023 financials on May 9.