PPG Industries, Inc. - PPG STOCK NEWS

Universal Display Corporation and PPG have opened a new OLED manufacturing facility in Shannon, Ireland. The site is expected to double production capacity and create a positive economic impact on the region. PPG is the exclusive manufacturer of UDC's OLED materials. The facility will create high-tech roles and increase headcount to 100. The investment in Ireland reflects the availability of skilled talent and commitment to innovation. UDC's phosphorescent OLED emitters are used in consumer electronic products worldwide.

PPG reported record net sales of approximately $4.4 billion for Q1 2023, reflecting a 2% year-over-year increase. The organic sales growth exceeded 5%, primarily due to higher selling prices. The company posted impressive earnings per diluted share (EPS) of $1.11, an increase of 1,288% versus the prior year, with adjusted EPS reaching $1.82, up 33%. Operating margins improved significantly, increasing by 380 basis points year over year, supported by better manufacturing efficiencies and cost control. The company's operating cash flow improved by about $400 million compared to last year, alongside a notable reduction in net debt to $5.8 billion.

Looking forward, PPG expects stable economic conditions, but anticipates a potential slowdown in certain U.S. markets, particularly construction-related sectors.

PPG (NYSE: PPG) reported record net sales of approximately $17.7 billion for 2022, marking a 5% increase from 2021, fueled by an 8% rise in organic sales due to higher prices. The company announced its 51st consecutive annual dividend hike, continuing a 123-year streak of uninterrupted payments. Key environmental achievements included a 13% reduction in greenhouse gas emissions and an investment of $16.2 million in nonprofit support, particularly in STEM education. CEO Tim Knavish expressed optimism for future growth as the economic environment improves, emphasizing cash generation and margin management. Shareholder actions included the re-election of directors and approval of executive compensation practices.

PPG (NYSE:PPG) has declared a quarterly dividend of 62 cents per share, scheduled for payment on June 12 to shareholders on record by May 10. PPG continues its legacy of consistent dividend payments, marking its 499th consecutive dividend and celebrating 51 years of annual increases. The company, headquartered in Pittsburgh, recorded net sales of $17.7 billion in 2022 and operates in over 70 countries. PPG's commitment to delivering high-quality products in paints, coatings, and specialty materials reinforces its strong market presence and fosters shareholder confidence.

PPG announced an expansion of its GLIDDEN® paint offerings for independent dealers, aimed at strengthening its commitment to this retail channel. Effective May 1, the enhanced lineup will include GLIDDEN® FUNDAMENTALS™ exterior paint and an expanded palette of GLIDDEN® GRAB-N-GO™ ready-mixed paints. This range targets price-conscious customers and enhances the DIY product assortment available to dealers.

The new products are designed to drive growth in the DIY segment, providing options at various price points. All products are low-odor, low-VOC, and GREENGUARD Gold certified. PPG reported net sales of $17.7 billion in 2022, showcasing its significant presence in the market.