RTTNews | Apr 16, 2021 10:48AM EDT

10:47 Friday, April 16, 2021 (RTTNews.com) - PPG Industries, Inc. (PPG) shares are gaining more than 11 percent on Friday morning trade as the company reported an increase in first-quarter earnings, supported by growth in sales. The company's projection for the second quarter surpassed analyst estimates.

Currently, shares are at $170.95, up 11.03 percent from the previous close of $153.97 on a volume of 1,607,368. For the 52-week period, the shares have traded in a range of $81.43-$172.67 on average volume of 1,492,960.

For the first quarter, the company reported an increase in net income to $378 million, from $243 million in the prior year. On a per-share basis, earnings increased to $1.59 from $1.02 a year ago. On an adjusted basis, earnings were $1.88 per share.

Net sales for the quarter climbed to $3.88 billion from $3.38 billion last year. Analysts expected $4.05 billion.

For the second quarter, the company is expecting adjusted earnings between $2.15 and $2.20. On average, 18 analysts polled by Thomson Reuters expected the company to report $2.01-$2.26 per share. Analysts estimates usually exclude special items.

Read the original article on RTTNews ( https://www.rttnews.com/3185681/stock-alert-ppg-industries-up-11-on-q1-results-guidance-above-consensus.aspx)

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