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PPG Rises Midday as Materials Sector Jumps

Investing.com - Paint and coatings company PPG Industries (NYSE:PPG) led the materials sector higher in midday trading Thursday after its earnings beat Wall Street estimates.

PPG reported net income in the fourth quarter of $258 million, up from $151 million in the same period a year ago. Adjusted earnings per share came to $1.15, above the consensus of $1.10.

Citing inflation, currency moves, and lower sales volumes, the company said it expects expects first-quarter earnings per share of $1.18 to $1.23, compared to a consensus of $1.42. But its guidance for full-year 2019 earnings was still in line with Wall Street forecasts.

PPG rose 3.3%, while DowDuPont (NYSE:DWDP) increased 0.8% and Ball Corporation (NYSE:BLL) rose 1.2%. Painting company Sherwin-Williams (NYSE:SHW) inched up 0.59% and Eastman Chemical (NYSE:EMN) gained 0.7%.

The S&P 500 Materials sector was up 0.5%.

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