PPG Industries Inc. Files 10-Q for Q1 2024

TL;DR

<b>PPG Industries Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operations for the quarter ending March 31, 2024.</b>

AI Summary

PPG INDUSTRIES INC (PPG) filed a Quarterly Report (10-Q) with the SEC on April 19, 2024. PPG Industries Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. PPG Industries Inc. is incorporated in Pennsylvania. The company's SIC code is 2851 for Paints, Varnishes, Lacquers, Enamels & Allied Products.

Why It Matters

For investors and stakeholders tracking PPG INDUSTRIES INC, this filing contains several important signals. This filing provides investors and analysts with the latest financial data and operational updates for PPG Industries Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, performance trends, and potential future outlook in the paints and coatings industry.

Risk Assessment

Risk Level: medium — PPG INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not usually include significant new strategic announcements or forward-looking guidance that would drastically alter risk perception.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any significant changes or trends in revenue, profitability, or debt levels compared to previous periods.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Period Start Date (Quarterly report period)
• 1231 — Fiscal Year End (Company's fiscal year end)
• 250730780 — IRS Number (Company's IRS number)

Key Players & Entities

• PPG INDUSTRIES INC (company) — Filer name
• 20240331 (date) — Period of report
• 20240419 (date) — Filing date
• PA (location) — State of incorporation
• 2851 (industry) — Standard Industrial Classification
• PITTSBURGH (location) — Business address city
• 4124343131 (phone) — Business phone
• PPG (company) — Ticker symbol

FAQ

Industry Context

PPG Industries operates in the paints, coatings, and specialty materials sector, serving diverse end markets globally.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity.
2. Review the consolidated statements of operations for revenue trends and profitability.
3. Examine the cash flow statements to understand the company's cash generation and usage.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-19: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for PPG Industries in 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $1.66 — ch registered Common Stock, par value $1.66 2/3 PPG New York Stock Exchange 0.875

Filing Documents

• ppg-20240331.htm (10-Q) — 1038KB
• ppgq1202410qex311.htm (EX-31.1) — 9KB
• ppgq1202410qex312.htm (EX-31.2) — 9KB
• ppgq1202410qex321.htm (EX-32.1) — 4KB
• ppgq1202410qex322.htm (EX-32.2) — 4KB
• ppg-20240331_g1.gif (GRAPHIC) — 25KB
• 0000079879-24-000107.txt (&nbsp;) — 6371KB
• ppg-20240331.xsd (EX-101.SCH) — 42KB
• ppg-20240331_cal.xml (EX-101.CAL) — 64KB
• ppg-20240331_def.xml (EX-101.DEF) — 222KB
• ppg-20240331_lab.xml (EX-101.LAB) — 526KB
• ppg-20240331_pre.xml (EX-101.PRE) — 367KB
• ppg-20240331_htm.xml (XML) — 898KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statement of Income 2 Condensed Consolidated Statement of Comprehensive Income 3 Condensed Consolidated Balance Sheet 4 Condensed Consolidated Statement of Shareholders' Equity 5 Condensed Consolidated Statement of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 32

Signatures

Signatures 34 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PPG INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income (Unaudited) Three Months Ended March 31 ($ in millions, except per share amounts) 2024 2023 Net sales $ 4,311 $ 4,380 Cost of sales, exclusive of depreciation and amortization 2,445 2,596 Selling, general and administrative 1,064 992 Depreciation 103 92 Amortization 38 41 Research and development, net 109 104 Interest expense 55 59 Interest income ( 42 ) ( 25 ) Pension settlement charge — 190 Other charges/(income), net 1 ( 22 ) Income before income taxes $ 538 $ 353 Income tax expense 129 80 Net income attributable to controlling and noncontrolling interests $ 409 $ 273 Net income attributable to noncontrolling interests ( 9 ) ( 9 ) Net income (attributable to PPG) $ 400 $ 264 Earnings per common share (attributable to PPG) $ 1.70 $ 1.12 Earnings per common share (attributable to PPG) - assuming dilution $ 1.69 $ 1.11 The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement. 2 Table of Contents PPG INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Comprehensive Income (Unaudited) Three Months Ended March 31 ($ in millions) 2024 2023 Net income attributable to controlling and noncontrolling interests $ 409 $ 273 Other comprehensive (loss)/income, net of tax: Defined benefit pension and other postretirement benefits — 139 Unrealized foreign currency translation adjustments ( 14 ) 264 Other comprehensive (loss)/income, net of tax ($ 14 ) $ 403 Total comprehensive income $ 395 $ 676 Less: amounts attributable to noncontrolling interests: Net income ( 9 ) ( 9 ) Unrealized foreign currency translation adjustments 2 ( 1 ) Comprehensive income attributable to PPG $ 388 $ 666 The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement. 3