Dividend Aristocrats PPG Industries (PPG) misses Q2-21 earnings per share and sales estimates and drops 5% on the news to $157.50
The reported Q2-2021 EPS is $1.94 misses estimates by $0.24. Also, net sales rose around 44% y-o-y to $4,359 million. However, the figure missed the consensus estimate of $4,418.2 million.
Analysts remain positive. “PPG’s earnings miss on raw materials inflation and supply chain disruption is transitory”, according to Deutsche Bank’s David Begleite. He reiterates his Buy rating and a price target of $205.
Around Tuesday lunch, the stock is trading lower at $157.75 and is the biggest loser of the S&P 500. The one-year performance is still strong with +48% and the current dividend yield is 1.42%. PPG industries has a strong track-record with 42 years of consecutive dividend increases.