Net income at the Pittsburgh company reached $431 million, or $1.80 a share, in the latest quarter, up from $102 million, or 43 cents a share, in the year-earlier quarter.
The latest adjusted earnings totaled $1.94 a share, below the analyst consensus of $2.20 derived from a FactSet survey.
Revenue registered $4.36 billion for the quarter, up 44% from $3.02 billion a year earlier and ahead of the FactSet analyst consensus of $4.34 billion.
The year-earlier revenue figure was held back by the COVID pandemic, which severely hampered business activity.
PPG stock recently traded at $155.06, down 6.5%. It had risen 14% in the six months through Monday.
The company's earnings suffered from supply-chain breakdowns and price rises for raw materials and transportation. And that’s likely to continue throughout this quarter, Chief Executive Michael McGarry said in a statement.
But “[overall] economic demand growth remains very broad and robust and, as supply conditions normalize, we expect strong sales growth later this year,” he said.
Analysts’ reactions were mixed. They acknowledged the weakness, but some said PPG’s underlying fundamentals were strong.
“PPG may languish until raw supply issues are resolved and PPG demonstrates that it can catch up to inflation,” BMO’s John McNulty said, according to Bloomberg.
But some “solidly recovering end markets” and recent acquisitions should generate strong growth for PPG during the next year, he said.
McNulty has an outperform rating and a $197 price target on PPG.
In the first quarter, PPG’s results exceeded analysts' expectations, and it received positive reviews from a number of Wall Street analysts.