PPG Industries (PPG) Misses Q1 EPS by 1c, Received Report of Potential Violations of Accounting Policies

PPG Industries (NYSE: PPG) reported Q1 EPS of $1.39, $0.01 worse than the analyst estimate of $1.40. Revenue for the quarter came in at $3.8 billion versus the consensus estimate of $3.72 billion.

As PPG’s earnings release was being finalized, the company received a report through its internal reporting system concerning potential violations of PPG’s accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter. Based on preliminary review, the company identified approximately $1.4 million of expense that should have been accrued in the first quarter, and the earnings reported in this release reflect the accrual of such $1.4 million of expenses. The report also alleges that there may have been other unspecified expenses, potentially up to $5 million in the aggregate, that were improperly not accrued in the first quarter. The Audit Committee of the company’s Board of Directors is overseeing an investigation of the matters set forth in the report, with the assistance of outside counsel. The company is currently unable to predict the timing or outcome of the investigation and will move with diligence.

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