PPG Industries, Inc. (NYSE:PPG) reported its Q4 results, with EPS coming in at $1.26, beating the consensus estimate of $1.18. Quarterly revenue of $4.190 billion was driven by year-over-year increases in the selling price of 8%, M&A benefits of around 9%, partially lower sales volumes of -4%.

Analysts at RBC Capital lowered their estimates and price target on the company’s shares to $169 from $174, due to continued raw material inflation (25-30% in Q1), supply chain disruptions and Covid related headwinds, which are all reducing profitability despite robust demand/top-line growth.