PPG Industries gains after Q1 profit beat

Shares of global paint supplier PPG Industries PPG.N rise 4% to $108.01 premarket

Co beat Q1 profit estimates on higher sales at its performance coatings segment

PPG posts Q1 adjusted profit of $1.72/shr vs analyst expectation of $1.62/shr- data compiled by LSEG

Performance coatings segment net sales rose to $1.27 billion compared with $1.18 billion a year earlier

PPG expects to deliver $75 million in annual savings this year, along with additional cost management actions

Brokerage Mizuho raises price target to $125 from $118; implying a 20.4% upside to stock's last close

As of last close, company's shares are up 29.7% YTD