Materials sector-related exchange traded funds rallied Friday after PPG Industries Inc. (NYSE: PPG) topped Wall Street predictions.

On Friday, the Materials Select Sector SPDR (NYSEArca: XLB) rose 1.4%, iShares U.S. Basic Materials ETF (NYSEArca: IYM) gained 1.2%, Vanguard Materials ETF (NYSEArca: VAW) increased 1.4%, and Fidelity MSCI Materials Index ETF (NYSEArca: FMAT) advanced 1.3%.

Meanwhile, PPG Industries shares jumped 9.9% and touched a 52-week high on Friday, a day after it recorded first quarter net sales of about $3.9 billion, or up 15% from the same period last year.

PPG’s sales volumes also rose around 7% year over year, despite headwinds in some key markets, according to The Motley Fool. Adjusted earnings came in at $1.88 per share, up from $1.31 in the first quarter of last year.

“Looking ahead, we expect overall global coatings demand growth to be broad based across most of the end-use markets that we supply, including an eventual replenishment of many of our customers’ inventories. In addition, I am encouraged to see an increase in domestic flight activity in various parts of the world, which should support the gradual recovery in aftermarket aerospace coatings demand in the second half of 2021,” Michael H. McGarry, the company’s chairman and chief executive, said in a note.

Market observers were likely more excited over the net sales volume that beat analysts expectations of roughly $3.7 billion. Earnings were pegged at $1.57 per share. PPG Industries revealed both solid beats on revenue and earnings.

PPG also provided strong forward guidance that could help reveal further momentum in the materials space. They raised the guidance for the second quarter to a range well above the consensus, pointing to revenue in the range of $4.4 billion, up about 13% from the quarter.

“Looking ahead, we expect overall global coatings demand growth to be broad-based across most of the end-use markets that we supply, including an eventual replenishment of many of our customers’ inventories,” McGarry added.

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