PPG Industries Says Third-quarter Results to be Better than Expected
2020-10-09    [Source:chemical week]
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    PPG Industries says it expects third-quarter net sales to be down 5% year-on-year (YOY), compared with prior guidance calling for a decline of 611%. Adjusted earnings are forecast to total $1.901.94/share. PPG has not previously provided third-quarter earnings guidance. In the year-ago quarter, adjusted earnings totaled $1.67/share, and net sales totaled about $3.8 billion.

   “The better than expected quarterly financial results were driven by improving demand in several end-use markets resulting in higher sales volumes, coupled with continued, aggressive cost management actions,” PPG says. This includes strong YOY growth in sales volumes in the company’s architectural coatings business.

   “We expect to achieve high-teen percentage operating margins in both reporting segments for the quarter, reflecting improving sales volumes and continued execution of our cost management initiatives,” says PPG chairman and CEO Michael McGarry. “We are continuing to deliver strong performance in our aggregated global architectural coatings and packaging coatings businesses, which is now being coupled with strengthening demand for our automotive original equipment manufacturer and general industrial coatings. These businesses collectively represent about 70% of our business portfolio. In the remainder of our businesses, demand trends continue to be mixed due to impacts from the pandemic.”

    PPG’s two reporting segments are performance coatings and industrial coatings. The company will report full third-quarter 2020 results on 19 October.

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