PPG Sees Mixed Europe Sentiment, Flat Industrial Coatings in Q3
PPG sits 30% above its 52-week low of $93.385 on elevated volume (1.9× avg).
Summary
On its Q2 earnings call, PPG provided Q3 guidance: Europe consumer sentiment will be mixed, industrial coatings organic sales are seen flat to up low single digits, and Mexico retail and project spending should strengthen. The company expects higher prices and self-help actions to boost earnings. This follows yesterday's Q2 report showing 4% organic sales growth but a slight EPS miss. The mixed regional outlook and flat industrial coatings view may temper near-term enthusiasm, but self-help measures provide an offset. No specific Q3 EPS or revenue figures were given.
At the time of this announcement, PPG was trading at $121.50 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $26.5B. The 52-week trading range was $93.39 to $133.43. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.