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MarketScreener Homepage  >  Equities  >  Nyse  >  PPG Industries, Inc.    PPG

PPG INDUSTRIES, INC.

(PPG)
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PPG Expects Sales Volume to Drop by a Third in Second Quarter -- Update

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04/27/2020 | 05:18pm EDT

By Austen Hufford

PPG Industries Inc. said it expects paint and coatings sales volumes to decline by about one-third in its second quarter, with factories closed and people driving and flying less due to the coronavirus pandemic.

The Pittsburgh-based manufacturer of paints and coatings for houses, cars and planes on Monday withdrew its guidance for the year. PPG said the pandemic hurt sales by $225 million in its first quarter, leading to a 6.8% decline in total sales of $3.38 billion, below what analysts expected.

"Our first quarter results reflect a sudden and wide-ranging deterioration in global demand," Chief Executive Michael McGarry said.

Shares in PPG fell 2% after hours.

PPG said sales of paint for cars and planes declined as production stopped at major manufacturers. Fewer miles traveled meant less wear and tear on vehicles. Mandated paint store closures in some areas as the virus spread also hurt sales in March, PPG said.

In response to the decline in demand, PPG said it was speeding up cost cuts that would now result in savings of up to $90 million this year, up from $75 million expected previously.

PPG also said it had taken out loans to boost its cash position. The company ended March with $1.9 billion in cash and short-term investments, up from $1.3 billion at the end of 2019. In April, the company entered into an additional $1.5 billion credit facility.

PPG reported a profit of $243 million, or $1.02 a share, for the quarter, down from $312 million, or $1.31 a share for the same period a year earlier. On an adjusted basis, the company brought in $1.19 a share in earnings, above the $1.17 expected by analysts.

Write to Austen Hufford at austen.hufford@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
PPG INDUSTRIES, INC. 2.56% 109.07 Delayed Quote.-20.33%
THE GLOBAL LTD. 0.97% 209 End-of-day quote.-55.63%
THE NEW HOME COMPANY INC. 0.63% 3.2 Delayed Quote.-31.33%
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Financials (USD)
Sales 2020 12 986 M - -
Net income 2020 980 M - -
Net Debt 2020 3 549 M - -
P/E ratio 2020 26,4x
Yield 2020 1,92%
Capitalization 25 732 M 25 732 M -
EV / Sales 2019
EV / Sales 2020 2,25x
Nbr of Employees 47 600
Free-Float 40,4%
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Technical analysis trends PPG INDUSTRIES, INC.
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 110,88 $
Last Close Price 109,07 $
Spread / Highest target 14,6%
Spread / Average Target 1,66%
Spread / Lowest Target -24,8%
EPS Revisions
Managers
NameTitle
Michael H. McGarry Chairman & Chief Executive Officer
Vincent J. Morales Chief Financial Officer & Senior Vice President
David S. Bem CTO, Vice President-Science & Technology
Christopher R. Caruso Vice President-Information Technology
Hugh M. Grant Independent Director
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