PPG Industries, Inc.NYSE
Thu, Oct. 20, 4:41 PM
Thu, Oct. 20, 6:53 AM
Wed, Oct. 19, 5:30 PM
Tue, Oct. 11, 3:58 PM
- PPG Industries (PPG -1.7%) is downgraded to Hold from Buy with a $100 price target, cut from $122, at Deutsche Bank, following the company's pre-announced Q3 earnings shortfall on Friday.
- While Deutsche Bank believes shares are slightly oversold and that PPG is a high quality company with a strong balance sheet, the firm also believes estimated 2016 modest EPS growth of 4%, will continue into 2017 at ~6%.
- The firm says the sluggish growth reflects PPG's inability to grow organically - as Q3 is the seventh straight quarter of less than 2% volume growth - as well as inorganically - PPG recently was outbid by BASF for Albemarle's coatings business - coupled with tailwinds from raw materials becoming headwinds in 2017.
Fri, Oct. 7, 2:04 PM
Fri, Oct. 7, 1:00 PM
- "We are disappointed with this quarter’s EPS growth rate as we continue to operate in a sluggish economic environment with no clear near-term catalyst for improving global GDP growth," says PPG Industries (PPG -9%) CEO Michael McGarry.
- The company expects Q3 adjusted EPS of $1.54-$1.57 vs. $1.54 in Q3 one year ago. Net sales are expected to be $3.8B.
- The company is looking at way to cut costs, both through broad global initiatives, and also targeting those areas where conditions are weakest.
- The company also expects spending on acquisitions and buybacks for 2015 and 2016 combined to be near the top end of $2B-$2.5B guidance.
- Helping to ease the pain, a new $2B buyback plan is authorized, which will be combined with the $250M remaining from the current program.
Mon, Oct. 3, 9:03 AM
- PPG (NYSE:PPG) completed the sale of its flat glass manufacturing and glass coatings operations to Vitro S.A.B. de C.V.
- The sale includes entire flat glass manufacturing and glass coatings operations, including production sites located in Fresno, California; Salem, Oregon; Carlisle, Pennsylvania; and Wichita Falls, Texas; four distribution/fabrication facilities located across Canada; and a research-and-development center located in Harmar, Pennsylvania, near Pittsburgh.
- Press Release
Sat, Aug. 6, 11:17 AM
- Barron's keeps it simple in identifying six stocks with low valuations and attractive payouts.
- The common link between Amgen (NASDAQ:AMGN), Hanesbrands (NYSE:HBI), Broadcom (NASDAQ:AVGO), Ingersoll-Rand (NYSE:IR), PPG Industries (NYSE:PPG), and Robert Half International (NYSE:RHI) is that they all offer up growing earnings and trade at a discount.
- Look for a little bounce on Monday for the group after the call-out.
Thu, Jul. 21, 10:03 AM
Thu, Jul. 21, 9:52 AM
- PPG Industries (PPG -0.3%) opens slightly lower after reporting in-line Q2 earnings and agreeing to sell its flat glass manufacturing and glass coatings operations to Mexico's Vitro (OTC:VITOF) for $750M.
- PPG says overall Q2 sales volumes were consistent with the year-ago period, and sales improved across the vast majority of its business segments, excluding currency effects; PPG expects an acceleration of volume growth in Q3 as recent growth initiatives begin to provide benefit.
- The sale to Vitro includes production sites located in Fresno, Calif.; Salem, Ore.; Carlisle, Pa.; and Wichita Falls, Tex.; four distribution and fabrication facilities located across Canada; and an R&D center Pittsburgh, Pa.
- After the completion of the Vitro sale, along with its deal to sell its European fiberglass business, ~98% of PPG’s business will be focused on paint, coatings and specialty materials.
- Also, Charles Bunch will retire as executive chairman on Sept. 1, and CEO Michael McGarry will become Chairman and CEO.
Thu, Jul. 21, 6:53 AM
Wed, Jul. 20, 5:30 PM| Wed, Jul. 20, 5:30 PM | 13 Comments
Mon, Jun. 27, 6:57 PM
- PPG Industries (NYSE:PPG) reaches an agreement to transfer $1.6B in pension benefits and annuity administration to MetLife (NYSE:MET) and MassMutual.
- PPG says the deal accounts for ~13,400 salaried and non-union hourly retirees or their survivors, and the insurers will assume the obligation to make all future annuity payments and administer the arrangements.
- PPG joins General Motors, Verizon and others that have sought to offload pension risks that are pressured by low interest rates and a growing possibility that beneficiaries may live longer than expected.
Thu, Apr. 21, 9:47 AM
- PPG (NYSE:PPG) declares $0.40/share quarterly dividend, 11.1% increase from prior dividend of $0.36.
- Forward yield 1.44%
- Payable June 10; for shareholders of record May 10; ex-div May 6.
Thu, Apr. 21, 6:55 AM
- PPG (NYSE:PPG): Q1 EPS of $1.31 beats by $0.01.
- Revenue of $3.67B (+0.3% Y/Y) in-line.
Wed, Apr. 20, 5:30 PM
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