PPG Industries, Inc. (NYSE:PPG) has introduced PPG Sigmashield 880 high-performance coating for the offshore markets in the United States and Canada. The ultra-durable coating for rigs and vessels offers single-coat and direct-to-metal protection with rapid curing in highly aggressive marine environments.
PPG Sigmashield 880 is a multipurpose and surface-tolerant epoxy coating offering superior abrasion, seawater and corrosion resistance with improved cathodic disbondment protection and excellent resistance to chemical splashes and spills.
PPG Industries develops industry-leading solutions that provide prolonged product performance and application efficiencies by reducing owner costs and downtime while providing protection across all kinds of marine assets.
The company recently launched Novaguard 810 ER coating for tug and barge tank lining markets in the United States and Canada to expand its range of high-performance coatings.
PPG Industries has outperformed the industry in the past year. The company’s shares have lost around 6.5% compared with roughly 19.9% decline of the industry.
In its third-quarter earnings call, PPG Industries stated that it sees normal business seasonality in the fourth quarter. It also expects overall global economic growth to remain positive. The company witnessed higher industrial production volatility and inconsistency in emerging region growth rates during the third quarter and expects this to persist in the fourth quarter. The company projects fourth-quarter earnings per share of $1.03-$1.13.
PPG Industries’ Performance Coatings segment sales rose more than 2% at constant currency in the third quarter as higher selling prices more than offset the modest decline in sales volumes. The company’s Industrial Coatings segment saw a year-over-year uptick in sales. However, net income at both the segments declined year over year due to raw material and logistics cost inflation.
PPG Industries, Inc. Price and Consensus
Zacks Rank & Stocks to Consider
PPG Industries currently carries a Zacks Rank #4 (Sell)
A few better-ranked stocks in the basic materials space include CF Industries Holdings, Inc (NYSE:CF) , Methanex Corporation (NASDAQ:MEOH) and The Mosaic Company (NYSE:MOS) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CF Industries has an expected long-term earnings growth rate of 6%. The company’s shares have risen 15.8% in the past year.
Methanex has an expected long-term earnings growth rate of 15%. Its shares have gained 2.8% in a year’s time.
Mosaic has an expected long-term earnings growth rate of 7%. The company’s shares have rallied 49% in the past year.
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