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PPG beats Q2 expectations as DIY home painting flourishes

4:41 pm ET July 16, 2020 (MarketWatch)
Print

Shares of PPG Industries Inc. (PPG) rose 4% in the extended session Thursday after the paint and coatings maker reported second-quarter adjusted profit and sales above Wall Street expectations in part as more do-it-yourselfers sought more of its home paints. PPG said it earned $99 million, or 42 cents a share, in the quarter, compared with $270 million, or $1.13 a share, in the year-ago quarter. Adjusted for one-time items, the company reported earnings of $235 million, or 99 cents a share, compared with $441 million, or $1.85 a share, a year ago. Sales fell 25% to $3 billion, the company said. Analysts polled by FactSet had expected PPG to report adjusted earnings of 61 cents a share on sales of $2.8 billion. Selling prices increased by nearly 2%, but sales volumes were down 24%, reflecting the economic impact of the COVID-19 pandemic, the company said. "We delivered solid operating results in the second quarter, especially considering the significant declines in economic activity in most of the world due to the COVID-19 pandemic," Chief Executive Michael H. McGarry said in a statement. The strongest performance came from its global architectural coatings businesses, thanks to increased do-it-yourself demand of PPG paint products in all major regions, the company said. "Looking ahead, we expect overall economic activity to continue to recover, although at a varied pace across end-use markets and regions given the uncertainty around the ongoing effects of the pandemic," McGarry said. Demand for its architectural coatings is expected to continue but a at a more moderate pace, PPG said. "We expect continued, solid recovery patterns in automotive OEM and general industrial coatings demand in the U.S. and Europe, but still below 2019 levels," it said. PPG said it ended the quarter with about $2.3 billion in cash and short-term investments, and it reduced its net debt by about $300 million compared to the previous quarter. Shares of PPG ended the regular trading day down 0.3%.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 16, 2020 16:41 ET (20:41 GMT)

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