PPG misses quarterly profit estimates on weak industrial coatings demand
Oct 16 (Reuters) -Paints and coatings maker PPG Industries PPG.N missed Wall Street estimates for third-quarter profit on Wednesday, hurt by lower sales at its industrial coatings unit.
The company posted an adjusted profit of $2.13 per share in the July-September quarter, compared with estimates of $2.15, according to data compiled by LSEG.
WHY IT'S IMPORTANT
U.S. new vehicle sales fell during the third quarter due to fewer selling days, weaker consumer spending and higher interest rates, which impacted demand for automotive coatings.
Production at factories in the United States held steady at weaker levels in September, although new orders improved.
CONTEXT
The Pittsburgh, Pennsylvania-based firm is a global supplier of paints, coatings and specialty materials. It is the largest coatings company in the world, followed by Sherwin-Williams.
At PPG's automotive OEM coatings unit, which sells paints, coatings and adhesives to the auto industry, organic sales declined by double-digit percentage.
However, performance coatings sales during the third-quarter rose compared to last year led by aerospace coatings.
BY THE NUMBERS
Net sales at PPG's performance coatings segment rose to $2.92 billion in the third quarter, compared with $2.88 billion a year earlier.
Meanwhile, sales at its industrial coatings segment fell 6% to $1.65 billionfrom the same quarter a year ago.
KEY QUOTE
"Automotive OEM coatings organic sales decreased more than initially forecasted...due to lower U.S. and European industry build rates, which deteriorated notably late in the quarter, partly offset by PPG growth in China and Mexico," PPG said.
Reporting by Pooja Menon and Sourasis Bose in Bengaluru; Editing by Shreya Biswas
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
