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PPG Industries Inc (NYSE:PPG) shares are trading lower in Thursday’s after-hours session after the company reported second-quarter financial results and cut its guidance.
Q2 Earnings: PPG reported second-quarter revenue of $4.794 billion, missing analyst estimates of $4.924, according to Benzinga Pro. The company reported adjusted earnings of $2.50 per share, beating analyst estimates of $2.48 per share.
“Overall organic sales were flat, but grew in many of our businesses, including aerospace coatings, packaging coatings, architectural coatings Americas and Asia Pacific, traffic solutions and specialty coatings and materials,” said Tim Knavish, chairman and CEO of PPG.
“This growth was offset by global automotive builds that weakened as the quarter progressed and global industrial production which remained soft. Also, refinish coatings sales were down year over year reflecting a comparison to record prior year results and uneven distributor order patterns.”
Outlook: PPG expects third-quarter organic sales growth to be flat to up low single digits. The company anticipates third-quarter adjusted earnings of $2.10 to $2.20 per share versus estimates of $2.48 per share.
PPG also cut its full-year outlook. The company now expects organic sales growth for the full year to be flat to up low single digits, down from its previous outlook for organic sales growth in the low single digits. The company also cut its full-year adjusted earnings guidance from a range of $8.34 to $8.59 per share to a new range of $8.15 to $8.30 per share versus estimates of $8.41 per share.
“Looking ahead, we expect strong momentum in Mexico. We believe that demand in China for PPG technology-advantaged products will deliver continued organic growth, albeit at lower growth rates than achieved in the first half of the year,” Knavish said.
“In Europe, demand remains uneven by country and end use, but we expect to realize modest sequential year-over-year improvement. In the U.S., economic conditions have remained subdued in several end-use markets, but we expect overall improvement as the second half of the year progresses.”
PPG Price Action: PPG shares were down 4.07% at $126.35 after hours Thursday, according to Benzinga Pro.
Photo: Ferenc Keresi from Pixabay.
Posted In: PPG
