PPG Industries Inc.
PPG recently announced an investment of $15 million in a new 3,600-square-meter application support center (ASC) at the Seletar Aerospace Park in Singapore. The ASC is slated for completion in first-quarter 2020.
The company stated that the ASC will accommodate higher demand for aerospace coatings and sealants, chemical management services and packaging of third-party products. The move is in response to the aerospace industry’s strong growth in Southeast Asia.
Moreover, the state-of-the-art facility will aid collaboration and enable the company in delivering efficient and value-added services to customers.
PPG Industries’ global aerospace business offerings include sealants, coatings, transparencies, application and packaging systems, and chemical management and other services.
PPG Industries, which is among the prominent players in the chemical space along with Eastman Chemical Company EMN, Air Products and Chemicals, Inc. APD and Celanese Corporation CE, logged net income from continuing operations of $270 million or $1.13 per share in second-quarter 2019, down around 27% year over year.
Adjusted earnings per share were $1.85, down from $1.90 a year ago. However, it beat the Zacks Consensus Estimate of $1.83.
PPG Industries expects industry demand for several of its businesses to remain sluggish in the third quarter. The company remains focused on recovering operating margins and expects the momentum to continue as it works with customers and suppliers to mitigate the impact of raw material cost inflation further.
The company expects third-quarter earnings in the range of $1.57-$1.67 per share. It also reaffirmed 2019 adjusted earnings per share growth of 7-10% and envisions sales growth of a low-single-digit percentage for the full year, both excluding currency translation impacts.
The company continues to aggressively manage costs amid a challenging business environment. It delivered roughly $20 million of cost savings in the second quarter. PPG Industries also remains committed in its cash deployment with a focus on shareholder value creation over the long term.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98% , +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Celanese Corporation (CE) : Free Stock Analysis Report
PPG Industries, Inc. (PPG) : Free Stock Analysis Report
Air Products and Chemicals, Inc. (APD) : Free Stock Analysis Report
Eastman Chemical Company (EMN) : Free Stock Analysis Report
To read this article on Zacks.com click here.