UPDATE: PPG Industries (PPG) Tops Q3 EPS by 6c, Offers FY Guidance

PPG Industries (NYSE: PPG) reported Q3 EPS of $1.67, $0.06 better than the analyst estimate of $1.61. Revenue for the quarter came in at $3.8 billion versus the consensus estimate of $3.9 billion.

Guidance:

PPG Industries sees FY EPS of $6.17-$6.27 vs consensus of $6.24.

“As we look ahead to the fourth quarter, we anticipate global economic growth will remain soft impacting several end-use markets. Many of our customers remain cautious about their ordering patterns and inventory levels. We expect additional margin recovery progress, including the benefit of $20 million of restructuring-related savings year-over-year. We also continue to commercialize innovative products and technologies that provide value to our customers and support incremental sales growth, including our recently announced PPG Envirocron® Extreme Protection Edge powder coating and the PPG MOONWALK™ automated paint mixing system for automotive refinish. Lastly, we ended the quarter with approximately $1.5 billion in cash and cash equivalents, providing us strong flexibility for shareholder value-creating cash deployment.

“We currently expect 2019 full-year adjusted earnings per diluted share to be in the range of $6.17 to $6.27, which is comparable to our July guidance and includes fourth quarter year-over-year growth in constant currencies of about 15% at the mid-point,” McGarry added. “This guidance places our full-year 2019 adjusted earnings-per-share growth at the low-to-mid end of our previously communicated 7% to 10% range, excluding currency translation impacts. We continue to expect full-year sales growth of a low-single-digit percentage, excluding currency translation impacts.”

The company reported the impact from unfavorable currency translation on adjusted earnings per diluted share for the full year is expected to be between 18 and 20 cents.

For earnings history and earnings-related data on PPG Industries (PPG) click here.

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