PPG Industries (PPG) To Invest $10M In Greenville Facility
Zacks Investment Research | Feb 24, 2019 10:28PM ET
PPG Industries Inc. (NYSE:PPG) recently announced an investment worth $10 million for a new 82,000 square-foot facility and class A paint line at the coatings services facility in Greenville, SC.
The expansion, which is slated to be completed in August 2019, is geared to address increasing demand for class A coatings application and value-added services for the large truck and automotive markets. Notably, Class A coatings are used on surfaces that are readily touched or seen by customers, such as door skins and hoods.
The Greenville facility is dedicated to coatings services facility for automotive original equipment manufacturers (OEMs) and tier one suppliers. The plant was expanded to include aftermarket packaging and hem sealing services in 2015. These processes are used in the automotive industry to join outer and inner closure panels.
The facility is leader in the application of class A exterior coatings on galvanized and aluminum substrates for overseas and domestic markets.
Notably, PPG Industries’ adjusted earnings were $1.15 per share in the fourth quarter of 2018, down around 3.4% from $1.19 in the year-ago quarter. Nevertheless, the figure beat the Zacks Consensus Estimate of $1.09.
Moving ahead, PPG Industries expects impact of cost inflation, year-over-year unfavorable foreign currency translation and lower sales volume to impact performance in the first half of 2019. Based on these factors, the company projects first-quarter 2019 earnings per share (EPS) in the range of $1.18-$1.23.
The company envisions sales growth of 3-5% at constant currency for 2019. It also expects adjusted EPS growth of 7-10%. Moreover, the company expects to deliver at least $70 million in cost savings in 2019.
PPG Industries, Inc. Price and Consensus
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