PPG Industries, Inc. (PPG), headquartered in Pittsburgh, Pennsylvania, is a global leader in the manufacturing and distributing of paints, coatings, and specialty materials. With a market cap of $30.66 billion, PPG serves customers in various industries, including automotive, aerospace, and industrial sectors, offering innovative and sustainable solutions. The company is set to announce its Q3 earnings on Wednesday, Oct. 16.
Ahead of the event, analysts expect PPG to report a profit of $2.16 per share, up 4.4% from $2.07 in the year-ago quarter. The company has surpassed or matched Wall Street’s EPS estimates in the last four quarterly reports.
Its adjusted earnings of $2.50 per share for the last quarter surpassed the consensus estimate marginally. PPG’s Q2 earnings beat was driven by cost management and margin improvements.
For fiscal 2024, analysts expect PPG to report EPS of $8.25, up 7.6% from $7.67 in fiscal 2023.
PPG stock is down 12.6% on a YTD basis, significantly underperforming the broader S&P 500 Index's ($SPX) 19.7% gains and the iShares U.S. Basic Materials ETF’s (IYM) 8.5% returns over the same time frame.
Shares of PPG plunged 1.5% on Jul. 18, the day its Q2 results were reported. The company reported revenue of $4.79 billion, which missed the consensus estimate of $4.91 billion.
The consensus opinion on PPG stock is moderately bullish, with an overall “Moderate Buy” rating. Of the 23 analysts covering the stock, 13 advise a “Strong Buy” rating, and 10 suggest a “Hold.”
This configuration is slightly more bullish than three months ago when the stock had 12 “Strong Buy” ratings. PPG's average analyst price target is $151.75, indicating a potential upside of 16.1% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
