PPG Industries & Air Tractor Launch First E-coat System

By Zacks Investment ResearchStock MarketsNov 13, 2017 08:25PM ET

www.investing.com/analysis/ppg-industries--air-tractor-launch-first-ecoat-system-200264964

PPG Industries & Air Tractor Launch First E-coat System

By Zacks Investment Research | Nov 13, 2017 08:25PM ET

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PPG Industries Inc. (NYSE:PPG) and Air Tractor have jointly brought forth the first electrocoat (e-coat) primer system for the aerospace industry. The latest system will help to manufacture original-equipment aircraft parts on a full scale. Recently, both companies unveiled the system at the Air Tractor agricultural manufacturing facilities in Olney, TX and celebrated the launch in the presence of aerospace industry representatives, elected officials, Air Tractor dealers and PPG Industries’ executives.

The e-coat system is enclosed by a new three-story, 6,600-square-foot facility that includes an automated parts rack hoist, 10 5,000-gallon immersion tanks, cure ovens and a reverse osmosis water-treatment system. The racking system supports 3,000 different-sized and -shaped airplane parts.

PPG Industries has underperformed the industry it belongs to over a year. The company’s shares have gained around 19% over this period as against roughly 29.4% gain recorded by its industry.

PPG Industries reported net earnings from continuing operations of $1.52 per share for the third quarter of 2017, as against the year-ago net loss from continuing operations of 79 cents. The results were in line with the Zacks Consensus Estimate.

Net sales in the quarter increased 3.2% year over year to $3,776 million. Sales beat the Zacks Consensus Estimate of $3,748 million. Favorable currency swings positively affected net sales by around 2%.

PPG Industries expects continued moderate global economic growth. Post the mayhem caused by the recent natural disasters, the company doesn’t anticipate any further decline in the level of raw material cost inflation for the balance of this year.

The company also sees an additional selling price increase. Along with addressing the inflationary environment, it remains on track with its restructuring program which is expected to deliver full-year savings of more than $45 million.

PPG Industries expects the recent natural disasters to unfavorably impact fourth-quarter earnings by up to 5 cents per share.

PPG Industries, Inc. Price and Consensus

PPG Industries, Inc. Price and Consensus | PPG Industries, Inc. Quote

Zacks Rank & Stocks to Consider

PPG Industries currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the basic materials space are Ingevity Corporation (NYSE:NGVT) , Westlake Chemical Corporation (NYSE:WLK) and POSCO (NYSE:PKX) .

Ingevity has expected long-term earnings growth of 12% and sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Westlake Chemical has expected long-term earnings growth of 8.4% and flaunts a Zacks Rank #1.

POSCO has expected long-term earnings growth of 5% and carries a Zacks Rank #2 (Buy).

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PPG Industries & Air Tractor Launch First E-coat System

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