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PPG Inks Deal to Divest Certain Business Activities in Africa
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PPG Industries, Inc. (PPG - Free Report) agreed to sell some business activities in Senegal, Ivory Coast, Cameroon, Gabon and Algeria to Oceinde—an industrial group based in Reunion, France.
Oceinde will continue to provide the current range of products, including Seigneurie paint, through a licensing and distribution agreement. It has several business activities in Europe, the Indian Ocean and Africa like architectural coatings distribution and manufacturing.
This alliance will strengthen the relationship between the companies, which includes the supply of specialty materials from Oceinde to PPG. Employees of PPG from the respective countries will join Oceinde. Olivier Bouin, PPG’s current general manager, Architectural Coatings Africa French Overseas and Suriname, will join Oceinde as general manager for the Trade Architectural Coatings market in Africa.
PPG Industries stated that this business model change would benefit its customers in Africa. Both companies are working together to better serve the African market.
Shares of the company have declined 10.5% in the past year against a 3.3% rise of the industry.
Image Source: Zacks Investment Research
The company, in its last earnings call, stated that while it expects demand to remain strong, it apprehends supply and pandemic-related disruptions in the fourth quarter to continue in first-quarter 2022, impeding manufacturing and products delivery. It also expects raw material cost inflation as well as higher logistics and labor costs to persist. PPG Industries is undertaking measures to increase selling prices to offset the incremental inflation.
PPG Industries projects earnings per share (EPS) between 84 cents and $1.02 for first-quarter 2022. Adjusted EPS are expected in the range of $1.02-$1.20, excluding amortization expenses of 14 cents and costs related to earlier approved and communicated business restructuring of 4 cents.
The company expects aggregate net sales volumes to be down a mid-single-digit percentage on a year-over-year basis for first-quarter 2022.
PPG Industries currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 119.9% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 83.9% in a year. The company sports a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 23.8% over a year.
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PPG Inks Deal to Divest Certain Business Activities in Africa
PPG Industries, Inc. (PPG - Free Report) agreed to sell some business activities in Senegal, Ivory Coast, Cameroon, Gabon and Algeria to Oceinde—an industrial group based in Reunion, France.
Oceinde will continue to provide the current range of products, including Seigneurie paint, through a licensing and distribution agreement. It has several business activities in Europe, the Indian Ocean and Africa like architectural coatings distribution and manufacturing.
This alliance will strengthen the relationship between the companies, which includes the supply of specialty materials from Oceinde to PPG. Employees of PPG from the respective countries will join Oceinde. Olivier Bouin, PPG’s current general manager, Architectural Coatings Africa French Overseas and Suriname, will join Oceinde as general manager for the Trade Architectural Coatings market in Africa.
PPG Industries stated that this business model change would benefit its customers in Africa. Both companies are working together to better serve the African market.
Shares of the company have declined 10.5% in the past year against a 3.3% rise of the industry.
Image Source: Zacks Investment Research
The company, in its last earnings call, stated that while it expects demand to remain strong, it apprehends supply and pandemic-related disruptions in the fourth quarter to continue in first-quarter 2022, impeding manufacturing and products delivery. It also expects raw material cost inflation as well as higher logistics and labor costs to persist. PPG Industries is undertaking measures to increase selling prices to offset the incremental inflation.
PPG Industries projects earnings per share (EPS) between 84 cents and $1.02 for first-quarter 2022. Adjusted EPS are expected in the range of $1.02-$1.20, excluding amortization expenses of 14 cents and costs related to earlier approved and communicated business restructuring of 4 cents.
The company expects aggregate net sales volumes to be down a mid-single-digit percentage on a year-over-year basis for first-quarter 2022.
PPG Industries, Inc. Price and Consensus
PPG Industries, Inc. price-consensus-chart | PPG Industries, Inc. Quote
Zacks Rank & Key Picks
PPG Industries currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) .
Mosaic has a projected earnings growth rate of 125% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 33.3% upward in the past 60 days.
Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 119.9% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 83.9% in a year. The company sports a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 23.8% over a year.