PPG Industries Inc. (PPG Quick QuotePPG - Free Report) recently announced the completion of an on-site solar installation at its Caivano, Italy facility. This move enables the company to progress toward its 2030 greenhouse gas emissions reduction goals.

The initiative is part of a collaboration with Grastim, a developer of high-efficiency energy generation solutions. The 1.5-megawatt solar installation reduces CO2 emissions by approximately 390 metric tons per year. Combined with an earlier installed combined heat and power unit (CHP), the site is saving approximately 15% on annual running costs.

Caivano is a prime example of how PPG ensures its facilities are more sustainable and operationally effective. 

The on-site solar installation complements the CHP unit, which Grastim installed in 2021. The unit absorbs waste heat generated during the energy generation process to provide steam and hot water for the facility, saving roughly 1,100 metric tons of CO2 emissions each year.

The Caivano plant produces electrocoat products for the industrial and automotive markets, and decorative resins for PPG's automotive and refinish facilities. It has almost 120 employees.

PPG Industries shares have lost 13% in the past year compared with the industry’s decline of 12% over the same period.

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PPG anticipates year-over-year flat organic sales and adjusted earnings per share in the $8.15 to $8.30 range for full-year 2024.

PPG’s Rank & Key Picks

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

Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS Quick QuoteCRS - Free Report) , DuPont de Nemours, Inc. (DD Quick QuoteDD - Free Report) and CF Industries Inc. (CF Quick QuoteCF - Free Report) . 

Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 177.8% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DD’s current-year earnings is pegged at $3.88 per share, indicating a year-over-year rise of 11.5%. DD, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 12.9%. The company's shares have rallied roughly 17.1% in the past year.

The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.32 per share. CF, a Zacks Rank #1 stock, beat the consensus estimate in two of the last four quarters while missed twice, with the average earnings surprise being 10.3%. CF has rallied around 16.8% in the past year.