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PPG

PPG is comprised of two segments: The Industrial Coatings Segment and the Performance Coatings Segment. Industrial Coatings supplies protective and decorative coatings and finishes along with adhesives, sealants, inks, and metal pre-treatment products. The segment enjoys generally higher margins by virtue of stronger pricing power in coatings purposed for autos, as well as specialty materials and substrates. Performance Coatings supplies protective and decorative coatings, sealants and finishes along with paint strippers, transparent armor, transparencies, stains and related chemicals. (21 Sep 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..
Focused

PPG 3Q18: Raw Material Pain, Automotive Speed Bump

Earnings Note: 19 Oct 2018, 5:29 AM ET - PPG profitability continues to be impacted by elevated raw material and logistics costs, while volumes were flat following the loss of Lowe’s business.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

PPG: 3Q18 Earnings Miss, Activist on the Prowl

Worth Watching: 09 Oct 2018, 10:40 PM ET - PPG (A3/A-) gave an update on third quarter 2018 results on Monday ahead of its October 18th earnings release. Net sales for the third quarter are expected to be roughly flat on a year-over-year basis at $3.8 bn while diluted adjusted earnings ..

SHW 2Q18: Cost Inflation vs Deleveraging

Earnings Note: 25 Jul 2018, 8:18 PM ET - We remain Underperform on SHW despite a solid 2Q18. 
Focused

PPG 2Q18: Bracing for Lowe’s Loss, Input Costs

Earnings Note: 20 Jul 2018, 3:37 PM ET - The company continues to struggle with raw material inflation headwinds, and will need to replace a 120-150 bps decline in overall company sales resulting from the loss of a partnership with Lowe’s.
Focused

PPG: Internal Accounting Investigation Results

Worth Watching: 28 Jun 2018, 11:50 PM ET - PPG (A3/A-) announced the results of an internal investigation related to previously reported accounting policy violations on Thursday morning while concurrently releasing restated figures for mis-stated periods. The restatements include all qu ..
Focused

PPG 1Q18: Margins Lower on Pricier Epoxy Inputs

Earnings Note: 20 Apr 2018, 5:11 AM ET - Margins declined 2.1% to 13.9% during the quarter as mid-single digit raw material inflation dragged on results, with Epoxy prices rising 40%. Pricing improvement will be key moving forward as PPG looks to stabilize margins.

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 4): Fertilizers

Sector Outlook: 24 Jan 2018, 11:05 AM ET - The fertilizers' industry remains oversupplied and we expect the trend to persist over the next twelve months. Stable prices are expected as new capacity is coupled with supply management.

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.
Focused

PPG 4Q17: Solid, Though Margins Pressured By Costs

Earnings Note: 19 Jan 2018, 10:32 AM ET - Pricing and efficiency initiatives will be key for PPG as margin pressure from inflationary raw material prices will remain a headwind for the company going into 2018.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.
Focused

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

Olin 3Q17: Chlor-Alkali Drives Growth

Earnings Note: 31 Oct 2017, 7:42 PM ET - We reiterate our Outperform recommendation on Olin due to the positive trends in Chlor-Alkali Vinyls (CAV) as well as the near term focus on reducing leverage.

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