PPG Industries, Inc. - PPG STOCK NEWS

PPG (NYSE: PPG) announced that CEO Michael McGarry will engage in a virtual fireside chat at the 2020 Citi Basic Materials Conference on December 1 at 11:00 a.m. ET. McGarry will discuss PPG's financial performance and its strategic adaptations during the COVID-19 pandemic. The session will be streamed live and accessible via PPG's investor relations website.

PPG has a rich history of over 135 years in delivering trusted paints, coatings, and materials globally, reporting net sales of $15.1 billion in 2019, and operating in more than 70 countries.

PPG has launched the PPG ENVIROCRON™ HeatSense powder coating, designed for heat-sensitive wood and wood-composite applications. This innovative coating cures quickly, in as little as five minutes at 250°F, enabling seamless application on substrates like MDF and hardwood. It provides a durable, moisture-resistant finish and accommodates wood's natural expansion and contraction. The formulation is VOC-free and contributes to a lower carbon footprint compared to traditional coatings. PPG aims to revolutionize wood coating markets, enhancing design flexibility and efficiency.

PPG has appointed Scott Bartlett as vice president of operations for global architectural coatings, effective Nov. 1, 2020. Reporting to executive vice president Tim Knavish, Bartlett will focus on enhancing operational efficiency and synergies across PPG’s global architectural coatings portfolio. Bartlett has been with PPG since 2015, where he led supply chain initiatives. His extensive background includes over 30 years in supply chain management at various companies, including ConAgra Foods and DuPont. This leadership change aims to boost profitability and streamline operations.

PPG has been selected by Magnetic MRO for a VIP aircraft repaint project, utilizing a variety of PPG aerospace coatings. The project involved the use of Embraer-approved PPG DESOPRIME™ HS CA7755BE epoxy primer and PPG DESOTHANE™ CA8000 system across five mica and metallic colors. The repaint was completed within 16 days at Magnetic MRO’s facility in Tallinn, Estonia. PPG’s application support center in Hamburg facilitated the project by providing technical assistance and blended coatings. This collaboration emphasizes PPG's capabilities in the VIP market.

PPG reported third quarter 2020 net sales of approximately $3.7 billion, down 4% year-over-year, with selling prices up 1.3%. Net income from continuing operations increased to $442 million ($1.86 per diluted share), compared to $366 million ($1.54 per diluted share) in Q3 2019. Strong performance in architectural coatings and effective cost management contributed to earnings growth, despite a 5% sales volume decline from pandemic impacts. The company anticipates a low-to-mid-single digit sales volume decrease in Q4 2020 and projects adjusted EPS between $1.50 and $1.57.

PPG announced the promotion of Andrea Giunta to vice president of science and technology for color, effective October 1. Giunta joined PPG in 1997 and has held various positions, leading key innovations like the PPG ENVIROBASE® high-performance waterborne basecoat. He previously served as director of global S&T for automotive refinish and created global centers of excellence. Giunta's appointment aims to enhance PPG's automated color matching and digital rendering capabilities.

PPG (NYSE:PPG) has declared a quarterly dividend of 54 cents per share, set for payment on December 11, with a record date of November 10. This dividend marks the 489th consecutive payment the company has made, underscoring PPG's commitment to returning value to shareholders. Notably, PPG has increased its annual dividend payout for 48 consecutive years and has consistently paid dividends since 1899. Established 135 years ago, PPG continues to serve various markets globally.