PPG Faces Volume, Currency Headwinds in 2Q; Reducing FVE to $85 on Revised Long-Term Outlook
PPG's second-quarter results were uninspiring, with currency headwinds weighing on top- and bottom-line growth. Consolidated sales declined 2.6% year on year to $4.02 billion, while segment profit rose 1.7% thanks to acquisitions and pricing, which slightly widened margins. Besides second-quarter results, we've thoroughly reviewed and revised the core assumptions driving our PPG valuation. After we lowered our second-stage growth forecast and reduced our midcycle margin assumptions for the busin...PPG Industries manufactures and distributes a range of paints, coatings and specialty materials. The company's business is comprised of two reportable business segments: Performance Coatings, which primarily supplies a variety of protective and decorative coatings, sealants and finishes along with paint strippers, stains and related chemicals, as well as transparencies and transparent armor; and Industrial Coatings, which primarily supplies a variety of protective and decorative coatings and finishes along with adhesives, sealants, metal pretreatment products, optical monomers and coatings, precipitated silicas and other specialty materials.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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