PPG's Margins Are Poised to Improve From 2017 Levels; Raising FVE to $103
The second half of 2017 proved challenging for coatings companies. A 25% climb in oil prices pressured margins for PPG, given the lag in product price increases. Margins were compressed versus 2016 across both performance coatings and industrial coatings, despite higher volumes. However, we expect the tides to turn in 2018. PPG's price increases will pad margins over the course of the year, and our expectation for lower long-term oil prices portends wider margins for the company as higher prices...
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