MOSCOW (MRC) -- PPG Industries Inc. (PPG) on Monday reported second-quarter net income of USD431 million, according to The Sacramento Bee.
The Pittsburgh-based company said it had profit of USD1.80 per share. Earnings, adjusted for non-recurring costs, came to USD1.94 per share. The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of USD2.19 per share.
The paint and coatings maker posted revenue of USD4.36 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected USD4.42 billion.
PPG Industries expects full-year earnings in the range of USD7.40 to USD7.60 per share.
As MRC reported earlier, in June 2021, PPG announced an expansion of its coatings manufacturing capacity in Europe for packaging applications. The investments at sites in The Netherlands and Poland will support growing customer demand in the region for the latest generation of coatings for aluminum and steel cans used in packaging for beverage, food and personal care items. The projects include a further expansion of the company’s location in Tiel, The Netherlands, which will increase the plant’s production capacity for PPG INNOVEL non-BPA internal coatings for beverage cans by 30%. Expected to be completed in the first quarter of 2022, the project follows a 50% expansion completed at the end of 2020.
BPA is the main feedstock for the production of polycarbonate (PC).
According to MRC's ScanPlast report, Russia's estimated consumption of PC granules (excluding imports and exports to/from Belarus) rose in January-May 2021 by 8% year on year to 42,200 tonnes (38,900 tonnes a year earlier).
MRC