PPG Industries announced earnings per share of $1.93 on revenue of $3.69B. Analysts polled by Investing.com anticipated EPS of $1.76 on revenue of $3.64B.
Sales volumes were down about 5% versus the prior year, which “reflect ongoing negative economic impacts of the COVID-19 pandemic,” the company said.
Operating margins were about 300 basis points higher than the prior year, thanks to continued efforts to cut costs.
PPG Industries shares are down 0% from the beginning of the year, still down 2.76% from its 52 week high of $138.39 set on October 16. They are under-performing the S&P 500 which is up 6.08% from the start of the year.
Looking ahead, the company said it is “likely to experience normal seasonal trends” in the fourth quarter, especially in its European and North American architectural coatings businesses.
“Even with the continued uncertainty from the pandemic we expect overall economic activity to continue to recover, but in an uneven manner. The pandemic is still significantly impacting the demand for certain coatings products – most notably, global commercial aerospace, marine, and protective coatings that support the oil and gas industry,” it added.