PPG Industries Inc. (PPG) announced the launch of its Electrocolor 3500 coating. The coating has been designed as a lightly-tinted clearcoat and can be applied on metal surfaces of tablets, notebooks, smart phones and other consumer electronic devices.
The coating protects the metal from possible everyday exposure to chemicals, ultraviolet rays and abrasion and also gives it an organic appearance. The coating provides aesthetic and performance benefits to manufacturers.
The Electrocolor 3500 coating offers high yield rates for applicators due to its high transfer efficiency and color consistency. Moreover, it can give appliances and other applications a decorative metallic appearance.
PPG Industries released its third-quarter 2013 financial results in Oct 2013. Barring one-time items, the company raked in earnings from continuing operations of $2.44 a share in the quarter, which topped the Zacks Consensus Estimate of $2.34. The adjusted earnings exclude one-time items including restructuring and acquisition charges.
Profit from continued operations (as reported), however, fell around 24% to $220 million or $1.52 per share from $288 million or $1.86 a year ago, hurt by hefty restructuring and other charges. On a consolidated basis (including discontinued operation), profit declined 33% year over year to $226 million or $1.56 per share.
Revenues climbed roughly 17% year over year to $3,980 million, beating the Zacks Consensus Estimate of $3,960 million. Healthy results in the coatings business were led by gains across automotive original equipment manufacturer coatings, automotive refinish and aerospace. However, the architectural coatings business was somewhat weak in the quarter.
PPG Industries currently carries a Zacks Rank #2 (Buy).
Other companies also worth considering in the chemical industry are Asahi Kasei Corp. (AHKSY), Johnson Matthey plc (JMPLY) and Methanex Corp. (MEOH). While Asahi Kasei and Johnson Matthey hold a Zacks Rank #1 (Strong Buy), Methanex carries the same Zacks Rank as PPG Industries.