Coatings giant PPG Industries Inc. (PPG) announced that the Mutual of Omaha Regional Office in Miami, which is now known as Colonnade Plaza, is the first ever building to install the company’s SOLARBAN glass. SOLARBAN glass is one of the first coated glasses designed in to block solar radiation and thus mitigate air-conditioning-related energy consumption.
SOLARBAN is a brand which includes a broad range of high-performance solar control, low-emissivity glasses, some of which also include PPG’s proprietary triple-silver coating technology. PPG Industries’ technology enables architects to design and build more sustainable buildings through their ability to transmit daylight and block solar heat, thereby reducing heating, cooling and lighting demands.
The architect who designed the eight-story Omaha Regional Office in Miami incorporated the elements in such a way that those when combined with the SOLARBAN glass will minimize solar heat gain in south Florida’s plentiful sunshine, thus saving energy and enhancing occupant comfort.
PPG Industries released its second-quarter 2014 results last month. The company topped earnings expectations in the quarter on healthy results across major markets, notably Europe where earnings jumped 28%. Cost reduction measures and strength in the automotive OEM coatings market supported results.
Profit from continued operation (as reported) was $393 million or $2.80 per share in the second quarter, climbing roughly 24% from $318 million or $2.19 per share posted a year ago. Consolidated profit rose 13% year over year to $386 million or $2.75 per share. The improvement was led by strong performance in Europe as PPG gained from gradual economic recovery in the region.
Barring one-time items, the company raked in earnings from continuing operations of $2.83 a share in the quarter that topped the Zacks Consensus Estimate of $2.79. Revenues moved up 5% year over year to $4,082 million in the reported quarter. It fell short of the Zacks Consensus Estimate of $4,097 million. The company benefited from higher volumes across major regions in the quarter.
PPG Industries is a Zacks Rank #3 (Hold) stock.
Better-ranked companies in the diversified chemical space include Celanese Corporation (CE), Johnson Matthey Plc. (JMPLY) and LyondellBasell Industries NV (LYB). All of them hold a Zacks Rank #2 (Buy).