- Net sales of PPG dropped by ~3.7%, mostly because of weaker volumes if compared to the 3Q19.
- Sales of Performance Coatings were still strained as a few end markets, including refinish, aerospace, and protective & marine coatings, have still been struggling with the pernicious effects of the pandemic.
- Even though sales contracted, PPG’s cost-cutting efforts helped to shore up margins, so, its diluted quarterly GAAP EPS was up by almost 21%.
- The one thing that concerns me most is PPG's valuation, which multiplies the risk that if the overall market will again drift lower due to the repercussions of the COVID-19, the stock price will be battered.
For further details see:
PPG Industries: Signs Of Recuperation In Q3, But The Stock Is Too Expensive