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BASIC INDUSTRIES: PPG (PPG A3/BBB+/BBB+): 3Q24 Results

BASIC INDUSTRIES
BulletCredit Bullets

Credit neutral.

  • PPG reported revenues +5% YoY and flat organic, 2% below consensus. Industrials coatings underperformance continued. Notably OEM sales fell double digits percent.
  • Adj. EBITDA was in-line.
  • FCF $551mn vs $872 consensus, on higher-than-expected capex. Leverage is left at 1.7x.
  • FY24 organic growth projection is reduced to flat from flat to +LSD. Expense projections are increased slightly while capex is seen lower than previously expected. EPS is now expected at the low end of guidance.
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Credit neutral.

  • PPG reported revenues +5% YoY and flat organic, 2% below consensus. Industrials coatings underperformance continued. Notably OEM sales fell double digits percent.
  • Adj. EBITDA was in-line.
  • FCF $551mn vs $872 consensus, on higher-than-expected capex. Leverage is left at 1.7x.
  • FY24 organic growth projection is reduced to flat from flat to +LSD. Expense projections are increased slightly while capex is seen lower than previously expected. EPS is now expected at the low end of guidance.