MNI BRIEF: Fed Review Must Incorporate Many Scenarios - Kugler

MNI BRIEF: Fed's Kugler Says Makes Sense To Hold For Some Time

MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

MNI: US DEC CONSUMER CREDIT +$40.8B

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 480; GAS RIGS 100

BAKER HUGHES CANADA RIG COUNT 249; OIL RIGS 177; GAS RIGS 72

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BASIC INDUSTRIES: PPG (PPG A3/BBB+/BBB+): 4Q24 Results

BASIC INDUSTRIES
USBulletCredit BulletsNorth America

Soft results, but unlikely to move the needle on spreads. Seeing a slow start to 2025 with Europe generally and Industrial demand globally challenged. Further confirmation of still-weak conditions in the sector.

  • PPG reported after the close. Revenue missed consensus by 8%, with organic sales down 2% on lower volumes in construction and industrial markets, including autos. It had guided for flat organically for the year and finished down LSD.
  • Adj. EBITDA missed by 5%, with margin at 15.3% almost meeting expectations with a c1% sequential drop. FY margins are now at multiyear highs.
  • FCF came in at 700mn missing the expected $1.5bn. We see adj. net leverage unchanged QoQ at 2x and up fractionally YoY.
113 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Soft results, but unlikely to move the needle on spreads. Seeing a slow start to 2025 with Europe generally and Industrial demand globally challenged. Further confirmation of still-weak conditions in the sector.

  • PPG reported after the close. Revenue missed consensus by 8%, with organic sales down 2% on lower volumes in construction and industrial markets, including autos. It had guided for flat organically for the year and finished down LSD.
  • Adj. EBITDA missed by 5%, with margin at 15.3% almost meeting expectations with a c1% sequential drop. FY margins are now at multiyear highs.
  • FCF came in at 700mn missing the expected $1.5bn. We see adj. net leverage unchanged QoQ at 2x and up fractionally YoY.