Pricing
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PPG
FY2026 Q2
개선
PPG Industries, Inc. 실적 발표
Buzzberg 분석
Pricing will fully offset inflation by Q4, one quarter ahead of prior commitment.
PPG reported a solid Q2 with 4% organic growth, driven by pricing power and share gains, but the headline was undercut by a sharp decline in automotive refinish volumes. Management is confident that refinish will return to growth and that pricing will fully offset cost inflation by Q4, maintaining full-year EPS guidance. Sixth consecutive quarter of organic sales growth, with organic growth of 4% and a 300bps industry outperformance.
Buzzberg 분석 Pricing will fully offset inflation by Q4, one quarter ahead of prior commitment. PPG reported a solid Q2 with 4% organic growth, driven by pricing power and share gains, but the headline was undercut by a sharp decline in automotive refinish volumes. Management is confident that refinish will return to growth and that pricing will fully offset cost inflation by Q4, maintaining full-year EPS guidance. Sixth consecutive quarter of organic sales growth, with organic growth of 4% and a 300bps industry outperformance. 전체 분석 보기분석 접기
PPG reported a solid Q2 with 4% organic growth, driven by pricing power and share gains, but the headline was undercut by a sharp decline in automotive refinish volumes. Management is confident that refinish will return to growth and that pricing will fully offset cost inflation by Q4, maintaining full-year EPS guidance. Sixth consecutive quarter of organic sales growth, with organic growth of 4% and a 300bps industry outperformance.
- Auto refinish volumes fell double-digits due to tough comps and destocking, but management sees stabilization and a return to growth in H2.
- Pricing actions are ahead of schedule, covering 90% of COGS inflation and expected to reach 100% by Q4.
- Aerospace and protective/marine are standout growth engines with strong backlogs and market momentum.
매출$4.495B+14% 전분기 대비
주당순이익(EPS)$2.23+22% 전분기 대비
매출총이익률40.22%보고값
영업이익률14.15%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Refinish volumes expected to return to growth in Q3 and Q4 after destocking ends.
Segments
Performance Coatings segment growth driven by aerospace, protective marine, but refinished drags margins.
핵심 내용 3개 더 보기
Share Gains
Industrial segment share gains starting to hit P&L, with $25M quarterly new wins.
Aerospace
Aerospace backlog remains around $300 million as capacity investments begin to pay off.
Margins
Architectural EMEA returns to margin expansion after pricing and cost actions.
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $4.495B | +14% 전분기 대비 |
| 주당순이익(EPS) | $2.23 | +22% 전분기 대비 |
| 매출총이익률 | 40.22% | 보고값 |
| 영업이익률 | 14.15% | 보고값 |
| 잉여현금흐름 | $0.446B | 보고값 |
| 자본지출 | $0.113B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $7.70–$8.10 | $7.90 | 유지 |
| 매출 | FY2026 Q3 | 0.01%–0.05% | 0.03% | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed strong confidence in their growth momentum, pricing execution, and ability to offset inflation, while reaffirming full-year guidance and highlighting share gains across most businesses.
투자 및 생산능력
Management is investing over half a billion dollars in additional aerospace capacity, including a $380 million new plant in Shelby, North Carolina and $120 million in de-bottlenecking at existing facilities, to support strong growth in that business.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
공급망
공급망
Tim Knavish
PPG is seeing a multi-quarter step-change in packaging coatings share gains, with a 20% two-year stacked volume increase, driven by technological adoption in Europe. — Signals a sustained shift in can coating technology that could impact incumbent suppliers and benefit early adopters.
근거
“Packaging coatings organic sales increased by a double-digit percentage, with sales volumes now up over 20% on a two-year stacked basis as customers continue to adopt our leading technologies.”
공급망
Tim Knavish
PPG's protective & marine coatings business, particularly the marine segment, is experiencing strong growth driven by new builds in Asia and aftermarket demand, indicating a robust shipbuilding cycle. — This confirms high demand for commercial vessels, pointing to continued production for shipbuilders and their suppliers.
근거
“...above-market marine growth in both Asia Pacific and Europe.”
공급망
Tim Knavish
PPG's aerospace business has a ~$300 million order backlog and is investing $500 million in capacity, indicating sustained high demand for aircraft parts and aftermarket services. — The growing backlog reflects strong OEM and aftermarket demand, implying continued production ramp-ups for aircraft manufacturers.
근거
“Aerospace achieved exceptional quarterly sales with double-digit percentage growth. Our order backlog remained around $300 million as we are starting to see the benefits of our capacity and productivity investments.”
외부 신호
공급망 알파 · 3발표 이후 수익률
PPG is seeing a multi-quarter step-change in packaging coatings share gains, with a 20% two-year stacked volume increase, driven by technological adoption in Europe.
PPG's protective & marine coatings business, particularly the marine segment, is experiencing strong growth driven by new builds in Asia and aftermarket demand, indicating a robust shipbuilding cycle.
PPG's aerospace business has a ~$300 million order backlog and is investing $500 million in capacity, indicating sustained high demand for aircraft parts and aftermarket services.
방법론 및 범위
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