PPG Industries Inc. PPG announced that it has received the 50th order for the electrostatic application of marine fouling control coatings. The project will be carried out on the VLCC SIDR, a 336-meter oil tanker operated by Bahri Ship Management, at the Asyad Drydock Company shipyard in Oman, with PPG NEXEON 810 antifouling coating applied to the hull.
With decades of experience in the aerospace and automotive industries, PPG brought electrostatic coatings to the shipping sector just over a year ago. Electrostatic application has a higher transfer efficiency than airless spraying, which results in environmental benefits such as large reductions in overspray and waste. PPG has tailored its hull coatings to this application process.
Ship owners and shipyards are actively looking for new ways to comply with stricter environmental standards while meeting sustainability goals, such as low-friction hull coatings that cut vessel greenhouse gas emissions and provide environmentally friendly application techniques. Electrostatic applications are rapidly being embraced by significant shipping companies and shipyards in Europe, Singapore and China.
Traditional fouling control coatings are often unsuitable for electrostatic applications. However, the formulation of PPG Nexeon antifouling and PPG SIGMAGLIDE fouling release coatings enables electrostatic spraying. Electrically charged paint particles are precisely guided to the vessel's grounded surface, resulting in an incredibly even dispersion and the creation of a uniform, ultrasmooth, long-lasting film layer.
Electrostatic application, with its minimal overspray, provides a cleaner operation and a better work environment for applicators than airless spraying does. Shipyards spend less time masking the vessel and cleaning the dock, which saves both time and money.
PPG Industries shares have lost 11.5% in the past year compared with the industry’s decline of 7.9% over the same period.
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PPG anticipates flat organic sales and adjusted earnings per share at the bottom end of the $8.15 to $8.30 range for the full-year 2024.
PPG Industries, Inc. Price and Consensus
PPG Industries, Inc. price-consensus-chart | PPG Industries, Inc. Quote
PPG’s Rank & Key Picks
PPG currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, DuPont de Nemours, Inc. DD and CF Industries Inc. CF.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 160% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DD’s current-year earnings is pegged at $3.88 per share, indicating a year-over-year rise of 11.5%. DD, carrying a Zacks Rank #2 (Buy), beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 12.9%. The company's shares have rallied roughly 16.9% in the past year.
The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.32 per share. CF, carrying a Zacks Rank #1, beat the consensus estimate in two of the last four quarters while missing twice, with the average earnings surprise being 10.3%. CF has rallied around 18.3% in the past year.
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PPG Industries, Inc. (PPG) : Free Stock Analysis Report
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