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MarketWatch MarketPulseAug 11, 2020
PPG sees Q3 sales down less than expected after July beats its expectations
PPG Industries Inc. said Tuesday July sales exceeded its original estimates, as the sales recovery seen in June continued. The paints maker is now expecting third-quarter sales to be down 6% to 11%, compared with a prior forecast of down 8% to 15%. The FactSet consensus is for third-quarter sales of $3.411 billion, which would be down 11% from a year ago. "Led by improving demand trends in our Chinese and European businesses across a variety of coatings end-use markets and in global industrial production, our July sales increased sequentially from the month of June and were down 7% compared to the prior year." Chief Executive Michael H. McGarry said in a statement. Shares rose 3% premarket, but are down 13% in the year through Monday, while the S&P 500 has gained 4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 11, 2020
Lumentum's stock surges after adjusted profit and revenue beats, and upbeat earnings outlook
Shares of Lumentum Holdings Inc. charged up 5.0% in premarket trading Tuesday, after the optical networking and laser company reported fiscal fourth-quarter earnings that beat expectations and provided an upbeat first-quarter outlook. The net loss for the quarter to June 27 narrowed to $4.6 million, or 6 cents a share, from a loss of $25.8 million, or 34 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.18 from 91 cents, topping the FactSet consensus of 83 cents. Revenue fell 9.0% to $368.1 million, but beat the FactSet consensus of $349.7 million. Optical communications revenue declined 7.4% to $330.3 million but beat the FactSet consensus of $311.7 million, and lasers revenue dropped 20.9% to $37.8 million but was above the FactSet consensus of $35.3 million. For the first quarter, the company expects adjusted EPS of $1.40 to $1.55, compared with the FactSet consensus of $1.33, and revenue of $430 million to $455 million, surrounding expectations of $436 million. The stock has rallied 11.0% year to date through Monday, while the S&P 500 has gained 4.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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