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PPG Industries (NYSE:PPG) -0.8% post-market on Wednesday after posting almost in line Adjusted earnings for the third quarter and revenue, while guiding Q4 earnings below expectations, as it expects lower demand in Europe and China to continue.
PPG (PPG) said it achieved record third-quarter sales of $4.47 billion, thanks to continued price execution, which resulted in a 12% increase in selling prices from the previous quarter and an 18% increase on a plus basis. two years, supported by record sales at PPG Comex and the global auto repair businesses.
For Q4, PPG (PPG) adjusted EPS forecast of $1.05-$1.20, below analyst consensus estimate of $1.24, with aggregate sales volume down year-on-year back by a percentage between a number.
Due to a decrease in economic activity, PPG (PPG) said it is targeting annual savings of $70 million through an additional cost restructuring program.
The company also appointed current COO Tim Knavish as New CEO effective January 1President and CEO succeeds Michael McGarry, who will become Executive Chairman.
PPG’s (PPG) the stock price returned to show a 33% loss from the beginning of the year and Down 28% in the past year.
