WASHINGTON (dpa-AFX) - PPG Industries, Inc. (PPG), a supplier of paints, coatings, and specialty materials, on Monday revised down its earnings forecast for the third quarter, amidst a softening demand in Europe and China.
The company now expects its third-quarter adjusted earnings per share to decline by 5 percent to 7 percent below the low end of the previous guidance of $1.75 to $2.00. Earlier to this, PPG had forecast its third-quarter EPS to be in the range of $1.60 to $1.85.
Analysts, on average, polled by Thomson Reuters project the company to post income per share of $1.83 for the quarter.
The paint supplier also said it expects the softer demand conditions to prevail in the fourth quarter.
PPG is trading down by 4.69 percent at $109.01 per share in pre-market on the New York Stock Exchange.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX