PPG - PPG dips after guiding for below-consensus Q4 earnings

PPG Industries ( NYSE: PPG ) -0.8% post-market Wednesday after posting roughly in-line Q3 adjusted earnings and revenues, while guiding Q4 earnings below expectations, as it expects softer demand in Europe and China will persist.

PPG ( PPG ) said it achieved record sales in Q3 of $4.47B, driven by continued selling price realization, resulting in a 12%-plus increase in selling prices compared with the year-ago quarter and an 18% increase on a two-year stacked basis, aided by record sales in the PPG Comex and global automotive refinish businesses.

For Q4, PPG ( PPG ) forecasts adjusted EPS of $1.05-$1.20, below $1.24 analyst consensus estimate, with aggregate sales volumes down Y/Y by a mid-single-digit percentage.

Due to the reduced economic activity, PPG ( PPG ) said is targeting $70M in annualized savings through an additional cost restructuring program.

The company also appointed current COO Tim Knavish as its new CEO effective January 1 , succeeding Chairman and CEO Michael McGarry, who will become Executive Chairman.

PPG's ( PPG ) stock price return shows a 33% loss YTD and a 28% decline during the past year .

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