PPG Industries ( NYSE: PPG ) -6.4% pre-market Monday after saying it expects Q3 adjusted earnings per share to come in 5%-7% below the low end of guidance of $1.75-$2.00/share that was previously announced in July.
PPG ( PPG ) said Q3 sales were hurt by further softening demand in Europe, and demand recovery was lower than expected in China due to a resumption of certain pandemic-related restrictions, with sales volume declines most pronounced in September, causing a reduced earnings benefit from higher selling prices and lower manufacturing efficiencies compared to the previous forecast.
The company expects Q4 selling prices will rise 10%-12% Y/Y and anticipates Y/Y segment earnings growth of nearly 20%, as Y/Y segment margin recovery momentum accelerates.
PPG ( PPG ) will announce Q3 results and further expectations for Q4 on October 19.
PPG's ( PPG ) earnings power is underestimated by the market, and recent share price weakness presents a buying opportunity, Gen Alpha writes in an analysis published on Seeking Alpha .
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PPG cuts earnings guidance on expected soft demand from Europe, China