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Profit warning send PPG falling in early deals

Friday, October 7, 2016 7:57
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PPG Industries Inc (NYSE:PPG) was colored red in Friday’s early deals after the paint maker issued a profit warning following a weak third quarter.
It described third quarter earnings growth as disappointing and said it would report a net loss in the range of 74p to 77p, down from US$1.52 in the prior year.
Sales for the three months amounted to US$3.8bn, which was in line with consensus forecasts.
PPG chief executive Michael McGarry said told investors that the company continued to operate in a sluggish economic environment and cautioned that there was “no clear near-term catalyst”.
Nevertheless PPG intends to keep spending as a way to support the business. McGarry added: “”We expect spending on acquisitions and share repurchases for the combined years 2015 and 2016 to be at the top end of the previously communicated $2.0 billion to $2.5 billion range.”
In New York, PPG was down some 6% in premarket deals but was set to open at around US$47 per share.


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