PPG Cuts Q3 Sales Outlook, Withdraws Guidance; Stock Down

(RTTNews) - PPG (PPG) said its sales volumes are being impacted by the increasing disruptions in commodity supplies; further reductions in customer production due to certain parts shortages such as semi-conductor chips; and continuing logistics and transportation challenges in many regions. As a result, the company lowered its third quarter sales volume outlook. Also, PPG withdraw its guidance for the third quarter and full-year 2021.

The company now expects third quarter sales volumes will be lower by $225 million to $275 million, compared to what it anticipated at the start of the third quarter.

PPG noted that raw material inflation for the third quarter is trending higher than previously communicated by about $60 million to $70 million.

Shares of PPG were down nearly 5% in pre-market trade on Tuesday.