PPG Posting Steep Loss After Warning Of Weaker Than Expected Q3 Results

(RTTNews) - After falling sharply at the start of trading, shares of PPG Industries, Inc. (PPG) continue to see significant weakness in late-day trading on Tuesday. PPG is currently down by 10.1 percent after hitting its lowest intraday level in well over a year.

The steep drop by PPG comes after the paint and coatings maker warned of weaker than expected third quarter results due in part to higher raw material and logistics costs.

PPG forecast third quarter adjusted earnings of $1.41 to $1.45 per share on net sales of $3.8 billion, while analysts had expected earnings of $1.58 per share on sales of $3.9 billion.