PPG Industries Inc. (PPG) said Tuesday July sales exceeded its original estimates, as the sales recovery seen in June continued. The paints maker is now expecting third-quarter sales to be down 6% to 11%, compared with a prior forecast of down 8% to 15%. The FactSet consensus is for third-quarter sales of $3.411 billion, which would be down 11% from a year ago. "Led by improving demand trends in our Chinese and European businesses across a variety of coatings end-use markets and in global industrial production, our July sales increased sequentially from the month of June and were down 7% compared to the prior year." Chief Executive Michael H. McGarry said in a statement. Shares rose 3% premarket, but are down 13% in the year through Monday, while the S&P 500 has gained 4%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 11, 2020 08:28 ET (12:28 GMT)
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