PPG sees 4Q results below analysts' view, plans cost cuts

PPG Industries Inc. [Pittsburgh] issued a fourth-quarter earnings view below analysts' expectations as its domestic industrial customers have been cutting production and taking longer to replenish inventories, reflecting weaker consumer demand and tight credit markets.

The maker of paints, glass and chemicals expects earnings of 35 cents to 45 cents per share for the quarter. Analysts polled by Thomson Reuters were looking for 67 cents.

Shares of PPG, which have dropped 44 percent over the past year, were down 5.2 percent to $39.32 in recent trading, according to a Dec. 22 CNNMoney.com report.

Read full article