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MarketWatch MarketPulseAug 11, 2020
PPG sees Q3 sales down less than expected after July beats its expectations
PPG Industries Inc. 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%.

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