Why Shares of PPG Industries Fell in January
Shares of PPG Industries (NYSE: PPG) dropped 10.2% in January, according to data provided by S&P Global Market Intelligence, after the paint and coating company presented a bleak outlook for 2020. PPG is concerned about weak industrial demand as well as customer-specific issues including Boeing's 737 MAX production halt.
PPG reported fourth-quarter results that fell just short of estimates, but the market's attention was focused on the company's forecast for 2020. PPG said it expects first-quarter earnings of $1.32 to $1.42 per share, below the $1.53 consensus, and for the year, expects earnings of $6.47 to $6.78 per share. Wall Street had expected the company to earn $6.87 per share this year.
Colored powder coatings. Image source: Getty Images.
Source Fool.com
