(Reuters) – PPG Industries missed a profit from the fourth quarter on Wall Street on Thursday, due to lower demand for its industrial and architectural coating and weak prices.
The US mortgages increased throughout the year, weighing the home construction industry, which previously benefited from the scarcity of the upcoming houses for sale.
Because fewer homes were built or purchased, a demand for construction materials such as colors and coating has also fallen, which affects companies like PPG.
In addition, US factory activity ended the year on a soft note.
The net sale in the Industrial Prevlaka PPG segment fell to $ 1.58 billion during the October-December quarter, compared to $ 1.73 billion a year earlier, it was injured by a permanent trend in the industrial production in the United States and Europe.
The total net sales for the company fell in the fourth quarter by $ 5% to $ 3.7 billion.
“We expect a slow start to 2025, because demand in Europe and in the global markets of extreme use remains caused,” said Tim Knavish CEO.
A company based in Pittsburgh, in Pennsylvania, ended the adapted profit of $ 1,61 per share for the end of December 31, compared to estimates of analysts in the amount of $ 1.65 per share, according to the data collected by LSEG.
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