Shares of industrial coatings maker PPG Industries (PPG) are declining after the company updated its third quarter financial view. The company intends to initiate a review of its cost structure in the midst of what the company calls "a sluggish economic environment."

WHAT'S NEW: Prior to the opening of trading this morning, PPG said it sees Q3 earnings per share of $1.54-$1.57 on revenue of approximately $3.8B. Analysts on average were expecting Q3 EPS of $1.71 on revenue of $3.84B. Michael McGarry, PPG chairman and CEO pointed out in a statement that the company's Q3 EPS includes benefits from an improvement in PPG's global volume growth rate. Since last year, company volumes increased more than 1.5%, "despite slower-than-expected growth in Europe." The CEO expressed his disappointment with Q3 EPS, noting that PPG is operating in a weak economy, "with no clear near-term catalyst for improving global GDP growth." Because of the "sluggish" economic environment PPG is "reviewing potential actions" to lower its overall cost structure.

WHAT'S NOTABLE: The company also announced that its board has authorized a $2B share repurchase program. This program is in addition to the company's existing share repurchase authorization which was approved in 2014 and had approximately $520M remaining as of September 30. The company has deployed approximately $1.85B of cash on acquisitions and share repurchases, including about $250M of share repurchases completed during Q3, against its previously stated target of $2B-$2.5B for 2015 and 2016 combined.

PRICE ACTION:In midday trading, PPG Industries is down over 9% to $92.91 per share.

OTHERS TO WATCH: Peers of PPG in the paint and coatings sector are also lower at midday, including Sherwin-Williams (SHW), Valspar (VAL), RPM International (RPM), Axalta Coating Systems (AXTA), and Akzo Nobel (AKZOY).