Shares of PPG Industries (PPG) - Get PPG Industries, Inc. Report are getting hammered Friday, down more than 8% after the company pre-announced worse-than-expected earnings results. 

This was a "devastating announcement" for what has been one of the most consistent companies in the industrial sector, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. 

The company said it experienced slower-than-expected growth in Europe and sees shipment volume growing less than previously anticipated. In addition, management said it is "disappointed" with this year's expected earnings per share results. 

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To Cramer the report was concerning, to say the least. "This company does not miss unless things are getting worse," Cramer said. "Wow." 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.