PPG reports third quarter financial results; raises full-year EPS guidance

19 October 2023
  • Record third quarter net sales of US$4.6bn
  • Net sales up 4% yr-on-yr aided by resilient business portfolio
  • Quarterly earnings per diluted share (EPS) of US$1.79 and record adjusted EPS of US$2.07
  • Continued progress on margin recovery; segment margin up 260 basis points yr-on-yr
  • Year-to-date operating cash flow of over $1.5 billion; up more than US$1.1 billion yr-on-yr

PPG has reported its financial results for the third quarter 2023.

Third Quarter Consolidated Results

US$ in millions, except EPS

3Q 2023

3Q 2022

yr-on-yr change

Net sales




Net income




Adjusted net income(a)








Adjusted EPS(a)




(a) Reconciliations of reported to adjusted figures are included below

Chairman and CEO Comments

Tim Knavish, PPG Chairman and CEO, commented on the quarter:

“I am proud of the PPG team for delivering outstanding results in a challenging global demand environment, including a slower-than-expected recovery in China. We achieved record third quarter net sales and adjusted earnings per share aided by the breadth and resiliency of our business portfolio. This included strong operating performance with both of our operating segments delivering at least 25% earnings growth, led by our aerospace, automotive original equipment manufacturer (OEM), automotive refinish coatings and PPG Comex businesses, all of which also produced record sales for a third quarter.


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“Aggregate segment margin increased 260 basis points over the same quarter last year, marking the fourth consecutive quarter of year-over-year margin improvement. Additionally, our earnings growth and improved working capital have contributed to record operating cash flow of more than US$1.5bn year to date.

“Looking ahead, while demand in Europe and China are at or nearing trough levels and will likely present growth opportunities in 2024, we anticipate soft global macroeconomic conditions will persist in the fourth quarter. Overall, we remain confident that our technology-advantaged products and strong brands will drive our outperformance versus the markets we supply, including continued growth in our aerospace and PPG Comex businesses. In addition, supply conditions have returned to historical norms and raw material availability remains ample.

“Finally, we remain focused on executing our enterprise growth strategy, including managing our business to meet our organic growth objectives through purposeful investments in innovation, assets and our people. We continue the unwavering support to our customers by providing superior services and products that enhance their productivity and sustainability. Driven by the contributions of our more than 50,000 global employees, we aim to maintain our strong momentum and accelerate growth and value creation for the benefit of all stakeholders.

The full financial report with further details can be found here.

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