PPG has reported its financial results for the third-quarter 2023. The company reported third-quarter net sales of $4.6 billion, up 4% year over year (YOY), quarterly earnings per diluted share (EPS) of $1.79, and record adjusted EPS of $2.07. As well, PPG reported continued progress on margin recovery, with segment margin up 260 basis points YOY, and year-to-date operating cash flow of over $1.5 billion - up more than $1.1 billion YOY.
Tim Knavish, PPG Chairman and Chief Executive Officer, commented on the quarter, saying, “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.”