PPG eyes record Q3 sales

PPG reported record third quarter 2022 net sales of nearly $4.5 billion, about 8% higher than prior year’s same quarter of approximately $4.37 billion.

Net income however dropped 4% to $329 million compared to $344 million same quarter previous year.

Michael H. McGarry, chairman and CEO of Pittsburgh-based PPG said, “the higher year-over-year sales were aided by record sales in our PPG Comex and global automotive refinish businesses.

“In addition, both the aerospace and automotive original equipment manufacturer (OEM) coatings businesses delivered double-digit percentage sales volume gains, though demand in both industries remains well below pre-pandemic levels.”

[READ MORE: Knavish to take over at PPG.]

In the Performance Coatings segment, net sales decreased to $2.7 billion, down 2% Y-O-Y, primarily due to lower sales volumes, the impact of divestitures, the wind down of business in Russia, and unfavorable foreign currency translation impacts, said the firm.

The Industrial Coatings segment net sales increased to $1.76 billion, up 9%, primarily due to selling price increases across all businesses and increased sales volumes. 

The Bottom Line: PPG sales moved ahead 8% for Q3 2022 to almost $4.5 billion but margins fell 4%.

What the CEO said: “We achieved record sales in the third quarter driven by continued selling price realization, resulting in more than a 12% increase in selling prices versus the third quarter 2021 and an 18% increase on a two-year stacked basis,” said Michael H. McGarry, PPG chairman and CEO.

Company info: Click HERE to read the Q3 2022 financial report from PPG.