PPG’s revenue palette continues to brighten
Founded in 1883 as Pittsburgh Plate Glass, the paint giant known today as PPG keeps a-rolling.
Following record gains last quarter, PPG again reported record 2023 Q3 net sales; this time achieving $4.64 billion, 4% higher than the prior year’s third quarter net sales of approximately $4.47 billion.
Adjusted net income for the third quarter increased to $493 million compared to $393 million in the previous year’s Q3, an increase of 25%
Tim Knavish, chairman and CEO of Pittsburgh-based PPG said, “both of our operating segments delivered at least 25% earnings growth, led by our aerospace, automotive original equipment manufacturer (OEM), automotive refinish coatings and PPG Comex businesses.”
In the Performance Coatings segment for Q3, net sales increased to $2.88 billion, up 6% Y-O-Y, primarily due to higher selling prices and moderating input costs which are trending down from historically high levels.
The Industrial Coatings segment Q3 net sales was flat compared to last year’s Q3 at $1.76 billion. However segment income was $246 million, an increase of 28% from the $192 million in the previous year.
The Bottom Line: PPG net sales moved ahead 4% for Q3 2023 and income rose 25%.
What the CEO said: “In the architectural coatings Americas and Asia-Pacific business, PPG Comex delivered record sales for the 13th consecutive quarter as it continues to benefit from a growing Mexican economy and its excellent brand,” said Tim Knavish, president and CEO of PPG.
Company info: Click HERE to read the 2023 third quarter financial report from PPG.
