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During the third quarter of 2023, PPG posted record third quarter net sales of $4.6 billion. During Q3 2023, net sales were up 4% year over year. Net income in Q3 2023 hit $426 million, up 29% from Q3 2022, when net income was $329 million.
“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,” says Tim Knavish, PPG chairman and chief executive officer. “We achieved record third-quarter net sales and adjusted earnings per share aided by the breadth and resiliency of our business portfolio.”
Knavish attributed the strong performance to both segments of the company—Performance Coatings and Industrial Coatings—seeing 25% earnings growth. Leading the growth were aerospace, automotive original equipment manufacturing (OEM), automotive refinish coatings and PPG Comex businesses, all of which produced record sales for a third quarter.
Knavish says demand in Europe and China is at or nearing “trough levels” and the company anticipates soft global macroeconomic conditions will persist in the fourth quarter. Despite these challenges, he says the company remains confident that it will see continued growth in 2024, specifically aerospace and PPG Comex businesses. In addition, supply conditions have returned to historical norms and raw material availability remains ample.
PPG also anticipates making “purposeful investments in innovation, assets and our people,” according to Knavish.
“We continue the unwavering support to our customers by providing superior services and products that enhance their productivity and sustainability,” he says. “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.”
