PPG has reported financial results for the third quarter 2023. The company has registered third quarter net sales at US $4.6 billion. During the quarter, net income stood at US$ 426 million compared to US$ 329 million during 3Q 2022, reflecting a growth of 29%.

Commenting on the result, Tim Knavish, PPG Chairman and Chief Executive Officer, said: “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.

“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 $1.5 billion 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.”