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PPG Industries, Inc. develops and sells paints, coatings and specialty products for construction, consumer products, industrial, transportation and aftermarket customers. Company news commonly covers segment results in Global Architectural Coatings, Performance Coatings, Industrial Coatings, aerospace coatings, protective and marine coatings, Traffic Solutions, and packaging or automotive OEM coatings.
Recurring updates also include product and technology investments, such as radiation-curable coatings, protective systems for data center infrastructure, and R&D activity across regional laboratories. PPG news also addresses acquisitions that expand coatings lines, dividend declarations, shareholder meeting matters, leadership changes, digital transformation and operational efficiency initiatives.
PPG reported record third quarter net sales of $4.5 billion, reflecting an 8% increase in constant currencies. The company achieved over 9% organic sales growth driven primarily by an 18% increase in selling prices over two years. Reported EPS was $1.39, with adjusted EPS at $1.66. Despite these gains, inflationary pressures remained significant, with raw materials up 40% over two years. Looking ahead, PPG anticipates improved operating margins in Q4 2022 and into 2023, despite challenges in Europe and China affecting demand.
PPG has announced the appointment of Tim Knavish as the new President and CEO effective January 1, 2023. Knavish, who has served as COO since March, will succeed Michael McGarry, who transitions to Executive Chairman after leading the company since September 2015. The change is expected to enhance PPG's growth strategy amid current economic challenges. Knavish brings extensive experience from various leadership roles at PPG, which operates globally and reported $16.8 billion in net sales for 2021.
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PPG Industries (NYSE: PPG) anticipates third quarter 2022 adjusted earnings per diluted share to be 5% to 7% lower than prior forecasts of $1.75 to $2.00. The company cites softening demand in Europe and lower-than-expected recovery in China as key factors. Anticipating continued softness into the fourth quarter, PPG expects a 10% to 12% increase in selling prices year-over-year, with nearly 20% earnings growth expected for the fourth quarter compared to 2021. PPG will report third quarter results on October 19, 2022.
PPG has launched a new line of GLIDDEN® floor paint and concrete stain featuring COOL SURFACE TECHNOLOGY™, which limits surface temperatures by up to 20% to protect feet and paws. This line includes Glidden Porch & Floor and Solid Concrete Stain, available at Home Depot starting October 2022. The launch is celebrated with a promotional video showing dogs enjoying the cooler surfaces. PPG aims to provide durable and user-friendly products that further enhance consumer satisfaction.
PPG (NYSE: PPG) has announced its third-quarter 2022 earnings release set for October 19 after U.S. markets close. A teleconference for discussing the results will occur on October 20 at 8 a.m. ET. Participants include CEO Michael H. McGarry and CFO Vincent J. Morales. Dial-in registration can be completed through their website, with webcasts available on the PPG Investor Center. Telephone replays will be accessible from October 20 to November 3. The upcoming earnings report follows their $16.8 billion net sales in 2021.
PPG has entered a 12-year agreement with Constellation to procure clean energy for its Adrian, Michigan manufacturing facility. Starting in 2024, PPG will receive 1.5 MW from the Double Black Diamond Solar Energy Project, aiming to reduce its carbon footprint by over 2,400 metric tons annually, equivalent to emissions from 530 gasoline cars. This initiative supports PPG's ongoing sustainability efforts and aligns with its decarbonization goals. The partnership highlights PPG's commitment to renewable energy and its intent to explore more global opportunities in this sector.
PPG (NYSE: PPG) announced its New Paint for a New Start initiative, part of the COLORFUL COMMUNITIES program, which transformed 36 schools globally in July and August 2022. Over 1,000 volunteers contributed 6,400 hours to benefit more than 23,000 students and educators. The company invested over $1 million providing educational supplies and 3,400 gallons of paint. The initiative emphasizes the importance of colorful spaces in enhancing learning while supporting PPG's commitment to community engagement.
PPG (NYSE: PPG) will showcase its innovative coatings for battery electric vehicles (EV) at the North American International Detroit Auto Show and The Battery Show from Sept. 13-15. Key highlights include PPG CORACHAR™ fire protection solutions that enhance safety and manufacturability, as well as advanced coatings technologies aimed at improving the production of Li-ion battery cells and modules. The company emphasizes its role in the automotive industry's transition to EVs, aiming to enhance driver safety and support sustainability goals.
PPG (NYSE: PPG) announced that Rebecca Liebert, executive vice president, will leave the company effective Sept. 16, 2022, for a new external opportunity. Liebert joined PPG in June 2018, significantly contributing to the automotive coatings segment and global procurement. Her leadership was commended by Michael McGarry, PPG's CEO, highlighting her role in driving company strategy. PPG is a leader in paints and coatings, with net sales of $16.8 billion in 2021, operating in over 75 countries.