PPG INDUSTRIES (PPG) Company Report

PPG Industries completed an offering of $700 million 4.375% Senior Notes due March 15, 2031, issued under its March 18, 2008 indenture as supplemented by the first and thirteenth supplemental indentures.
The notes bear interest at 4.375%, payable semi-annually on March 15 and September 15, are callable with a make-whole redemption prior to February 15, 2031, redeemable at par thereafter, and include a change-of-control repurchase at 101% of principal plus accrued interest.
PPG sold the notes to underwriters at 98.970% of par (public offering at 99.570%), with a yield to maturity of 4.467% and a spread of T+75 bps to the September 30, 2030 Treasury.
Net proceeds will be used for general corporate purposes, including repayment of existing indebtedness, working capital, capital expenditures, and potential acquisitions or investments.

Nov 3, 2025, 9:10 PM

8-K

PPG reports Q3 2025 results

PPG

Earnings

Guidance Update

Third consecutive quarter of sales volume growth; net sales of $4.082 billion and 2% organic sales growth year-over-year in 3Q 2025.
Performance Coatings delivered record aerospace sales with 2% organic growth and a 21.7% EBITDA margin (-280 bps) in 3Q 2025.
Industrial Coatings net sales were $1.656 billion, with volume growth of 4% and a segment EBITDA margin of 17.0% (+180 bps) in 3Q 2025.
Cash position of $1.9 billion, net debt of $5.4 billion (2.0× LTM EBITDA), and $310 million returned to shareholders in 3Q 2025.
4Q 2025 guidance: segment organic sales expected to be flat to +LSD; adjusted EPS flat to +LSD; raw material cost inflation in low-single digits.

Oct 29, 2025, 2:00 PM

Presentation

PPG reports Q3 2025 results

PPG

Earnings

Guidance Update

New Projects/Investments

Delivered 2% organic sales growth, marking a third consecutive quarter of volume gains, and achieved a record Q3 adjusted EPS of $2.13 (+5% YoY).
Performance coatings saw aerospace coatings deliver double-digit organic growth with record sales and earnings, protective & marine coatings recorded a 10th straight quarter of volume growth, while automotive refinish slipped by double digits amid U.S. collision-claims destocking.
Global architectural coatings posted mid single-digit organic growth in Mexico and Latin America, flat sales in Europe, and expanded EBITDA margins through pricing and cost controls despite lower volumes and divestitures.
Committed over $0.5 billion in near-term OpEx and CapEx to expand aerospace capacity—including a new 2027 facility—and anticipates aerospace revenues to grow at a mid- to high-single-digit CAGR over the next three years.
Outlook for 2026 includes continued refinish normalization into mid-2026, a muted industrial backdrop offset by self-help cost actions, pricing support, and share gains; aerospace CapEx is expected to peak in 2025 and then trend toward 3% of sales.

Oct 29, 2025, 12:00 PM

Transcript

PPG announces Q3 2025 results

PPG

Earnings

Guidance Update

New Projects/Investments

Achieved 2% organic sales growth and record Q3 EPS of $2.13, up 5% year-over-year.
Performance coatings delivered record net sales with 2% organic growth; aerospace coatings grew double-digit with order backlog rising to $310 million, and protective & marine coatings saw double-digit growth for the 10th consecutive quarter.
Industrial coatings volumes rose 4%, led by automotive OEM net sales up 8% and packaging coatings growing by a double-digit percentage, driving 12% segment EBITDA growth.
Deployed capital including $150 million in share repurchases and $160 million in dividends (totaling $1.2 billion YTD), and updated full-year adjusted EPS guidance to $7.60–7.70.
Committed over $0.5 billion in additional aerospace investments through 2026 to expand capacity, including a new manufacturing facility slated for 2027, targeting mid-to-high single-digit sales CAGR in aerospace.

Oct 29, 2025, 12:00 PM

Transcript

PPG announces Q3 2025 results

PPG

Earnings

Guidance Update

New Projects/Investments

PPG delivered 2% organic sales growth and a record Q3 EPS of $2.13, driven by both volume and price increases across its global operations.
The Performance Coatings segment set a new quarterly sales record with 2% organic growth; aerospace coatings grew double digits, protective & marine coatings posted their 10th consecutive quarter of volume growth, while automotive refinish sales fell by a double-digit percentage.
Regional organic sales in Q3 rose by low-single digits in the U.S. & Canada, increased in Latin America and Asia Pacific, and were flat in Europe.
Management expects automotive refinish to normalize by mid-2026 as collision claims recover, and anticipates first-half 2026 headwinds amid a cautious macroeconomic outlook.
To support a mid-to-high single-digit aerospace sales CAGR over the next three years, PPG is investing over $0.5 billion in capacity expansions, including a new manufacturing facility slated for 2027 commissioning.

Oct 29, 2025, 12:00 PM

Transcript

PPG reports Q3 2025 results

PPG

Earnings

Share Buyback

Guidance Update

PPG delivered Q3 net sales of $4.08 billion, up 1% year-over-year, with 2% organic growth driven by higher volumes and prices.
Reported EPS reached a Q3 record of $1.96 and adjusted EPS was $2.13, a 5% increase versus prior year.
The company repurchased $150 million of shares in Q3 (total $690 million YTD) and paid $160 million in dividends in the quarter.
Full-year 2025 adjusted EPS guidance was raised to $7.60–$7.70.

Oct 28, 2025, 8:11 PM

8-K

PPG reports third quarter 2025 results

PPG

Earnings

Share Buyback

Guidance Update

Q3 net sales of $4.082 billion (+1% YoY) with 2% organic sales growth driven by higher volumes and prices.
Record Q3 EPS of $1.96 and adjusted EPS of $2.13 (+5% YoY).
Q3 share repurchases of $150 million; YTD share repurchases and dividends total $1.2 billion.
Maintains full-year 2025 adjusted EPS guidance of $7.60–$7.70.
End of Q3 cash and short-term investments of $1.9 billion; net debt of $5.4 billion.

Oct 28, 2025, 8:05 PM

Press Release

PPG Industries forecasts North America automotive paint market to reach $5.57B by 2033

PPG

New Projects/Investments

The market is expected to grow from US$ 3.91 billion in 2024 to US$ 5.57 billion by 2033, at a 4.0% CAGR from 2025 to 2033.
Growth is driven by rising vehicle production, consumer customization demand, advances in paint technology, EV adoption, and stringent environmental regulations.
PPG is committing US$ 300 million to build a 250,000 sq ft facility in Tennessee by 2026, adding over 11 million gallons of annual capacity, and modernizing plants in Ohio and Mexico.
Key challenges include strict EPA VOC emission limits that force a shift to eco-friendly coatings, requiring significant R&D and capital investment.

Aug 8, 2025, 2:13 PM

Press Release

PPG Industries Q1 2025 Earnings Conference Call Summary

PPG

Earnings

Share Buyback

Debt Issuance

PPG reported Q1 2025 sales of $3.7 billion, reflecting a 4% decline year-over-year due to unfavorable foreign currency translation and divestitures, though organic growth was seen in regions such as the U.S. and Asia.
The company achieved a record segment EBITDA margin of 19.4% and an adjusted EPS of $1.72, underscoring improved operational performance amid challenging market conditions.
Capital deployment remained a priority with approximately $400 million in share repurchases executed in Q1 and a cumulative repurchase of $1.2 billion over the past six quarters, alongside dividend payments of around $160 million.
PPG enhanced its balance sheet by issuing EUR 900 million of debt at 3.25%, with upcoming maturities expected in Q2 and Q4, while also managing FX headwinds and tariff impacts effectively.

Apr 30, 2025, 12:01 PM

Transcript

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