PPG reports Q3 adjusted EPS $2.07, consensus $1.94

Reports Q3 revenue $4.644M, consensus $4.64B. Tim Knavish, PPG chairman and chief executive officer, commented on the quarter: “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, 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. “