PPG Q3 2022: Record sales $4.5B, but EPS misses; guides Q4 adjusted EPS $1.05-$1.20

PPG INDUSTRIES INC

2022-Q3 EPS reported $3.32 revenue$13,467,000,000

Record Q3 net sales $4.468B (+2% reported, +8% constant currency); organic sales +9% driven by 12% higher selling prices.
Reported EPS $1.39, adjusted EPS $1.66 (down 2% YoY); raw material cost inflation ~40% on two-year stack.
Performance Coatings segment income fell 11% to $362M; Industrial Coatings income rose 37% to $192M on higher prices and volumes.
Q4 outlook: reported EPS $0.90-$1.05, adjusted EPS $1.05-$1.20; expects improving year-over-year segment margins in Q4 and 2023.
New restructuring program targeting $70M annualized savings; aerospace and auto refinish order backlogs total ~$200 million.

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