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- **Record Q3 Performance**: 2% organic sales growth, $2.13 EPS (5% YoY), despite refinish headwinds.
- **Strategic Investments**: $0.5B+ in aerospace for 10+ year growth; AI-driven product development slashes time-to-market.
- **Challenges**: Refinish down 15% YoY due to destocking; macroeconomic uncertainty in 2026.
- **Mexico Recovery**: Q4 retail sales growth and project spending normalization expected.
- **Cash Deployment**: $1.2B returned to shareholders; 2025 CapEx peak at $700M+.

**【CEO Summary Section】**
- Q3 2025 organic sales grew 2% year-over-year, driven by Industrial Coatings (8% growth in automotive OEM) and Performance Coatings (aerospace up 10%).
- Record Q3 EPS of $2.13, up 5% YoY, despite $0.10 headwind from divestitures.
- Refinish coatings sales declined 15% YoY due to distributor destocking and low collision claims, but full-year organic sales outperformed industry.
- Aerospace business to receive $0.5B+ investments through 2027 for capacity expansion, targeting mid- to high-single-digit CAGR.
- Mexico Architectural Coatings recovery expected in Q4 with retail sales growth and project spending normalization.

**【CFO Financial Commentary】**
- GAAP net income: $420M; Non-GAAP EPS: $2.13 (vs. $2.03 prior year).
- EBITDA margin expansion in Industrial Coatings (12% YoY growth) offset by lower Performance Coatings margins due to aerospace and PMC investments.
- Free cash flow: $1.6B year-to-date, with $1.2B returned to shareholders via buybacks and dividends.
- 2025 full-year guidance updated to $7.60-$7.70 EPS, reflecting refinish headwinds.

**【Q&A Highlights】**
- **Refinish Recovery**: Expected normalization of collision claims in mid-2026; destocking to persist through Q4 2025.
- **Aerospace Growth**: $310M order backlog; 10+ year CAGR driven by OEM and aftermarket demand.
- **Mexico Outlook**: Q4 retail sales growth and project spending recovery expected.
- **AI Innovation**: New DELTRON clear coat developed using AI, reducing time-to-market by 50%.
- **Capital Allocation**: $700M+ 2025 CapEx peak; 3%+ of sales long-term target.
- **Share Gains**: Industrial businesses (packaging, automotive) outperforming industry; refinish share gains via digital productivity tools.


PPG Industries, Inc. (PPG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Operating Income

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

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Current Income Tax

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Other Items Before Net Income

Net Income

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

PPG

PPG fundamentals

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