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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 has announced that Michael McGarry, chairman and CEO, received the Industrialist of the Year Award from the Western Pennsylvania Chapter of the Society of Industrial and Office Realtors. This award highlights McGarry's positive contributions to the industry and community. McGarry has led PPG since 2015, overseeing significant company initiatives including the Colorful Communities program, which has completed over 400 global projects since its launch in 2005. PPG currently operates in 75 countries with net sales of $16.8 billion reported in 2021.
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PPG (NYSE: PPG) achieved a score of 90 on the 2022 CPA-Zicklin Index, marking it as a “trendsetter” in corporate political disclosure and accountability. This score reflects PPG's commitment to transparency and integrity in its political spending practices. The CPA-Zicklin Index evaluates companies on 24 metrics related to their electoral spending transparency. PPG's government affairs team actively engages with policymakers to promote business-friendly regulations across various areas, including energy and infrastructure.
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The Board of Directors of PPG (NYSE:PPG) declared a quarterly dividend of 62 cents per share, payable on Dec. 12 to shareholders on record as of Nov. 10. This dividend marks the 51st consecutive year of annual increases and is the 497th consecutive payment since 1899. PPG reported net sales of $16.8 billion in 2021, operating in over 75 countries and serving various markets, including construction and transportation.
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.