PPG Reports Record 3Q 2020 Financial Results

PPG reported third-quarter 2020 net sales of about $3.7 billion, down approximately four percent versus the prior year. Selling prices increased by 1.3 percent.

Sales volumes were down about five percent versus the prior year, which reflects ongoing negative economic impacts of the COVID-19 pandemic. Acquisition-related sales added less than one percent to sales growth, and the year-over-year impact from foreign currency translation was minimal. Third-quarter 2020 reported net income from continuing operations was $442 million, or $1.86 per diluted share. Adjusted net income from continuing operations was $458 million, or $1.93 per diluted share. Adjusted figures exclude after-tax items of $16 million for hurricane-related expenses and restructuring-related costs. Third-quarter 2019 net income from continuing operations was $366 million, or $1.54 per diluted share, and adjusted net income from continuing operations was $396 million, or $1.67 per diluted share. The third quarter 2020 reported and adjusted effective tax rates were approximately 22 percent, compared to the third-quarter 2019 reported and adjusted effective tax rates of 23 percent.