PPG raised the midpoint of its full-year adjusted earnings forecast after third-quarter sales rose 7% to US$4.353 billion. The coatings maker’s 27 October results show growth in both selling prices and volumes, but its reported and adjusted earnings figures use different accounting bases.
Sales growth was not all extra volume
For the three months ended 30 September 2026, PPG attributed sales growth to selling prices of 3%, volumes of 2%, currency translation of 1% and acquisitions of 1%. Organic sales, which remove currency and portfolio changes, grew 5%. These company-disclosed contributions help distinguish underlying demand from other changes in revenue.
Which earnings figure should readers compare?
Reported diluted earnings per share from continuing operations rose 8% to US$2.12. Adjusted diluted EPS on the same continuing-operations scope rose 6% to US$2.25. EPS expresses earnings per share; the adjusted measure removes specified items and is not a substitute for reported results under US accounting rules.
The continuing-operations qualifier matters: these figures are not PPG’s total diluted EPS, which was US$2.02 after discontinued operations. Comparisons should use the same scope and accounting basis in both periods.
| Measure | Disclosed figure | Basis or condition | Official source |
|---|---|---|---|
| Q3 net sales | US$4.353bn; +7% year on year | US$4.082bn in Q3 2025; reported | PPG Q3 release |
| Q3 organic sales | Up 5% year on year | Excludes currency, acquisitions and divestitures | PPG Q3 release |
| Q3 reported diluted EPS | US$2.12; +8% year on year | Continuing operations; US$1.96 a year earlier | PPG Q3 release |
| Q3 adjusted diluted EPS | US$2.25; +6% year on year | Continuing operations; non-GAAP; US$2.13 a year earlier | PPG Q3 release |
| Full-year 2026 adjusted EPS | US$7.90-US$8.10 | Management forecast; higher midpoint and narrower range | PPG Q3 release |
The annual outlook is still a forecast
PPG narrowed its 2026 adjusted-EPS guidance to US$7.90-US$8.10 and said the midpoint was higher. This is management’s expectation, not earnings already achieved. The company did not provide a forward GAAP reconciliation, saying some necessary items could not be reasonably predicted.
Investors can follow whether sales growth translates into comparable earnings while allowing for costs and the items excluded from adjusted results. No analyst-consensus comparison or share-price reaction has been verified for this report.
Source: PPG’s third-quarter 2026 results release, dated 27 October 2026. Observed 28 October 2026 at 10:29 IST (2026-10-28T04:59:24Z). All monetary amounts are US dollars; the quarter ended 30 September 2026. Figures and year-on-year changes are company-reported.
The earnings release furnished as Exhibit 99 to PPG’s 27 October 2026 Form 8-K, observed at 2026-10-28T05:01:30Z (10:31 IST), confirms the reported figures and guidance. It is the same underlying issuer announcement in its SEC exhibit form, not independent corroboration or a separate audit.
AI-assisted reporting checked against the linked official release; not independent human editorial approval. Publisher-designated author: Tatai. Information only, not investment advice.
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