(Reuters) -Global paint supplier PPG Industries beat Wall Street expectations for third-quarter profit on Tuesday, driven by higher sales and prices in its performance coatings and global architectural coatings segments.
U.S. manufacturing activity increased in August and September amid a rebound in the output of motor vehicles and some nondurable goods, even as tariffs continued to cast a shadow over the manufacturing sector.
Meanwhile, U.S. existing home sales increased to a seven-month high in September as higher-income households enjoy strong wealth gains from a robust stock market.
PPG’s total net sales rose to $4.08 billion in the third quarter from $4.03 billion a year ago, driven by double-digit organic growth in aerospace coatings, protective and marine coatings, as well as in packaging coatings.
Earlier on Tuesday, peer Sherwin-Williams also beat quarterly estimates for profit on the back of strong demand from professional painters and higher sales.
However, PPG lowered its 2025 adjusted profit forecast to between $7.60 and $7.70 per share, compared to its prior outlook of $7.75 to $8.05 per share.
“Global demand has softened compared to earlier this year and we expect some customer inventory management in automotive refinish coatings as we end the year,” said CEO Tim Knavish.
On an adjusted basis, the company posted a profit of $2.13 per share, compared with analysts’ estimates of $2.09 per share, according to data compiled by LSEG.
(Reporting by Dharna Bafna in Bengaluru; Editing by Alan Barona)
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