PPG Industries, Inc. (NYSE:PPG) Q3 2023 Earnings Call Transcript

Arun Viswanathan: Great. Thanks for taking my questions. So I just wanted to understand, it sounds like you may be looking at consolidated positive volume growth for ’24? Given that scenario and the operating leverage and the incremental margins that you kind of envisioned, do you expect to get to that $9 EPS level or what’s the path to getting back to that level that you put out a couple of years ago? Thanks.

Tim Knavish: Yes. Thanks, Arun for the question. I’ve said many times, and I’ll continue to say it that $9 for PPG is a question of when not if, okay? We will get there. I just fully confident in our new enterprise growth strategy and leveraging the portfolio that we’ve got as well as some selected pruning and some selected, targeting certain geographies and segments and being a lot more focused. So $9 is a when not if. What I’m confident in 2024 is that we will hit the 8% to 12% EPS growth that we stated in — when we were together in May. And frankly, that 10% average EPS growth has been a target for our company for many years. And so I’m confident that as we move through 2024, a combination of the swing to positive volume plus the capital deployment that we’ve talked about a few times here this morning, plus some of the key innovation initiatives that we’re launching now and will gain momentum in 2024.

I’m confident that, that combination will get us to what we’ve committed to.

Operator: Those are all the questions we have. So I’ll turn the call back over to Mr. John Bruno.

John Bruno: Thank you, Emily. Great job. Appreciate that. We appreciate all your interest and confidence in PPG, and this concludes our third quarter earnings call.

Operator: This concludes today’s conference call. You may now disconnect your lines.