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F500 2021-219-PPG Industries

With operations in nearly 70 countries around the world, PPG is a global supplier of paints, coatings, and specialty materials.

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F500-2020-209-PPG-Industires

The Pittsburgh-based company makes paint, protective and decorative coatings, glass, silica products, and other materials, and operates in nearly 70 countries. PPG saw profits and revenues dip last year, bumping it four spots lower on our ranking.

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Founded in 1883, PPG is the world’s second-largest coatings producer and a top player in nearly every end market it serves, including auto manufacturing, aerospace, and refinishing. It manufactures and distributes paints, coatings, and specialty materials through three segments: Global Architectural Coatings, Performance Coatings, and Industrial Coatings. It's divested several divisons in recent years, including its silicas products business and its U.S. and Canada architectural coatings business in 2024. After the divestments, the paints and coatings giant still operates in more than 70 countries.

Q2 2026

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PPG Industries (PPG): Company Profile, Stock Price, News, Rankings

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PPG Industries

ppg industries

Ladies and gentlemen, the PPG Q2 twenty twenty five Earnings Call will begin shortly with your host, Alex Lopez. We appreciate your patience as we prepare your session today. During the call, we encourage participants to raise any questions they may have. As a reminder, raise a question will be star followed by one. When we get to the Q and A, we would ask that all participants limit themselves to one question.

We will begin shortly. Good morning, everyone. My name is Carly, and I'll be the conference operator today. At this time, I would like to welcome everyone to the Second Quarter PPG Earnings Conference Call. All lines have been placed on mute to prevent any background noise.

After the speakers' remarks, there will be a question and answer session. I'd now like to turn the conference call over to Alex Lopez, Director of Investor Relations. Please go ahead, sir.

Thank you, Carly, and good morning, everyone. This is Alex Lopez. We appreciate your continued interest in PPD and welcome you to our second quarter twenty twenty five earnings conference call. Joining me today from PPG are Tim Kaniewicz, Chairman and Chief Executive Officer and Vince Morales, Senior Vice President and Chief Financial Officer. Our comments relate to the financial information released after U.

S. Equity markets closed on Tuesday, 07/29/2025. We have posted detailed commentary and the accompanying presentation slides, which are being shown on this webcast on the Investor Center of our website, ppg.com. Following management's perspective on the company's results, we will move to a Q and A session. Both the prepared commentary and discussion during this call may contain forward looking statements reflecting the company's current view of future events and their potential effect on PPG's operating and financial performance.

These statements involve uncertainties and risks, which may cause actual results to differ. The company is under no obligation to provide subsequent updates to these forward looking statements. The presentation also contains certain non GAAP financial measures. The company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non GAAP financial measures to the most directly comparable GAAP financial measures. For additional information, please refer to PPG's filing with the SEC.

Now let me introduce PPG's Chairman and CEO, Tim Kanevich.

Thank you, Alex, and welcome, everyone. I'll start by providing a few highlights from our second quarter twenty twenty five financial performance, and then I'll move to our outlook. Our results demonstrate the strength of PPG's global business portfolio in an increasingly dynamic macro environment. We delivered net sales of $4,200,000,000 with an increase in organic sales of 2%. Our momentum in organic sales growth was led by our aerospace coatings, protective and marine coatings and packaging coatings businesses.

In addition, sales volumes in our industrial coatings segment outpaced the industry, reflecting the initial benefits from share gains in our Packaging, Industrial and Automotive OEM businesses. We expect the benefits from these share gains to accelerate in the 2025. Regionally, we delivered organic growth in both The United States and Latin America with tepid demand in Europe and some softening in Asia. We delivered a quarterly segment EBITDA margin of 20.3% and our adjusted earnings per diluted share was $2.22 Our balance sheet remains strong and we are committed to using this balance sheet for shareholder value creation. During the quarter, the company repurchased approximately $150,000,000 of stock, bringing our year to date total to $540,000,000 Additionally, in July, we raised our quarterly dividend per share by 4%, demonstrating our confidence in the resiliency of our business and the strength and future growth of our company.

Looking at each of our segments, in the Global Architectural Coatings segment, positive selling prices in both regions were offset by lower volumes and the impact of a divestiture. In Architectural Coatings EMEA, organic sales growth in the Nordic region and in The United Kingdom were offset by lower demand in Eastern Europe. While volumes remained lower in the quarter, we saw evidence of improvement in certain countries, albeit inconsistent. In Architectural Coatings Latin America and Asia Pacific, we delivered organic sales growth in Mexico, aided by solid retail sales, while results were impacted by the pause in project related spending that we discussed in April. It is important to note that while project related spending was down year over year, we did recognize improvement versus the first quarter twenty twenty five, and we expect continued improvement of project related spending to progress during the 2025.

Segment EBITDA margin decreased driven by the business divestiture, lower sales volumes and unfavorable currency translation, partially offset by strong cost control actions. The Performance Coatings segment delivered record net sales and earnings with a 6% increase in organic sales driven by both higher selling prices and sales volumes. Within the segment, Aerospace delivered high single digit percentage organic sales growth with record quarterly sales and earnings. Customer order backlogs were stable at about $300,000,000 even with growth related investments that improved our manufacturing output in the quarter. Our unique technology position remains a strong growth engine for PPG.

We are investing both OpEx and CapEx in aerospace to deliver continued solid growth well into the future. In automotive refinish, organic sales decreased by a low single digit percentage versus the prior year. In The U. S, organic sales were flat despite lower industry collision claims as we benefited from both share gains and customer order patterns. Organic sales outside The U.

S. Were down with modest sales volumes declines in Asia and Europe. In the second quarter, the company grew the number of PPG linked subscriptions as well as MoonWalk installations, and I'm proud to say that in July, we are installing our three thousandth MoonWalk further supporting customer productivity and customer partnerships. We do anticipate lower volumes in the third quarter in Refinish due to normalization of customer order patterns. Protective and Marine Coatings delivered double digit percentage organic sales growth supported by increasing global demand for our technologies and our recent share gains.

This was the ninth consecutive quarter with positive year over year sales volume growth in this business, and we are continuing to increase our growth related investments to support the demand for our leading products. Traffic Solutions delivered mid single digit percentage organic growth in the quarter, driven by share gains and strong demand outpacing industry growth rates. Segment EBITDA was up 8% year over year, reflecting the organic sales growth as our various growth investments in this segment are yielding initial benefits. In the Industrial Coatings segment, second quarter sales volumes for the segment were flat, which is an improvement versus recent quarters and demonstrates the initial benefits of our share gains. Selling prices declined 1% due to carryover of certain index based customer contracts.

From a business unit standpoint, our automotive OEM business delivered volume growth in Asia and Latin America, which was offset by lower volumes in The U. S. And Europe, reflecting industry production declines in those regions. In the third quarter, we expect to grow above industry levels driven by the conversion of already awarded customer share gains. Our Industrial Coatings business unit sales volumes were flat as share gains were offset by lower demand in Asia Pacific and The United States.

Selling prices declined in Industrial Coatings due to lower index based pricing.

Packaging Coatings organic sales increased by a high single digit percentage year over year, driven by share gains growing significantly above industry rates. We expect additional benefits from customers converting to our technologies due to expanding BPA regulations in Europe. Segment EBITDA margin declined year over year due to the Silicas divestiture as well as lower selling prices, which were partially offset by strong cost control and productivity actions.

Looking ahead for the segment, growing benefits from share gains are expected to drive low single digit per sales volume growth in the third and fourth quarter. And this combined with improved manufacturing performance will drive earnings and margin expansion. Now let me talk about our balance sheet and cash. During the quarter, we completed about $150,000,000 in share repurchases and paid approximately $150,000,000 in dividends. Year to date, we have purchased $540,000,000 in stock and paid approximately $310,000,000 in dividends.

We retired €300,000,000 of debt during the quarter and we have another €600,000,000 of euro debt maturing in the fourth quarter. Our balance sheet remains strong, which continues to provide us with financial flexibility and we remain committed to driving shareholder value. Looking ahead, I am genuinely excited about our sales and earnings growth momentum for the second half of the year and beyond. Even though the current macro environment remains highly dynamic, we've proven that our well positioned portfolio navigates well and performs during periods of uncertainty. Of course, we're monitoring the tariff situation and we'll react accordingly with pricing actions and or further self help actions in order to mitigate any financial impacts.

We have not experienced any significant change to our raw material pricing and we expect low single digit inflation for the year as our suppliers continue to favor volume over price. We expect growing benefits from our aggressive self help and discretionary cost management programs as we move forward through 2025 and beyond. We see structural strength in our Performance Coatings segment driven by our technology advantage products in Aerospace and Protective and Marine, which will be partially offset by lower automotive refinish sales volumes in the third quarter driven by customer order patterns. We expect European architectural coatings volumes trends to remain tepid and anticipate project related spending in Mexico to improve as we move through the second half of the year. We expect increased momentum in the coming quarters for our Industrial Coatings segment.

While second half automotive OEM industry demand forecasts are below prior year, our share gains are beginning to yield benefits and we expect to outperform the market. We sized our annual share gains in the Industrial segment at $100,000,000 and we are tracking to that annualized figure. Finally, with the acceleration in volume growth, we anticipate driving high single digit percentage year over year earnings growth for the company in the second half of the year. This will accelerate through both quarters, resulting in a mid single digit percentage increase in EPS for the third quarter and a low double digit percentage increase for the fourth quarter. We are reiterating our full year guidance per share range of $7.75 to $8.5 and we have a clear path to achieve it.

In closing, we're benefiting from our sharpened portfolio with technology differentiated products and services that will deliver growth above industry levels. Additionally, we are aggressively managing the bottom line including decisive self help that combined with our disciplined capital allocation and strong balance sheet will enable us to deliver sustainable top line and bottom line growth and shareholder value creation. Thank you to our PPG team around the world who make it happen and deliver on our purpose every day. And we appreciate your continued confidence in PPG. This concludes our prepared remarks.

And now would you please open the line for questions?

Thank you very much. We'd now like to open the lines for Q and

Our first question comes from John McNulty from BMO. John, your line is now open. John, just confirming you can hear us.

Sorry about that. I muted. So Global Architectural, if we can start with that. The volumes were a bit on the soft side. The margins obviously came in a bit worse than that.

I guess you gave a little bit of color on that around Europe maybe not being quite as recovering as maybe you'd hoped earlier and Mexico projects still a little bit of a drag. I guess as you look through the rest of the year, it sounds like Mexico is going to get at least marginally better. What are your thoughts on Europe? Where were things maybe a little bit less robust or recovering than what you thought? And then I guess how should we think about the margin impact there?

It seems like the sales were light, but the volume impact really was maybe bigger than what we would have thought. So I guess how should we be thinking about that?

Yes. Thanks for the question, John. Yes, I'll start with Europe. So we saw what we thought was the start of momentum at the end of Q1, and we expected that to continue to improve in Q2. And frankly, it didn't, largely driven by Eastern Europe.

We did see that positive momentum from late Q1 continue into The Nordics, which of course is our legacy Ticorilla business and that's doing well now. We saw positive momentum in UK and Ireland. We saw positive momentum in

The Benelux. France, I would say, was okay. But the negative that we weren't expecting at the end of Q1 was Eastern Europe. So with Architectural Europe, we're really expecting combined more of the same. But as that happens, John, we continue to take more and more cost out, and we're positioned well.

We track the share very closely, and we're confident in our share position and that we're gaining share in our larger markets. So any little stimulus of any kind will bode very well for us in margin and leverage. Moving on to Mexico, we did see retail recover, which was promising. I'll remind you that we were in Mexico for Architectural, we were actually down in sales in Q1, minus low single digits. We're up in Q2, positive low single digits.

So we're starting to see that led by retail. Project work is sequentially improving, and we expect that to play out through the rest of the year. Now in on the margin side, of course, there's some effect by what I just described on volume. A couple of other things that impacted our margin for the Architectural Coatings segment for Q2. First of all, the FX the imbalance in FX improvement in Europe versus Mexico led to a net negative for us in margin.

The Mexico B2B volume still being down. That's very good margin business for us. We had a you may have seen in the slide, we talked about a supply chain disruption. That was an internal disruption in Australia that hit us for the quarter. That's transitory and behind us.

And then finally, divestiture was above segment margin. So it's a combination of all those things that led to a lower than expected margin for the quarter across Architectural, John.

you very much. Our next question comes from David Bletta from Deutsche Bank. David, your line is now open.

Thank you. Good morning. Tim, on the volume growth, nice job in Q2. Should we think about volumes being up maybe 1.5% to 2% in Q3 and 2% in Q4? Is that a good cadence for volume growth you're looking at in the back half of the year?

Hey, David. Yes, we're proud of what we did in volume for the first half of this year, particularly as we see a bunch of other reports coming out. And we expect that to accelerate in the second half of the year. Let's call it low single digits and moving up that low single digit ladder. How's that As we move through the second half of the year.

And we feel quite confident on that, and that's why you may hear a little kick in our step this morning is because we finally reached if you remember back I think we started this at the end of Q3 of last year talking about share wins that we had and we are expecting the second half of 25% to be much better for us and it's here. So we feel really good about both volume and frankly EPS growth as we move through the second half of the year.

Our next question comes from Michael Sison from Wells Fargo. Michael, your line is now open.

Hey, guys. Nice quarter. For Performance Coatings, the only blemish looks like refinish is down. All the other segments had a really nice year over year improvement. Just curious on the outlook for refinish for the next couple of quarters for volumes as well into 2026?

And how sustainable is the double digit growth you saw in Protected Marine? That seems to be pretty impressive.

Thanks, Mike. Refinish, yes, it was down low single digits, but I think we're flat for the year through the first half of the year. And everybody on the call knows that collision claims have been down high single digits for the first half of the year. So we're pretty proud of being flat at the midway point. Now as we move forward, I did say that we're expecting Q3 to be soft because our strength in the first half of the year was driven by share gain and some distributor order patterns and we expect the share gains to continue, but we do expect swinging of that distributor order pattern for Q3.

So I would expect Q3 to be a bit soft, Q4 to be more normalized. But really, we're not expecting industry recovery of claim rates and body shop work likely until 2026. There's a bunch of factors here on affordability of insurance, people not submitting claims, a number of other factors that we expect to play out through the remainder of '25. And we'll get it like a more normalized, like down low single digits on volume and claims, up a couple of points on price as the normalized model, and we expect that to return in 2026.

Yes. Mike, this is Vince. In addition to the core paint volumes Tim's talking about, just a reminder, we do have a subscription model with our out of the can Moonwalk Link ecosystem. So that's helping us buffer versus the industry claims. That subscription model certainly continues to grow, as Tim alluded to in the prepared remarks.

So that's a unique item for PPG that benefits us.

Yes. Look, at the end of the day, this is a world class marquee business for PPG for the midterm, long term and even today in this challenged claims and body shop activity environment, it's still a marquee and outstanding business for us, we'll continue to grow in it even more so as things normalize next year. Now PMC business, nine straight quarters of solid growth, super strong in EMEA and Asia Pacific in particular, not weak in The United States, doing okay here too. But we see that continuing to do well into the rest of this year and at least through 2026. We've got some really advantaged technologies in that business that have really taken hold in the areas of marine aftermarket in the drydock space, some fire protection and other technologies that we've been launching over the last couple of years.

So we're bullish on that business certainly for the foreseeable future when it comes to PMC.

Thank you very much. Our next question comes from Derry Fisher from Goldman Sachs. Duffy, your line is now open.

Yes. Good morning, guys. When you comp you versus the others that have released already, you look really good across most everything. One area that seems like others are doing a little bit better is on raw materials where you guys are still seeing inflation and others are kind of calling it flat to down in some instances. So can you walk through, is that just a different footprint of what you buy? Is it a different footprint geographically? Why is it that your raw materials seem to be a little bit more inflationary than peers?

Yes. Thanks Duffy. Happy to take that question. I would point to two things. Number one is because of the size of our business in Mexico, we buy a lot more there than any of our peers and FX impact affects the raw material inflation because a lot of that is purchased in dollars, okay?

So that's one. The second piece, depending on who you're talking about, if you're largely an architectural coatings company, you don't buy a whole bunch of epoxy. And epoxy is one piece of the basket that's actually gone up, and this was pre April 2, were some tariffs already put in on epoxy that affected pricing, and we had that built into our guide from the beginning of the year. So I would say depending on who you're comparing us to, those would be the two big differentiators. Differentiators.

And Duffy, on the Mexico situation, similar to other businesses in Latin America, our business is able to price through that inflation. So it's not as impactful on the bottom line. So again, if you're comparing us price and raw materials, we feel we're certainly holding our own.

Thank you very much. Our next question comes from John Roberts of Mizuho. John, your line is now open.

Thank you. Your buyback activity moderated a bit in the June. What should we be thinking about for the second half? And do you see any M and A competing with buyback?

John. On the buybacks, I've been pretty consistent since I took the job, and I hope I've gotten some credibility there that we're not going to let cash build on the balance sheet. I said that when I took over, we repaid some debt. And now for seven straight quarters, we've been doing buybacks. There was a bit of a step down in Q1 only I'm sorry, in Q2 only because Q1, we had the divestiture cash.

So that changed the calculus a bit as far as how much we would buy in that quarter. So that's what drove the step down. We assess it at the end of every month, frankly. And to the extent I don't have a better use of cash to drive shareholder value, you should expect me to continue to behave as I have over the last seven quarters. Now M and A, the only super hot one out there is the one we all know about coming out of Germany.

And we're only interested in one piece of that and that's not consistent with their playbook on how they want to move forward with transaction. Beyond that, we're looking at very small things as they come along, but nothing material that would affect our cash playbook here on the foreseeable, at least short term horizon, John. You should expect to see the same behavior out of me that you've seen since I took the job.

Thank you very much. Our next question comes from Kevin McCarthy from Vertical Research Partners. Kevin, your line is now open.

Yes. Thank you and good morning. Tim, nice to see greater volume traction building here throughout the year. And listening to your comments, I think share gains are a meaningful part of that. So I was wondering if you could talk through the performance segment and maybe help us conceptualize the gains that you've had in packaging and perhaps also protective and marine.

I think on the industrial side, you quantified the gains as $100,000,000 and just trying to level set or benchmark against that figure on the performance side of the house.

Sure. Well, the $100,000,000 I'd say most of it is automotive OEM. Second place would be industrial coatings. And as you know, packaging is in industrial, so packaging would be third place.

Packaging specifically, there was some share shift that we knew coming into the year in The U. S. Would be in the opposite direction for us because we picked up some temporary business for the over last year. So we had that built in that was known, but we've more than offset that with share gains in Europe and some share gains here with some of our new BPA NI technology. So the net net is we've been net winning despite that known share shift that would happen here in The U.

S. On the Protective and Marine, I mentioned a little bit about it. That is really being driven by a couple of new technologies that we've launched in the last few quarters. You probably saw one of them at the Investor Day in Sigma Glide. Another one another marine dry dock product called Sail Advance, which is copper free, is starting to take off.

We've got some really great fire protection products that we've launched in the last year or so, Kevin. So that is much more technology driven, and those things are really starting to get some momentum. So hopefully, that's given you enough insight there.

Yes. And I'll pick up the rest of the performance side, Kevin. This is Vince. We're well above traffic in this you know, US, Canada industry volumes. We were probably two x what we're seeing in the industry.

It's a very strong industry right now as infrastructure continues to take place. No question in aerospace. We're continuing to serve a very hot market, but our performance there, including some of our debottlenecking, is allowing us to outperform that market. And as Tim alluded to earlier, we've outperformed and refinish very clearly as we talked about that. So if you look at our performance segment in Q2, all four of our businesses outgrew their market.

And as we said in the prepared remarks in Q3, we expect in our Industrial segment all three of those businesses to outperform market.

Thank you very much. Our next question comes from Janeshom Punjabi from Baird. Jan Shum, your line is now open.

Yes. Thank you, operator. Good morning, everybody. Just following up on the last question as it relates to the more specifically the Industrial Coatings segment. Clearly, you're benefiting from market share that's going to build through the back half of the year for basically all three major verticals within that segment.

But in terms of base market conditions for Industrial Coatings, how are you thinking about the outlook for the back half of the year relative to your view the last time you reported in context of still significant uncertainty with tariffs, etcetera?

Yes. Thanks, Ghosh. Of course, it's a very uncertain market. It does that uncertainty probably hits outside of Mexico, the issues there, it probably hits the industrial segment the hardest. So that confidence that you're hearing from us for the second half is entirely share gain driven.

The actual segment demand and it does change every day as we all know, but the actual segment demand, I would say, is flat to stable in most of our end markets, some of them being a little bit depressed, of course, like auto builds in U. S. And Europe. Some consumer products in the industrial space coming from Asia They were exported to The U. S.

Of course, those are a bit depressed. Heavy duty equipment is a bit depressed. But the aggregate, I'd say, is flat to slightly down from an industry standpoint, but it's our share gains that are already launching, some of them launched and some of them launching as we speak that give us the confidence across all three segments.

If I could just add to that. In most of these businesses we're talking about here, we do not see a stacking of inventory in the chain. So we're certainly not we're certainly beholden to the global macro and the tariff discussion, but there's not a big inventory reaction that we would expect either way regardless of what happens with tariffs.

Thank you very much. Our next question comes from Frank Mitsch from Ferrium Research LLC. Frank, your line is now open.

Thank you. Vince, if I could just follow-up on that. Mean, U. S. GDP numbers came out this morning pretty robust suggesting that there were some pre buying.

So perhaps you're not you suggest you're not seeing much in the way of inventories of your customers. But can you talk about the order patterns that you saw throughout the second quarter and what you're seeing so far here in the third quarter from your customers that may be anomalous or perhaps not? And then also what the FX impact on 2Q, what was that? And what are your expectations for 2025? Thank you.

Frank. As we look, again, the most sensitive segment for us as it relates to the global macro in near term is that industrial segment. We did obviously in early April, we talked about this on our April call. We did see some customer concerns around the tariffs. As progress through the quarter, we saw a normal order pattern return.

We didn't see it wasn't jagged, etcetera. I think most people absorbed psychologically the impact of the tariffs and we move forward. And again, no significant changes throughout the quarter in order patterns. Tim talked about it earlier, a little softer in Europe than we wanted, some softening in Asia, again, to be expected. But beyond that, no significant impacts.

On a currency basis, we were negative, Frank, in Q1. On a translation basis, that reverted less to negative in Q2. We expect the back half of the year to offset what happened in Q1. On a year to date basis, we're closer to zero. But as we exited the quarter on volumes, we didn't see any pull forward into Q2.

Thank you very much. Our next question comes from James Hooper from Bernstein. James, your line is now open.

Hi, good morning and thank you very much for taking my question. My question is around the share gains and margins from them. Now clearly, competitors have acknowledged that you are the coming force and gaining share in the markets, not just you. But I was interested to see whether the share gains you've made have had any impact impact on the incremental margins from gaining share and whether there's a part of these margins increasing once you've kind of consolidated the share gains going forward? Thank you.

Yes. Thanks, James. I think the way to think about it is the share gains that we've had, you should expect them to be at segment average from a gross margin standpoint. But the volume element of it, as we launch them, will improve our net margin, obviously, with the fixed cost leverage that we'll get from them, the manufacturing efficiencies. So that share gain launch, as we move through the second half of the year, you'll see not only the top line growth from that, but you'll see the net margin expansion as we move through the next two quarters.

Thank you very much. Our next question comes from Patrick Cunningham from Citigroup. Patrick, your line is now open.

Hi, good morning. Aerospace continues to be quite strong over two or three years stack. How should we think about growth levels over the next few years given pricing actions for a longer cycle business, whether that starts to normalize and then the debottlenecking and new capacity you have potentially allowing you to serve more volume there?

Yes, Patrick. So we are anticipating high single digits and double digit depending on what quarter you're lapping, high single digits and double digit growth frankly for the foreseeable future. I meet with a lot of the CEOs of these companies and every one of them whether it's military, general aviation or commercial aviation is their forecasts are extremely strong. And when you combine those through, you kind of get this exponential impact on us because we get the top line margin and the leverage across the whole business. So that's why we are you see us investing both OpEx and CapEx so much.

We just announced a new aerospace factory in The United States this past quarter at about $380,000,000 CapEx cost, and we continue to invest in debottlenecking. So, I don't see an end to this high single digits, low double digits kind of growth trajectory for at least as many quarters as we're projecting.

Thank you very much. Our next question comes from Vincent Andrews from Morgan Stanley. Vincent, your line is now open.

Good morning, I'm wondering if you can speak a little bit more about Mexico architectural market in particular, both. Hi, I'm unmuted. Can you not hear me? Yes, we can hear you now.

You can hear me. Okay, great. Sorry, I don't know what happened. But I'm just curious if you could speak a little bit about the terrific. If you could speak a little bit about the Mexico architectural market and in particular, sort of what you're hearing from customers that's giving you confidence that there'll be a pickup in the large project volume in 3Q and presumably more so in 4Q?

And then what to that end have you baked into the guidance for the full year for that? Thank you.

PPG Industries (PPG) Q2 2025 Earnings Call Transcript

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