• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    PPG reports fourth quarter and full-year 2024 financial results

    1/30/25 6:15:00 PM ET
    $PPG
    Paints/Coatings
    Consumer Discretionary
    Get the next $PPG alert in real time by email

    Fourth quarter highlights:

    • Completed divestitures of silica products and architectural coatings U.S. and Canada businesses, improving company margin and growth profile
    • Recast financials to reflect architectural coatings U.S. and Canada as discontinued operations
    • Net sales from continuing operations of $3.7 billion
    • Reported earnings per diluted share from continuing operations (EPS) of $0.01 and adjusted EPS of $1.61, an increase of 3% year over year
    • Delivered ninth consecutive quarter of segment margin and segment EBITDA margin expansion
    • Share repurchases of approximately $250 million in the quarter

    Full-year 2024 highlights:

    • Full-year financials reflect architectural coatings U.S. and Canada as discontinued operations
    • Net sales from continuing operations of $15.8 billion
    • Reported EPS of $5.72 and adjusted EPS of $7.87, an increase of 6% year over year
    • Segment margin of 17.1% and segment EBITDA margin of 19.9%, an increase of 70 basis points year over year
    • Company net income margin of 8.5% and adjusted EBITDA margin of 18.1%, an increase of 100 basis points year over year
    • Operating cash flow of $1.4 billion; share repurchases and dividends of $1.4 billion

    PPG (NYSE:PPG) today reported financial results for the fourth quarter and full-year 2024.

    Fourth Quarter Consolidated Results

    $ in millions, except EPS

    4Q 2024

    4Q 2023

    YOY change

    Net sales (a)

    $3,729

    $3,912

    (5)%

    Net income (a)

    $2

    $103

    (98)%

    Adjusted net income (a)(b)

    $375

    $372

    +1%

    EPS (a)

    $0.01

    $0.43

    (98)%

    EPS from discontinued operations (c)

    $(1.21)

    $(0.05)

     

    Adjusted EPS (a)(b)

    $1.61

    $1.56

    +3%

    (a) From continuing operations

    (b) Reconciliations of reported to adjusted figures are included below

    (c) Discontinued operations includes the loss on sale of the architectural coatings U.S. and Canada business of $285 million, representing an EPS impact of $1.22

    The company's financial results for all periods presented have been recast to reflect the divested U.S. and Canada architectural coatings business as discontinued operations.

    Chairman and CEO Comments

    Tim Knavish, PPG chairman and chief executive officer, commented on the year and quarter:

    Throughout 2024, we demonstrated resilience in a challenging macro environment by growing our adjusted EPS by 6%, improving aggregate segment margins and generating $1.4 billion in operating cash flow which we returned to shareholders. During the quarter, we repurchased approximately $250 million of stock, and about $750 million for the full year, which represented approximately 3% of our outstanding shares. Combined with our dividend, we have returned $1.4 billion to our shareholders throughout the year.

    In 2024, we took significant steps to optimize our business portfolio through the divestitures of both our silica products and our architectural coatings U.S. and Canada businesses. These divestitures strengthen our financial profile, including an improvement in our adjusted EBITDA margin to 18.1%, and results in a more focused organization which positions the company to deliver sustainable organic growth.

    In both the fourth quarter and full-year 2024, organic sales declined a low single-digit percentage year over year with growth in Mexico, China and India as well as growth in the aerospace, protective and marine, and traffic solutions businesses offset by declines in the automotive original equipment manufacturer (OEM), industrial and architectural EMEA coatings businesses. Despite lower organic sales, adjusted EPS and aggregate segment EBITDA margin improved in both comparison periods driven by sales of our technology-advantaged products, moderated input costs and structural cost actions.

    Fourth quarter adjusted EPS was $1.61, including an unfavorable foreign currency translation impact of $0.05 as many currencies weakened versus the U.S. dollar during the quarter. Our full-year 2024 adjusted EPS was $7.87 which grew 6% year over year and excludes $0.27 of EPS that have been reclassified to discontinued operations, which reflects the results of the divested U.S and Canada architectural business absent certain allocated costs, consistent with U.S. GAAP requirements.

    Given the revised portfolio, we have expanded our segment reporting structure and will now report all our architectural coatings businesses as a separate segment, Global Architectural Coatings. The reporting of the remainder of the businesses within the Performance Coatings and Industrial Coatings segments will remain the same. This expanded segmentation will provide investors with enhanced visibility as we drive the company's growth and performance.

    Looking ahead, I am excited about 2025 and beyond. We anticipate a slow start to 2025 as demand in Europe and in global industrial end-use markets remains challenged. Despite the macroeconomic environment, we expect to deliver organic sales growth of a low single-digit percentage for the year, with first quarter organic growth flat to slightly down and stronger results in the second half of the year driven by share gains. As we announced in October, we are taking decisive actions to reduce costs, including global structural costs and European manufacturing consolidations. Our balance sheet remains strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value creation. Thus, we are deploying about $400 million toward share repurchases during the first quarter of 2025.

    The successful divestitures and solid performance this year would not be possible without the dedication of our employees. We are now a much more focused organization dedicated to driving sustainable organic growth. Thank you to our PPG team around the world who make it happen and deliver on our purpose every day: We protect and beautify the world®.

    Fourth Quarter 2024 Reportable Segment Financial Results

    Global Architectural Coatings segment

    $ in millions

    4Q 2024

    4Q 2023

    YOY change

    Net sales (a)

    $881

    $943

    (7)%

    Sales volumes

     

     

    (2)%

    Selling prices

     

     

    —%

    Foreign currency translation

     

     

    (5)%

    Segment income

    $118

    $131

    (10)%

    Segment income %

    13.4%

    13.9%

     

    Segment EBITDA (b)

    $144

    $156

    (8)%

    Segment EBITDA %

    16.3%

    16.5%

     

    (a) From continuing operations

    (b) Reconciliations of reported to adjusted figures are included below

    The Global Architectural Coatings segment, which was previously reported as part of the Performance Coatings segment, is comprised of architectural coatings Europe, Middle East and Africa (EMEA) and architectural coatings Latin America and Asia Pacific. Net sales were lower compared to the fourth quarter 2023, primarily driven by unfavorable foreign currency translation.

    Organic sales for architectural coatings EMEA declined by a low single-digit percentage, driven by lower sales volumes as demand was lower year-over-year across the region. Year-over-year organic sales for architectural coatings Latin America and Asia Pacific were flat but slightly positive.

    Segment EBITDA decreased by 8% versus the prior year driven by unfavorable foreign currency translation, primarily the Mexican peso, and lower sales volumes, partially offset by cost control actions and positive net price.

    Performance Coatings segment

    $ in millions

    4Q 2024

    4Q 2023

    YOY change

    Net sales (a)

    $1,262

    $1,233

    +2%

    Sales volumes

     

     

    +1%

    Selling prices

     

     

    +3%

    Divestitures and other

     

     

    (2)%

    Segment income

    $259

    $218

    +19%

    Segment income %

    20.5%

    17.7%

     

    Segment EBITDA (b)

    $292

    $253

    +15%

    Segment EBITDA %

    23.1%

    20.5%

     

    (a) From continuing operations

    (b) Reconciliations of reported to adjusted figures are included below

    The Performance Coatings segment, which is now comprised of aerospace coatings, automotive refinish coatings, protective and marine coatings, and traffic solutions delivered 4% organic sales growth. This growth was partially offset by the divestitures of the non-North American portion of the traffic solutions business.

    Sales volumes increased 1% year over year with growth led by aerospace coatings, protective and marine coatings, and traffic solutions. PPG's aerospace order backlog increased to about $300 million despite the business delivering double-digit percentage organic sales growth in the quarter reflecting further strengthening of demand for our technologies in this end-use market. Organic sales in automotive refinish coatings declined by a low single-digit percentage with share gains more than offset by lower industry collision claims. Protective and marine coatings organic sales increased by a mid-single-digit percentage compared to the prior year, driven by share gains in Europe and Asia. Traffic solutions benefited from share gains across North America coupled with favorable weather in the fourth quarter.

    Segment EBITDA increased by 15% versus the prior year, and segment EBITDA margin improved 260 basis points year over year to 23.1%, driven by price increases stemming from our advantaged products and digital-technology subscriptions, along with cost-control actions partially offset by general cost inflation.

    Industrial Coatings segment

    $ in millions

    4Q 2024

    4Q 2023

    YOY change

    Net sales (a)

    $1,586

    $1,736

    (9)%

    Sales volumes

     

     

    (4)%

    Selling prices

     

     

    (2)%

    Foreign currency translation

     

     

    (1)%

    Divestitures and other

     

     

    (2)%

    Segment income

    $185

    $231

    (20)%

    Segment income %

    11.7%

    13.3%

     

    Segment EBITDA (b)

    $234

    $285

    (18)%

    Segment EBITDA %

    14.8%

    16.4%

     

    (a) From continuing operations

    (b) Reconciliations of reported to adjusted figures are included below

    Industrial Coatings segment net sales declined compared to the fourth quarter 2023 primarily due to lower sales volumes and lower selling prices from certain index-based customer contracts.

    Automotive OEM coatings organic sales decreased as expected, declining by a high single-digit percentage due to lower U.S. and European industry build rates, partly offset by PPG growth in China and Mexico. Industrial production in the U.S. and Europe continued the trend of year-over-year declines. As a result, industrial coatings organic sales declined by a mid-single-digit percentage, more than offsetting solid growth in Mexico. Packaging coatings organic sales decreased by a low single-digit percentage year over year with growth in Europe and Latin America offset by lower sales volume in the U.S., in comparison to strong growth in the prior year period.

    Segment EBITDA decreased 18%, and segment EBITDA margin declined by 160 basis points compared to the fourth quarter 2023 driven by lower sales volumes and lower selling prices due to certain index-based pricing contracts.

    Full-Year 2024 Financial Results

    $ in millions, except EPS

    2024

    2023

    YOY change

    Net sales (a)

    $15,845

    $16,242

    (2)%

    Net income (a)

    $1,344

    $1,223

    +10%

    Net income margin (a)

    8.5%

    7.5%

     

    Adjusted net income (a)(b)

    $1,848

    $1,762

    +5%

    EPS (a)

    $5.72

    $5.16

    +11%

    EPS from discontinued operations (c)

    $(0.97)

    $0.19

     

    Adjusted EPS (a)(b)

    $7.87

    $7.42

    +6%

    Adjusted EBITDA margin (a)(b)

    18.1%

    17.1%

     

    (a) From continuing operations

    (b) Reconciliations of reported to adjusted figures are included below

    (c) Discontinued operations includes the loss on sale of the architectural coatings U.S. and Canada business of $285 million, representing an EPS impact of $1.22

    Full-year 2024 net sales were $15.8 billion, down 2% versus the prior year, with sales volumes declining 1% and the combination of unfavorable foreign currency translation and divestitures reducing net sales by 1%. Despite decreased organic sales due to lower industry demand in automotive OEM coatings, industrial coatings and architectural coatings in Europe, results were supported by record sales in aerospace coatings and growth in several other key technology-driven businesses.

    In a challenging macro environment, the company delivered strong adjusted EPS growth of 6%, supported by favorable business mix, driven by sales of our technology-advantaged products and strong brands, as we delivered record results in several of our businesses including aerospace coatings, automotive refinish coatings and architectural coatings Latin America.

    In 2024, the company paid approximately $620 million in dividends. The company repurchased $750 million of stock in 2024 and ended the year with approximately $2.8 billion remaining on its current share repurchase authorization. Capital expenditures totaled about $720 million.

    Additional Financial Information

    • At quarter end, the company had cash and short-term investments totaling $1.4 billion.
    • Net debt was $4.5 billion, down approximately $30 million year over year.
    • Corporate expenses were $87 million in the fourth quarter, which was $27 million lower than the prior year due to lower incentive-based compensation and cost savings actions.
    • Net interest expense was $15 million in the fourth quarter.
    • The reported effective tax rate on continuing operations was 86% for the fourth quarter, as certain business restructuring-related costs and portfolio optimization items did not have a tax benefit. The adjusted effective tax rate was 22% for the fourth quarter.

    Outlook

    The company anticipates that adjusted earnings per share for the full year 2025 will be in the range of $7.75 to $8.05, which at the mid-point represents EPS growth of 7% excluding the impact of foreign currency translation and a higher tax rate. This range is based on current global economic activity and foreign exchange rates, ongoing soft global industrial production, and mixed demand across the various regions in which we operate. The company expects that annual EPS growth will be weighted toward the second half of 2025 as global industrial demand weakened and the U.S. dollar strengthened in the second half of 2024. Additionally, we expect to realize more than $100 million in annualized share gains in our Industrial Coatings segment beginning in the second half of the year.

    Additional information related to 2025 financial projections is posted within the slides and prepared commentary associated with the fourth quarter earnings documents on the Investors section of PPG.com.

    The term organic sales as used in this press release is defined as net sales excluding the impact of currency, acquisitions and divestitures.

    PPG: WE PROTECT AND BEAUTIFY THE WORLD®

    At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers' biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.8 billion in 2024. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

    The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.

    Additional Information

    PPG will provide detailed commentary regarding its financial performance, including presentation-slide content, on the PPG Investor Center at www.ppg.com at about 4:30 p.m. ET today, January 30. The company will hold a conference call to review its fourth quarter and full year 2024 financial performance on January 31, at 8:00 a.m. ET. Participants can pre-register for the conference by navigating to https://www.netroadshow.com/events/login?show=000510c7&confId=75486. The conference call also will be available in listen-only mode via Internet broadcast from the PPG Investor Center at www.ppg.com. A telephone replay will be available January 31, beginning at approximately 11:00 a.m. ET, through February 14, at 11:59 p.m. ET. The dial-in numbers for the replay are: in the United States, 1-866-813-9403; Canada, 1-226-828-7578; UK (Local), 0204-525-0658; international, +44-204-525-0658; passcode 864382. A web replay also will be available shortly after the call on the PPG Investor Center at www.ppg.com, and will remain through Wednesday, January 29, 2026.

    Forward-Looking Statements

    Statements contained herein relating to matters that are not historical facts are forward-looking statements reflecting PPG's current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG's operations, as discussed in the company's filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the forward-looking statements contained herein. Such factors include statements related to global economic conditions, geopolitical issues, the amount of future share repurchases, increasing price and product competition by our competitors, fluctuations in cost and availability of raw materials, energy, labor and logistics, the ability to achieve selling price increases, the ability to recover margins, customer inventory levels, PPG inventory levels, the ability to maintain favorable supplier relationships and arrangements, the timing of realization of anticipated cost savings from restructuring and other initiatives, the ability to identify additional cost savings opportunities, the timing and expected benefits of potential future and completed acquisitions, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, global human health issues, the unpredictability of existing and possible future litigation, including asbestos litigation, and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and in our 2023 Annual Report on Form 10-K are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG's consolidated financial condition, results of operations or liquidity.

    All information in this release speaks only as of January 30, 2025, and any distribution of this release after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.

    Regulation G Reconciliation

    PPG believes investors' understanding of the company's performance is enhanced by the disclosure of net income, earnings per diluted share from continuing operations PPG's effective tax rate adjusted for certain items, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA and segment EBITDA. PPG's management considers this information useful in providing insight into the company's ongoing performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations. Net income, earnings per diluted share from continuing operations and the effective tax rate adjusted for these items, EBITDA, adjusted EBITDA and segment EBITDA are not recognized financial measures determined in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and should not be considered a substitute for net income, earnings per diluted share, the effective tax rate, segment income or other financial measures as computed in accordance with U.S. GAAP. In addition, adjusted net income, adjusted earnings per diluted share, the adjusted effective tax rate, EBITDA, adjusted EBITDA and segment EBITDA may not be comparable to similarly titled measures as reported by other companies. PPG is not able to provide a reconciliation of full-year 2025 expected adjusted earnings per diluted share to the most directly comparable GAAP financial measure without unreasonable effort because certain items that impact such measure are uncertain or cannot be reasonably predicted at this time.

    Regulation G Reconciliation - Net Income, Earnings per Diluted Share, Effective Tax Rate and Segment Income

    ($ in millions, except per-share amounts)

     

    Fourth Quarter

    2024

     

    Fourth Quarter

    2023

     

    $

     

    EPS(a)

     

    $

     

    EPS(a)

    Reported net income from continuing operations

    $2

     

     

    $0.01

     

     

    $103

     

     

    $0.43

     

    Acquisition-related amortization expense (b)

    24

     

     

    0.10

     

     

    32

     

     

    0.13

     

    Business restructuring-related costs, net (c)

    314

     

     

    1.35

     

     

    13

     

     

    0.06

     

    Portfolio optimization (d)

    35

     

     

    0.15

     

     

    28

     

     

    0.12

     

    Legacy environmental remediation charges (e)

    3

     

     

    0.01

     

     

    17

     

     

    0.07

     

    Insurance recoveries (f)

    (3

    )

     

    (0.01

    )

     

    (5

    )

     

    (0.02

    )

    Impairment and other related charges (g)

    —

     

     

    —

     

     

    160

     

     

    0.67

     

    Currency valuation loss (h)

    —

     

     

    —

     

     

    24

     

     

    0.10

     

    Adjusted net income from continuing operations, excluding certain items

    $375

     

     

    $1.61

     

     

    $372

     

     

    $1.56

     

     

    Full Year

    2024

     

    Full Year

    2023

     

    $

     

    EPS(a)

     

    $

     

    EPS(a)

    Reported net income from continuing operations

    $1,344

     

     

    $5.72

     

     

    $1,223

     

     

    $5.16

     

    Acquisition-related amortization expense (b)

    100

     

     

    0.42

     

     

    115

     

     

    0.48

     

    Business restructuring-related costs, net (c)

    324

     

     

    1.39

     

     

    33

     

     

    0.14

     

    Portfolio optimization (d)

    65

     

     

    0.28

     

     

    58

     

     

    0.24

     

    Legacy environmental remediation charges (e)

    18

     

     

    0.07

     

     

    17

     

     

    0.07

     

    Insurance recoveries (f)

    (3

    )

     

    (0.01

    )

     

    (12

    )

     

    (0.05

    )

    Impairment and other related charges (g)

    —

     

     

    —

     

     

    160

     

     

    0.67

     

    Currency valuation loss (h)

    —

     

     

    —

     

     

    24

     

     

    0.10

     

    Pension settlement charge (i)

    —

     

     

    —

     

     

    144

     

     

    0.61

     

    Adjusted net income from continuing operations, excluding certain items

    $1,848

     

     

    $7.87

     

     

    $1,762

     

     

    $7.42

     

     

    Fourth Quarter

    2024

     

    Fourth Quarter

    2023

     

    Income

    Before

    Income

    Taxes

     

    Tax

    Expense

     

    Effective

    Tax Rate

     

    Income

    Before

    Income

    Taxes

     

    Tax

    Expense

     

    Effective

    Tax Rate

    Effective tax rate, continuing operations

    $81

     

     

    $70

     

     

    86.4

    %

     

    $209

     

     

    $94

     

     

    45.0

    %

    Acquisition-related amortization expense (b)

    32

     

     

    8

     

     

    24.4

    %

     

    44

     

     

    12

     

     

    27.3

    %

    Business restructuring-related costs, net (c)

    362

     

     

    48

     

     

    13.2

    %

     

    16

     

     

    3

     

     

    18.8

    %

    Portfolio optimization (d)

    17

     

     

    (18

    )

     

    (104.1

    )%

     

    31

     

     

    3

     

     

    9.7

    %

    Legacy environmental remediation charges (e)

    4

     

     

    1

     

     

    24.3

    %

     

    24

     

     

    7

     

     

    29.2

    %

    Insurance recoveries (f)

    (4

    )

     

    (1

    )

     

    24.3

    %

     

    (7

    )

     

    (2

    )

     

    28.6

    %

    Impairment and other related charges (g)

    —

     

     

    —

     

     

    —

    %

     

    160

     

     

    —

     

     

    —

    %

    Currency valuation loss (h)

    —

     

     

    —

     

     

    —

    %

     

    20

     

     

    (4

    )

     

    (20.0

    )%

    Adjusted effective tax rate, continuing operations, excluding certain items

    $492

     

     

    $108

     

     

    22.0

    %

     

    $497

     

     

    $113

     

     

    22.7

    %

     

    Full Year

    2024

     

    Full Year

    2023

     

    Income

    Before

    Income

    Taxes

     

    Tax

    Expense

     

    Effective

    Tax Rate

     

    Income

    Before

    Income

    Taxes

     

    Tax

    Expense

     

    Effective

    Tax Rate

    Effective tax rate, continuing operations

    $1,852

     

     

    $475

     

     

    25.6

    %

     

    $1,690

     

     

    $428

     

     

    25.3

    %

    Acquisition-related amortization expense (b)

    132

     

     

    32

     

     

    24.2

    %

     

    154

     

     

    39

     

     

    25.3

    %

    Business restructuring-related costs, net (c)

    377

     

     

    53

     

     

    14.1

    %

     

    41

     

     

    8

     

     

    19.5

    %

    Portfolio optimization (d)

    59

     

     

    (6

    )

     

    (10.2

    )%

     

    53

     

     

    (7

    )

     

    (13.2

    )%

    Legacy environmental remediation charges(e)

    24

     

     

    6

     

     

    25.0

    %

     

    24

     

     

    7

     

     

    29.2

    %

    Insurance recoveries (f)

    (4

    )

     

    (1

    )

     

    25.0

    %

     

    (16

    )

     

    (4

    )

     

    25.0

    %

    Impairment and other related charges (g)

    —

     

     

    —

     

     

    —

    %

     

    160

     

     

    —

     

     

    —

    %

    Currency valuation loss (h)

    —

     

     

    —

     

     

    —

    %

     

    20

     

     

    (4

    )

     

    (20.0

    )%

    Pension settlement charge (i)

    —

     

     

    —

     

     

    —

    %

     

    190

     

     

    46

     

     

    24.2

    %

    Adjusted effective tax rate, continuing operations, excluding certain items

    $2,440

     

     

    $559

     

     

    22.9

    %

     

    $2,316

     

     

    $513

     

     

    22.2

    %

     

    Fourth Quarter

     

    Full Year

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Reported net income from continuing operations

    $2

     

     

    $103

     

     

    $1,344

     

     

    $1,223

     

    Interest expense, net of interest income

    15

     

     

    13

     

     

    64

     

     

    107

     

    Income tax expense

    70

     

     

    94

     

     

    475

     

     

    428

     

    Depreciation

    87

     

     

    96

     

     

    360

     

     

    360

     

    Amortization

    32

     

     

    44

     

     

    132

     

     

    154

     

    Net income attributable to noncontrolling interests

    9

     

     

    12

     

     

    33

     

     

    39

     

    EBITDA

    $215

     

     

    $362

     

     

    $2,408

     

     

    $2,311

     

    Business restructuring-related costs, net (c)

    362

     

     

    16

     

     

    377

     

     

    41

     

    Portfolio optimization (d)

    17

     

     

    31

     

     

    59

     

     

    53

     

    Legacy environmental remediation charges(e)

    4

     

     

    24

     

     

    24

     

     

    24

     

    Insurance recoveries (f)

    (4

    )

     

    (7

    )

     

    (4

    )

     

    (16

    )

    Impairment and other related charges (g)

    —

     

     

    160

     

     

    —

     

     

    160

     

    Currency valuation loss (h)

    —

     

     

    20

     

     

    —

     

     

    20

     

    Pension settlement charge (i)

    —

     

     

    —

     

     

    —

     

     

    190

     

    Adjusted EBITDA

    $594

     

     

    $606

     

     

    $2,864

     

     

    $2,783

     

    Net sales

    $3,729

     

     

    $3,912

     

     

    $15,845

     

     

    $16,242

     

    Net income margin

    0.1

    %

     

    2.6

    %

     

    8.5

    %

     

    7.5

    %

    Adjusted EBITDA margin

    15.9

    %

     

    15.5

    %

     

    18.1

    %

     

    17.1

    %

    (a)

    Earnings per diluted share is calculated based on unrounded numbers. Figures in the table may not recalculate due to rounding.

    (b)

    Acquisition-related amortization expense is excluded from adjusted net income from operations, excluding certain items, due to its significance as a result of the purchase price assigned to finite-live intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to revenue generation, the related revenue is not excluded.

    (c)

    Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Business restructuring, net on the consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the consolidated statement of income, and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization and Selling, general and administrative on the consolidated statement of income. Business restructuring-related costs, net also includes the fourth quarter 2024 recognition of accumulated foreign currency translation losses of $110 million related to the company's exit of its Argentina operations in connection with a restructuring program, which are included in Other (income)/charges, net in the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 recognition of the accumulated foreign currency translation losses.

    (d)

    Portfolio optimization includes gains and losses related to the sale of certain assets, which are included in Other (income)/charges, net on the consolidated statement of income, including the gain of $129 million on the sale of the company's silicas products business in the fourth quarter 2024, and the losses on the sales of the company's traffic solutions business in Argentina in the second quarter 2024, the company's European and Australian Traffic Solutions businesses in the fourth quarter 2023 and the company's legacy industrial Russian operations in the third quarter 2023. Portfolio optimization includes advisory, legal, accounting, valuation, other professional or consulting fees and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the consolidated statement of income. Portfolio optimization also includes an impairment charge of $146 million recognized during the fourth quarter 2024 when the company's remaining operations in Russia were classified as held for sale, which is included in Impairment and other related charges, net on the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 impairment charge.

    (e)

    Legacy environmental remediation charges represent environmental remediation costs at certain non-operating PPG manufacturing sites. These charges are included in Other (income)/charges, net in the consolidated statement of income.

    (f)

    In the fourth quarter 2024 and the fourth quarter 2023, the company received reimbursement for previously approved insurance claims under policies covering legacy asbestos-related matters. In the first quarter 2023, the company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2020. These insurance recoveries are included in Other charges/(income), net on the consolidated statement of income.

    (g)

    In the fourth quarter 2023, the company recorded impairment and other related charges due to a non-cash goodwill impairment recognized for the Traffic Solutions reporting unit as a result of its annual goodwill impairment test. The fair value of the Traffic Solutions reporting unit decreased primarily due to increases in the cost of capital (discount rate assumption) and declines in the reporting unit's long-term forecast driven by challenges at its operations in Argentina due to the highly inflationary environment and changes to the reporting unit's global footprint, including the fourth quarter 2023 divestiture of its European and Australian businesses.

    (h)

    In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar. Argentina currency devaluation losses represent foreign currency translation losses recognized during December 2023 related to the devaluation of the Argentine peso, which is included in Other charges/(income), net on the consolidated statement of income.

    (i)

    In the first quarter 2023, PPG purchased group annuity contracts that transferred pension benefit obligations for certain of the company's retirees in the U.S. to third-party insurance companies, resulting in a non-cash pension settlement charge.

    Fourth Quarter

     

    Full Year

     

    2024

    2023

     

    2024

    2023

    Global Architectural Coatings

     

     

     

     

     

    Net sales

    $881

    $943

     

    $3,921

    $4,021

    Segment income

    $118

    $131

     

    $678

    $673

    Segment depreciation and amortization

    26

    25

     

    104

    101

    Segment EBITDA

    $144

    $156

     

    $782

    $774

    Segment EBITDA %

    16.3%

    16.5%

     

    19.9%

    19.2%

    Performance Coatings

     

     

     

     

     

    Net sales

    $1,262

    $1,233

     

    $5,237

    $5,132

    Segment income

    $259

    $218

     

    $1,142

    $1,019

    Segment depreciation and amortization

    33

    35

     

    132

    139

    Segment EBITDA

    $292

    $253

     

    $1,274

    $1,158

    Segment EBITDA %

    23.1%

    20.5%

     

    24.3%

    22.6%

    Industrial Coatings

     

     

     

     

     

    Net sales

    $1,586

    $1,736

     

    $6,687

    $7,089

    Segment income

    $185

    $231

     

    $893

    $968

    Segment depreciation and amortization

    49

    54

     

    206

    213

    Segment EBITDA

    $234

    $285

     

    $1,099

    $1,181

    Segment EBITDA %

    14.8%

    16.4%

     

    16.4%

    16.7%

    Total Segment EBITDA

     

     

     

     

     

    Net sales

    $3,729

    $3,912

     

    $15,845

    $16,242

    Segment income

    $562

    $580

     

    $2,713

    $2,660

    Segment depreciation and amortization

    108

    114

     

    442

    453

    Segment EBITDA

    $670

    $694

     

    $3,155

    $3,113

    Segment EBITDA %

    18.0%

    17.7%

     

    19.9%

    19.2%

    PPG INDUSTRIES, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENT OF INCOME (unaudited)

    (All amounts in millions except per-share data)

     

    Three Months Ended

    December 31

     

    Twelve Months Ended

    December 31

     

    2024

    2023

     

    2024

    2023

    Net sales

    $3,729

    $3,912

     

    $15,845

    $16,242

    Cost of sales, exclusive of depreciation and amortization

    2,217

    2,300

     

    9,252

    9,678

    Selling, general and administrative

    834

    906

     

    3,391

    3,401

    Depreciation

    87

    96

     

    360

    360

    Amortization

    32

    44

     

    132

    154

    Research and development, net

    106

    109

     

    423

    424

    Interest expense

    58

    57

     

    241

    247

    Interest income

    (43)

    (44)

     

    (177)

    (140)

    Business restructuring, net

    234

    1

     

    233

    (2)

    Impairment and other related charges, net

    146

    160

     

    146

    160

    Pension settlement charge

    —

    —

     

    —

    190

    Other (income)/charges, net

    (23)

    74

     

    (8)

    80

    Income before income taxes

    $81

    $209

     

    $1,852

    $1,690

    Income tax expense

    70

    94

     

    475

    428

    Income from continuing operations

    $11

    $115

     

    $1,377

    $1,262

    (Loss)/income from discontinued operations, net of tax

    (282)

    (13)

     

    (228)

    47

    Net (loss)/income attributable to controlling and noncontrolling interests

    $(271)

    $102

     

    1,149

    1,309

    Net (loss)/income attributable to noncontrolling interests

    (9)

    (12)

     

    (33)

    (39)

    Net (loss)/income (attributable to PPG)

    $(280)

    $90

     

    $1,116

    $1,270

     

     

     

     

     

     

    Amounts attributable to PPG:

     

     

     

     

     

    Income from continuing operations, net of tax

    $2

    $103

     

    1,344

    1,223

    (Loss)/income from discontinued operations, net of tax

    (282)

    (13)

     

    (228)

    47

    Net (loss)/income (attributable to PPG)

    $(280)

    $90

     

    $1,116

    $1,270

     

     

     

     

     

     

    Earnings per common share (attributable to PPG)

     

     

     

     

     

    Income from continuing operations, net of tax

    $0.01

    $0.44

     

    $5.75

    $5.18

    (Loss)/income from discontinued operations, net of tax

    (1.21)

    (0.06)

     

    (0.98)

    0.20

    Net (loss)/income (attributable to PPG)

    $(1.20)

    $0.38

     

    $4.77

    $5.38

     

     

     

     

     

     

    Earnings per common share (attributable to PPG) - assuming dilution

     

     

     

     

     

    Income from continuing operations, net of tax

    $0.01

    $0.43

     

    $5.72

    $5.16

    (Loss)/income from discontinued operations, net of tax

    (1.21)

    (0.05)

     

    (0.97)

    0.19

    Net (loss)/income (attributable to PPG)

    $(1.20)

    $0.38

     

    $4.75

    $5.35

     

     

     

     

     

     

    Average shares outstanding

    231.8

    236.2

     

    233.8

    236.0

     

     

     

     

     

     

    Average shares outstanding - assuming dilution

    232.8

    237.3

     

    234.9

    237.2

    PPG INDUSTRIES, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS HIGHLIGHTS (unaudited)

    ($ in millions)

     

    Twelve Months Ended

    December 31

     

    2024

     

    2023

    Cash from operating activities:

     

     

     

    Cash from operating activities - continuing operations

    $1,391

     

    $2,294

    Cash from operating activities - discontinued operations

    $29

     

    $117

    Cash from operating activities

    $1,420

     

    $2,411

    Cash (used for)/from investing activities - continuing operations:

     

     

     

    Capital expenditures

    $(721)

     

    $(516)

    Business acquisitions, net of cash balances acquired

    $(31)

     

    $(109)

    Proceeds from divestiture of businesses

    $325

     

    $36

    Cash used for financing activities - continuing operations:

     

     

     

    Dividends paid on PPG common stock

    $622

     

    $598

    Purchase of treasury stock

    $752

     

    $86

    PPG INDUSTRIES, INC. AND SUBSIDIARIES

     

     

    CONDENSED CONSOLIDATED BALANCE SHEET HIGHLIGHTS (unaudited)

     

     

    ($ in millions)

     

     

     

     

    December 31

     

    December 31

     

    2024

     

    2023

    Current assets:

     

     

     

    Cash and cash equivalents

    $1,270

     

    $1,493

    Short-term investments

    88

     

    75

    Receivables, net

    2,985

     

    3,007

    Inventories

    1,846

     

    1,934

    Other current assets

    368

     

    922

    Total current assets

    $6,557

     

    $7,431

     

     

     

     

    Current liabilities:

     

     

     

    Short-term debt and current portion of long-term debt

    $939

     

    $306

    Accounts payable and accrued liabilities

    3,731

     

    4,155

    Restructuring reserves

    128

     

    84

    Current portion of operating lease liabilities

    126

     

    128

    Other current liabilities

    90

     

    381

    Total current liabilities

    $5,014

     

    $5,054

     

     

     

     

    Long-term debt

    $4,876

     

    $5,748

     

     

     

     

     

     

     

     

    PPG OPERATING METRICS (unaudited)

     

     

     

    ($ in millions)

     

     

     

     

    December 31

     

    December 31

     

    2024

     

    2023

    Operating Working Capital (a)

    $2,331

     

    $2,301

    As a percent of quarter sales, annualized

    15.6 %

     

    14.7 %

     

     

     

     

    (a) Operating working capital includes: (1) receivables from customers, net of allowance for doubtful accounts, (2) FIFO inventories and (3) trade liabilities.

    PPG INDUSTRIES, INC. AND SUBSIDIARIES

    CONSOLIDATED BUSINESS SEGMENT INFORMATION (unaudited)

     

     

     

     

    ($ in millions)

     

     

     

    Three Months Ended

    December 31

     

    Twelve Months Ended

    December 31

     

     

    2024

     

    2023

     

    2024

     

    2023

    Net sales

     

     

     

     

     

     

     

    Global Architectural Coatings

    $881

     

    $943

     

    $3,921

     

    $4,021

    Performance Coatings

    1,262

     

    1,233

     

    5,237

     

    5,132

    Industrial Coatings

    1,586

     

    1,736

     

    6,687

     

    7,089

    Total

    $3,729

     

    $3,912

     

    $15,845

     

    $16,242

     

     

     

     

     

     

     

     

    Segment income

     

     

     

     

     

     

     

    Global Architectural Coatings

    $118

     

    $131

     

    $678

     

    $673

    Performance Coatings

    259

     

    218

     

    1,142

     

    1,019

    Industrial Coatings

    185

     

    231

     

    893

     

    968

    Total

    $562

     

    $580

     

    $2,713

     

    $2,660

     

     

     

     

     

     

     

     

    Items not allocated to segments

     

     

     

     

     

     

     

     

    Corporate

    $(87)

     

    $(114)

     

    $(341)

     

    $(391)

     

    Interest expense, net of interest income

    (15)

     

    (13)

     

    (64)

     

    (107)

     

    Business restructuring-related costs, net (a)

    (362)

     

    (16)

     

    (377)

     

    (41)

     

    Portfolio optimization (b)

    (17)

     

    (31)

     

    (59)

     

    (53)

     

    Legacy environmental remediation charges (c)

    (4)

     

    (24)

     

    (24)

     

    (24)

     

    Insurance recoveries (d)

    4

     

    7

     

    4

     

    16

     

    Impairment and other related charges, net (e)

    —

     

    (160)

     

    —

     

    (160)

     

    Currency valuation loss (f)

    —

     

    (20)

     

    —

     

    (20)

     

    Pension settlement charge (g)

    —

     

    —

     

    —

     

    (190)

    Income before income taxes

    $81

     

    $209

     

    $1,852

     

    $1,690

     

     

     

     

     

     

     

     

     

    (a)

    Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Business restructuring, net on the consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the consolidated statement of income, and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization and Selling, general and administrative on the consolidated statement of income. Business restructuring-related costs, net also includes the fourth quarter 2024 recognition of accumulated foreign currency translation losses of $110 million related to the company's exit of its Argentina operations in connection with a restructuring program, which are included in Other (income)/charges, net in the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 recognition of the accumulated foreign currency translation losses.

     

     

     

     

     

     

     

     

     

    (b)

    Portfolio optimization includes gains and losses related to the sale of certain assets, which are included in Other (income)/charges, net on the consolidated statement of income, including the gain of $129 million on the sale of the company's silicas products business in the fourth quarter 2024, and the losses on the sales of the company's traffic solutions business in Argentina in the second quarter 2024, the company's European and Australian Traffic Solutions businesses in the fourth quarter 2023 and the company's legacy industrial Russian operations in the third quarter 2023. Portfolio optimization includes advisory, legal, accounting, valuation, other professional or consulting fees and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the consolidated statement of income. Portfolio optimization also includes an impairment charge of $146 million recognized during the fourth quarter 2024 when the company's remaining operations in Russia were classified as held for sale, which is included in Impairment and other related charges, net on the consolidated statement of income. No tax benefits was recorded on the fourth quarter 2024 impairment charge.

     

     

     

     

     

     

     

     

     

    (c)

    Legacy environmental remediation charges represent environmental remediation costs at certain non-operating PPG manufacturing sites. These charges are included in Other (income)/charges, net in the consolidated statement of income.

     

     

     

     

     

     

     

     

     

    (d)

    In the fourth quarter 2024 and the fourth quarter 2023, the company received reimbursement for previously approved insurance claims under policies covering legacy asbestos-related matters. In the first quarter 2023, the company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2020. These insurance recoveries are included in Other charges/(income), net on the consolidated statement of income.

     

     

     

     

     

     

     

     

     

    (e)

    In the fourth quarter 2023, the company recorded impairment and other related charges due to a non-cash goodwill impairment recognized for the Traffic Solutions reporting unit as a result of its annual goodwill impairment test. The fair value of the Traffic Solutions reporting unit decreased primarily due to increases in the cost of capital (discount rate assumption) and declines in the reporting unit's long-term forecast driven by challenges at its operations in Argentina due to the highly inflationary environment and changes to the reporting unit's global footprint, including the fourth quarter 2023 divestiture of its European and Australian businesses.

     

     

     

     

     

     

     

     

     

    (f)

    In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar. Argentina currency devaluation losses represent foreign currency translation losses recognized during December 2023 related to the devaluation of the Argentine peso, which is included in Other charges/(income), net on the consolidated statement of income.

     

     

     

     

     

     

     

     

     

    (g)

    In the first quarter 2023, PPG purchased group annuity contracts that transferred pension benefit obligations for certain of the company's retirees in the U.S. to third-party insurance companies, resulting in a non-cash pension settlement charge.

    PPG INDUSTRIES, INC. AND SUBSIDIARIES

    RECAST BUSINESS SEGMENT INFORMATION

    ($ in millions)

     

    Three Months Ended

     

    March 31, 2024

    June 30, 2024

    September 30,

    2024

    December 31,

    2024

    Net sales to external customers

    $966

    $1,070

    $1,004

    $881

    Cost of sales, exclusive of depreciation and amortization

    458

    513

    494

    439

    Selling, general and administrative

    301

    309

    289

    287

    Depreciation and amortization

    26

    26

    26

    26

    Other

    15

    11

    12

    11

    Global Architectural segment income

    $166

    $211

    $183

    $118

     

     

     

     

     

    Net sales to external customers

    $1,184

    $1,418

    $1,373

    $1,262

    Cost of sales, exclusive of depreciation and amortization

    628

    773

    755

    695

    Selling, general and administrative

    245

    261

    258

    253

    Depreciation and amortization

    34

    34

    31

    33

    Other

    26

    24

    23

    22

    Performance Coatings segment income

    $251

    $326

    $306

    $259

     

     

     

     

     

    Net sales to external customers

    $1,699

    $1,747

    $1,655

    $1,586

    Cost of sales, exclusive of depreciation and amortization

    1119

    1164

    1132

    1083

    Selling, general and administrative

    212

    210

    207

    209

    Depreciation and amortization

    52

    53

    52

    49

    Other

    67

    61

    64

    60

    Industrial Coatings segment income

    $249

    $259

    $200

    $185

     

     

     

     

     

    Total net sales to external customers

    $3,849

    $4,235

    $4,032

    $3,729

    Total segment income

    $666

    $796

    $689

    $562

    Corporate / Non-Segment Items

     

     

     

     

    Corporate / non-segment unallocated, exclusive of depreciation and amortization

    (76)

    (67)

    (72)

    (76)

    Corporate / non-segment depreciation and amortization

    (18)

    (11)

    (10)

    (11)

    Interest expense, net of interest income

    (13)

    (17)

    (19)

    (15)

    Business restructuring-related costs, net (a)

    (11)

    (4)

    —

    (362)

    Portfolio optimization (b)

    (6)

    (26)

    (10)

    (17)

    Legacy environmental remediation charges (c)

    —

    (20)

    —

    (4)

    Insurance recoveries (d)

    —

    —

    —

    4

    Total income from continuing operations before income taxes

    $542

    $651

    $578

    $81

     

    Three Months Ended

     

    March 31, 2023

    June 30, 2023

    September 30,

    2023

    December 31,

    2023

    Net sales to external customers

    $975

    $1,066

    $1,037

    $943

    Cost of sales, exclusive of depreciation and amortization

    495

    543

    512

    472

    Selling, general and administrative

    279

    296

    293

    302

    Depreciation and amortization

    25

    25

    26

    25

    Other

    16

    16

    10

    13

    Global Architectural segment income

    $160

    $186

    $196

    $131

     

     

     

     

     

    Net sales to external customers

    $1,153

    $1,424

    $1,322

    $1,233

    Cost of sales, exclusive of depreciation and amortization

    634

    787

    779

    693

    Selling, general and administrative

    230

    246

    234

    256

    Depreciation and amortization

    35

    34

    35

    35

    Other

    24

    28

    32

    31

    Performance Coatings segment income

    $230

    $329

    $242

    $218

     

     

     

     

     

    Net sales to external customers

    $1,753

    $1,833

    $1,767

    $1,736

    Cost of sales, exclusive of depreciation and amortization

    1201

    1235

    1187

    1136

    Selling, general and administrative

    201

    217

    214

    238

    Depreciation and amortization

    53

    53

    53

    54

    Other

    57

    78

    67

    77

    Industrial Coatings segment income

    $241

    $250

    $246

    $231

     

     

     

     

     

    Total net sales to external customers

    $3,881

    $4,323

    $4,126

    $3,912

    Total segment income

    $631

    $765

    $684

    $580

    Corporate / Non-Segment Items

     

     

     

     

    Corporate / non-segment unallocated, exclusive of depreciation and amortization

    (76)

    (86)

    (80)

    (88)

    Corporate / non-segment depreciation and amortization

    (8)

    (10)

    (17)

    (26)

    Interest expense, net of interest income

    (33)

    (36)

    (25)

    (13)

    Business restructuring-related costs, net (a)

    —

    (10)

    (15)

    (16)

    Portfolio optimization (b)

    —

    (7)

    (15)

    (31)

    Legacy environmental remediation charges (c)

    —

    —

    —

    (24)

    Insurance recoveries (d)

    9

    —

    —

    7

    Impairment and other related charges, net (e)

    —

    —

    —

    (160)

    Argentina currency devaluation losses (f)

    —

    —

    —

    (20)

    Pension settlement charge (g)

    (190)

    —

    —

     

    Total income from continuing operations before income taxes

    $333

    $616

    $532

    $209

     

    Twelve Months Ended

     

    December 31, 2022

    Net sales to external customers

    $3,852

    Cost of sales, exclusive of depreciation and amortization

    2,096

    Selling, general and administrative

    1,058

    Depreciation and amortization

    102

    Other

    38

    Global Architectural segment income

    $558

     

     

    Net sales to external customers

    $4,792

    Cost of sales, exclusive of depreciation and amortization

    2,813

    Selling, general and administrative

    879

    Depreciation and amortization

    142

    Other

    111

    Performance Coatings segment income

    $847

     

     

    Net sales to external customers

    $6,970

    Cost of sales, exclusive of depreciation and amortization

    5,062

    Selling, general and administrative

    786

    Depreciation and amortization

    207

    Other

    269

    Industrial Coatings segment income

    $646

     

     

    Total net sales to external customers

    $15,614

    Total segment income

    $2,051

    Corporate / Non-Segment Items

     

    Corporate / non-segment unallocated, exclusive of depreciation and amortization

    (219)

    Corporate / non-segment depreciation and amortization

    (51)

    Interest expense, net of interest income

    (113)

    Business restructuring-related costs, net (a)

    (72)

    Portfolio optimization (b)

    (10)

    Impairment and other related charges, net (e)

    (231)

    Total income from continuing operations before income taxes

    $1,355

    (a)

    Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Business restructuring, net on the consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the consolidated statement of income, and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization and Selling, general and administrative on the consolidated statement of income. Business restructuring-related costs, net also includes the fourth quarter 2024 recognition of accumulated foreign currency translation losses of $110 million related to the company's exit of its Argentina operations in connection with a restructuring program, which are included in Other (income)/charges, net in the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 recognition of the accumulated foreign currency translation losses.

    (b)

    Portfolio optimization includes gains and losses related to the sale of certain assets, which are included in Other (income)/charges, net on the consolidated statement of income, including the gain of $129 million on the sale of the company's silicas products business in the fourth quarter 2024, and the losses on the sales of the company's traffic solutions business in Argentina in the second quarter 2024, the company's European and Australian Traffic Solutions businesses in the fourth quarter 2023 and the company's legacy industrial Russian operations in the third quarter 2023. Portfolio optimization includes advisory, legal, accounting, valuation, other professional or consulting fees and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the consolidated statement of income. Portfolio optimization also includes an impairment charge of $146 million recognized during the fourth quarter 2024 when the company's remaining operations in Russia were classified as held for sale, which is included in Impairment and other related charges, net on the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 impairment charge.

    (c)

    Legacy environmental remediation charges represent environmental remediation costs at certain non-operating PPG manufacturing sites. These charges are included in Other (income)/charges, net in the consolidated statement of income.

    (d)

    In the fourth quarter 2024 and the fourth quarter 2023, the company received reimbursement for previously approved insurance claims under policies covering legacy asbestos-related matters. In the first quarter 2023, the company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2020. These insurance recoveries are included in Other charges/(income), net on the consolidated statement of income.

    (e)

    In the fourth quarter 2023, the company recorded impairment and other related charges due to a non-cash goodwill impairment recognized for the Traffic Solutions reporting unit as a result of its annual goodwill impairment test. The fair value of the Traffic Solutions reporting unit decreased primarily due to increases in the cost of capital (discount rate assumption) and declines in the reporting unit's long-term forecast driven by challenges at its operations in Argentina due to the highly inflationary environment and changes to the reporting unit's global footprint, including the fourth quarter 2023 divestiture of its European and Australian businesses. In 2022, the company recorded impairment and other related charges due to the wind down of the company's operations in Russia.

    (f)

    In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar. Argentina currency devaluation losses represent foreign currency translation losses recognized during December 2023 related to the devaluation of the Argentine peso, which is included in Other charges/(income), net on the consolidated statement of income.

    (g)

    In the first quarter 2023, PPG purchased group annuity contracts that transferred pension benefit obligations for certain of the company's retirees in the U.S. to third-party insurance companies, resulting in a non-cash pension settlement charge.

    CATEGORY Corporate

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250130788715/en/

    PPG Media Contact:

    Mark Silvey

    Corporate Communications

    +1-412-434-3046

    [email protected]

    PPG Investor Contact:

    Alex Lopez

    Investor Relations

    +1-412-434-3466

    [email protected]

    investor.ppg.com

    Get the next $PPG alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $PPG

    DatePrice TargetRatingAnalyst
    4/15/2025$126.00Buy → Neutral
    BofA Securities
    3/10/2025Buy → Hold
    Argus
    3/5/2025Buy → Neutral
    Seaport Research Partners
    2/12/2025$145.00 → $115.00Overweight → Neutral
    Analyst
    4/22/2024Neutral → Buy
    Seaport Research Partners
    4/22/2024$152.00Outperform → In-line
    Evercore ISI
    4/11/2024$150.00 → $163.00Equal Weight → Overweight
    Wells Fargo
    3/7/2024$173.00 → $156.00Buy → Neutral
    UBS
    More analyst ratings

    $PPG
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • PPG showcases innovations in paints, coatings and specialty products that enhance customer productivity and accelerate organic growth

      PPG (NYSE:PPG) today announced that the company recently showcased its latest innovations to members of the analyst community at its global Coatings Innovation Center in Allison Park, Pa. The event focused on advancements in innovative and sustainably advantaged* solutions that enhance productivity and reflect the company's goals of helping customers lower costs, drive operational excellence and accelerate PPG's organic growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250616796712/en/PPG recently showcased its latest innovations to members of the analyst community at its global Coatings Innovation Center in Allison Park, P

      6/16/25 11:29:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG becomes first U.S.-based coatings company to receive third-party certification of tools, processes that quantify environmental impact

      Proprietary knowhow drives productivity and customer value creation PPG (NYSE:PPG) today announced that its in-house tools for cradle-to-gate product carbon footprint (PCF) measurement and life cycle assessment (LCA) have been validated to internationally recognized ISO standards by independent accreditation firm WAP Sustainability Consulting. In addition, PPG's environmental product declaration (EPD) process has been certified by the International EPD system, the world's largest EPD publisher. PCFs measure the total greenhouse gas emissions associated with a product's life cycle, from raw material extraction to end-of-life disposal. LCAs evaluate the environmental impacts associated wi

      5/29/25 10:27:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG recognized in Newsweek's World's Greenest Companies 2025 list

      PPG (NYSE:PPG) today announced that it has been named to Newsweek magazine's World's Greenest Companies 2025 list. The list recognizes the top 750 publicly listed companies across 26 countries for their environmental sustainability performance. "For decades, customers have relied on PPG as a partner to support their most challenging needs to protect and beautify countless assets," said Peter Votruba-Drzal, PPG vice president, global sustainability. "By embracing sustainable innovation as a key component of our business strategy, we're driving growth through solutions that yield sustainable advantages for our customers." PPG recently reported strong 2024 progress against its 2030 sustain

      5/27/25 10:06:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SEC Form 4 filed by Director Novo Guillermo

      4 - PPG INDUSTRIES INC (0000079879) (Issuer)

      7/2/25 3:16:11 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • SEC Form 4 filed by Director Fortmann Kathy Lynn

      4 - PPG INDUSTRIES INC (0000079879) (Issuer)

      7/2/25 3:14:17 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • SEC Form 4 filed by Senior VP & CFO Morales Vincent J

      4 - PPG INDUSTRIES INC (0000079879) (Issuer)

      7/1/25 11:57:46 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    SEC Filings

    See more
    • SEC Form 11-K filed by PPG Industries Inc.

      11-K - PPG INDUSTRIES INC (0000079879) (Filer)

      6/16/25 3:04:12 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • SEC Form 11-K filed by PPG Industries Inc.

      11-K - PPG INDUSTRIES INC (0000079879) (Filer)

      6/16/25 3:03:34 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • SEC Form 25-NSE filed by PPG Industries Inc.

      25-NSE - PPG INDUSTRIES INC (0000079879) (Subject)

      6/2/25 9:45:10 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • PPG Industries downgraded by BofA Securities with a new price target

      BofA Securities downgraded PPG Industries from Buy to Neutral and set a new price target of $126.00

      4/15/25 9:28:20 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG Industries downgraded by Argus

      Argus downgraded PPG Industries from Buy to Hold

      3/10/25 8:10:11 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG Industries downgraded by Seaport Research Partners

      Seaport Research Partners downgraded PPG Industries from Buy to Neutral

      3/5/25 7:42:17 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Knavish Timothy M bought $274,615 worth of shares (2,061 units at $133.24), increasing direct ownership by 6% to 35,833 units (SEC Form 4)

      4 - PPG INDUSTRIES INC (0000079879) (Issuer)

      5/9/24 4:22:12 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by PPG Industries Inc.

      SC 13G/A - PPG INDUSTRIES INC (0000079879) (Subject)

      11/12/24 4:49:01 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by PPG Industries Inc.

      SC 13G/A - PPG INDUSTRIES INC (0000079879) (Subject)

      11/4/24 1:20:53 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • SEC Form SC 13G/A filed by PPG Industries Inc. (Amendment)

      SC 13G/A - PPG INDUSTRIES INC (0000079879) (Subject)

      5/8/24 9:18:39 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Leadership Updates

    Live Leadership Updates

    See more
    • Flowchem Strengthens Leadership Team, Appointing COO, Technology Team, and Board of Senior Industry Experts

      Flowchem ("Flowchem" or the "Company") and SCF Partners ("SCF") are pleased to announce several personnel additions. Flowchem is a leading global player in the drag reducing agent ("DRA") market, providing custom-engineered specialty chemicals to help customers around the world optimize the performance of their infrastructure. These key appointments bolster the already-strong management team in place at the time of the Company's acquisition in 2024, positioning it for continued growth and industry leadership. Shivali Agarwal has been appointed as Chief Operating Officer ("COO"). Shivali brings decades of industry operating experience in roles across the globe, most recently serving as Gr

      2/13/25 7:00:00 AM ET
      $BKR
      $FET
      $HAL
      $PPG
      Metal Fabrications
      Industrials
      Oilfield Services/Equipment
      Energy
    • PPG announces leadership appointments

      PPG (NYSE:PPG) today announced several business leadership appointments as it continues to focus on driving and delivering the company's growth strategy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241113944237/en/Tom Maziarz, currently PPG vice president, automotive refinish, Americas, will become PPG vice president, traffic solutions, effective Dec. 1. (Photo: Business Wire) Tom Maziarz, currently PPG vice president, automotive refinish, Americas, will become PPG vice president, traffic solutions, effective Dec. 1. He will report to Amy Ericson, PPG senior vice president, protective and marine coatings. Maziarz will replace

      11/13/24 7:29:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG announces executive leadership changes

      PPG (NYSE:PPG) today announced that Kevin Braun, currently senior vice president, industrial coatings segment, will become senior vice president, operations, effective October 1, 2024. Braun will succeed Ram Vadlamannati, who announced his intention to retire from PPG after 25 years with the company. Vadlamannati will leave the company at the end of the year. Braun will continue to report to Tim Knavish, PPG chairman and CEO, and serve on PPG's operating committee. In his new role, Braun will lead the operations organization that includes PPG's supply chain, operational excellence, manufacturing operations, procurement, and environment, health and safety functions. He will also maintain exe

      9/24/24 8:00:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Financials

    Live finance-specific insights

    See more
    • PPG reports first quarter 2025 financial results

      Net sales of $3.7 billion, a decrease of 4% over the prior year driven by unfavorable foreign currency translation of 3% and business divestitures of 2% including silicas Organic sales increased 1% versus prior year driven by higher sales volumes Reported earnings per diluted share (EPS) of $1.64 and adjusted EPS of $1.72 Segment margin of 16.5% and segment EBITDA margin of 19.4% Share repurchases in the quarter totaled approximately $400 million Net debt at quarter end was $5.4 billion, an increase of $340 million over the prior year PPG (NYSE:PPG) today reported financial results for the first quarter 2025. First Quarter 2025 Consolidated Results $ in millions, except EPS

      4/29/25 4:05:00 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG highlights 2024 performance during annual meeting of shareholders

      PPG (NYSE:PPG) today held its annual meeting of shareholders where Tim Knavish, PPG chairman and chief executive officer, highlighted the company's 2024 performance. PPG achieved full-year 2024 net sales from continuing operations of $15.8 billion, and adjusted EPS increased 6%, supported by PPG's strong portfolio and driven by sales of PPG's technology-advantaged products and strong brands. The company delivered record results in several businesses in 2024, including aerospace coatings, automotive refinish coatings, and architectural coatings Latin America. "I want to thank PPG's approximately 45,000 employees throughout the world who are dedicated to being a trusted partner for customer

      4/17/25 12:07:00 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG Board of Directors announce quarterly dividend of 68 cents per share

      The Board of Directors of PPG (NYSE:PPG) today declared a regular quarterly dividend of 68 cents per share, payable June 12 to shareholders of record May 12. Through the ongoing dedication and engagement of its workforce, PPG has raised its annual dividend payment for 53 consecutive years and has paid uninterrupted annual dividends since 1899. This marks the company's 507th consecutive dividend payment. PPG: WE PROTECT AND BEAUTIFY THE WORLD® At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers' biggest challenges, collabor

      4/17/25 9:58:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary