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PPG Reports Fourth Quarter and Full-Year Results

Post Time:Jan 22,2016Classify:Company NewsView:290

PPG Industries (NYSE:PPG) reported on Jan. 21, 2016 fourth quarter 2015 net sales from continuing operations of $3.7 billion, consistent with the prior year.      

*Fourth quarter net sales increased 7 percent in local currencies

*Quarterly sales volumes up nearly 2 percent, led by gains in Europe and Asia

*Record fourth quarter adjusted earnings per diluted share of $1.23, up 17 percent year-over-year despite unfavorable impact from foreign currency translation 

*Full-year cash deployment of $1.15 billion including business acquisitions of over $400 million and share repurchases of $750 million 

*Full-year net sales of $15.3 billion; sales up more than 7 percent year-over-year in local currencies 

*Record full-year adjusted earnings per diluted share from continuing operations of $5.69, up 17 percent year-over-year--- *Cash and short-term investments totaling $1.5 billion at year-end


Net sales in local currencies grew 7 percent year-over-year, with acquisition-related sales adding 5 percent and sales volume growth contributing nearly 2 percent. Unfavorable foreign currency translation impacted net sales by 7 percent, or about $250 million.

Fourth quarter 2015 reported net income from continuing operations was $314 million, or $1.16 per diluted share. Fourth quarter 2015 adjusted net income from continuing operations was $332 million, or $1.23 per diluted share. Adjusted net income excludes an after-tax charge for transaction-related costs totaling $11 million, or 4 cents per diluted share, and an equity affiliate debt-refinancing charge of $7 million, or 3 cents per diluted share. The adjusted effective tax rate for the quarter was 24.5 percent.

Read more: 
investor.ppg.com/phoenix.zhtml

Source: PPG Industries Ohio, Inc.Author: shangyi

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