PPG Industries has reported net sales for the Q4 2011 of US$3.5bn, an increase of 4% yr-on-yr. Net income for the quarter increased to US$216M or US$1.39/diluted share. Q4 2010 net sales were US$3.4bn and net income was US$205M or US$1.24/diluted share.
PPG’s annual sales for 2011 were US$14.9bn; an increase of 11% yr-on-yr. Full year 2011 net income was US$1.1bn or US$6.87/diluted share, versus yr-on-yr income of US$769M or US$4.63/diluted share. Performance Coatings sales for the quarter were US$1.1bn, up US$34M yr-on-yr.
"PPG achieved record earnings per share each quarter this year by focusing on strong execution in its global businesses, aggressive cost management and amplified cash deployment,” said Charles E Bunch, PPG chairman and CEO.