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PPG Industries reported Q4 2015 net sales from continuing operations of US$3.7bn, consistent with the prior year. Net sales in local currencies grew 7% yr-on-yr, with acquisition-related sales adding 5% and sales volume growth contributing nearly 2%, led by gains in Europe and Asia.
Unfavourable foreign currency translation impacted net sales by 7% or about US$250M. Record Q4 adjusted earnings per diluted share of US$1.23, up 17% yr-on-yr despite unfavourable impact from foreign currency translation. Full-year cash deployment of US$1.15bn including business acquisitions of more than US$400M and share repurchases of US$750M. Full-year net sales of US$15.3bn; sales up more than 7% yr-on-yr in local currencies. Record full-year adjusted earnings/diluted share from continuing operations of US$5.69, up 17% yr-on-yr.
"We once again delivered strong financial performance in the fourth quarter and for the full year of 2015,” said Michael H McGarry, PPG President and CEO. "As we enter 2016, we anticipate global economic growth will continue but at a varied pace and mixed by major economy. In the Asia Pacific region, growth will likely remain uneven through the year but solid on a full-year basis. The primary driver for this growth is increased consumer spending, which is beneficial to PPG as this affects the majority of our products sold in the region.”
