PPG reports on Q4 / FY results

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.

"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.”