PPG Reports Record Fourth Quarter, Earnings Per Share Of $1.39, Up 12 Percent Versus 2010

january 23 2012

PPG Industries has reported net sales for the fourth quarter 2011 of $3.5 billion, an increase of 4 percent versus the prior year’s fourth quarter. Net income for the quarter increased to $216 million, or $1.39 per diluted share. Fourth quarter 2010 net sales were $3.4 billion, and net income was $205 million, or $1.24 per diluted share.

PPG’s annual sales for 2011 were $14.9 billion, an increase of 11 percent versus 2010 sales of $13.4 billion. PPG’s full year 2011 net income was $1.1 billion, or $6.87 per diluted share, versus 2010 net income of $769 million, or $4.63 per diluted share. Full year 2010 adjusted net income was $854 million, or $5.14 per diluted share. The company’s full year tax rate on ongoing earnings was 25 percent in 2011 and 26 percent in 2010. A Regulation G Reconciliation of adjusted net income to reported net income is included below.

“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. “In so doing, we delivered the best full year earnings per share in PPG’s history.

“This strong performance was achieved despite moderating global growth rates during the fourth quarter,” Bunch said. “During the year, we experienced uneven economic conditions, persistent raw material inflation, and continued anemic construction activity in developed regions. However, the geographic and end-use market diversity of our business portfolio continued to be an important benefit in 2011.”

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