PPG rolls on strong in Q4
Pittsburgh Plate Glass, known today as PPG, keeps revenue rolling with reported record sales growth for both Q4 and year end 2023.
PPG reported record 2023 Q4 net sales of $4.4 billion, 4% higher than the prior year’s fourth quarter net sales of approximately $4.2 billion. Record full-year 2023 net sales were approximately $18.2 billion, up about 3% versus the prior year.
Adjusted net income for the fourth quarter increased to $363 million compared to $286 million in the previous year’s Q3, an increase of 27%. Adjusted net income for the full year was $1.8 billion, up from $1.4 billion the previous year, also a 27% increase.
Tim Knavish, chairman and CEO of Pittsburgh-based PPG said, “capping off a record year, the PPG team delivered solid year-over-year sales growth, strong adjusted earnings growth and record operating cash flow.
“The breadth and diversity of our business portfolio was a key driver to our record fourth quarter performance, as we benefited from solid volume growth in China, demand stabilization in Europe and continued growth in several key end-use markets such as aerospace, automotive original equipment manufacturer (OEM) and protective coatings.”
In the Performance Coatings segment for Q4, net sales increased to $2.62 billion, up 5% Y-O-Y, primarily due to higher selling prices and favorable foreign currency translation, said the firm.
The Industrial Coatings segment Q4 net sales increased to $1.74 billion, up 2% Y-O-Y, also aided by favorable foreign currency translation.
The Bottom Line: PPG recorded record net sales of $4.4 billion for Q4 and record sales of $18 billion for the full year 2023.
What the CEO said: “Looking at the full year, in addition to our record financial performance, we successfully implemented various strategic initiatives to strengthen the company, including key actions to position PPG for higher organic growth,” said Tim Knavish, chairman and CEO of PPG.
Company info: Click HERE to read the 2023 fourth quarter and year-end financial report from PPG.
