PPG Reports Fourth Quarter and Full-Year 2022 Financial Results
PPG has reported financial results for the fourth quarter 2022 and full-year 2022. For the fourth quarter, the company’s net sales totaled $4.2 billion, up 5% in constant currencies driven by higher selling prices. The company’s reported earnings per diluted share from continuing operations (EPS) was $1.01, and adjusted EPS was $1.22. PPG’s margin recovery with segment earnings growth was more than 20% year-over-year, despite more severe commercial and supply disruptions in China than original guidance.
“We continued to make good progress on our focus to achieve full operating margin recovery, as year-over-year earnings improved in both segments despite more acute pandemic-related demand disruptions in China,” said Tim Knavish, PPG president and chief executive officer. “This earnings improvement was driven by aggregate selling price increases that totaled 19% on a two-year stacked basis, as we remained focused on mitigating the significant cumulative cost inflation incurred the past two years.