PPG reports 2015 results
February 11, 2016 By PPG
Feb. 11, 2016 – Glass segment net sales were $265 million for the quarter, down $7 million, or 3 percent, year-over-year as higher sales volumes and improved selling prices were offset by unfavorable foreign currency translation and reduced sales stemming from the 2014 sale of a flat glass production facility.
Solid flat glass demand continued for value-added products serving residential and non-residential end-use markets. Fiber glass sales volumes also increased, as higher U.S. demand offset lower activity in Europe. Segment income was $38 million, up $5 million versus the prior year, driven by improved organic sales that were partially offset by weak manufacturing cost performance related to the Fresno, California, flat glass facility, which is scheduled to undergo a major repair project in the first quarter 2016.
Overall results for PPG Industries:
· Fourth quarter net sales increased 7 percent in local currencies
· Quarterly sales volumes up nearly 2 percent, led by gains in Europe and Asia
· Record fourth quarter adjusted earnings per diluted share of $1.23, up 17 percent year-over-year despite unfavorable impact from foreign currency translation
· Full-year cash deployment of $1.15 billion including business acquisitions of over $400 million and share repurchases of $750 million
· Full-year net sales of $15.3 billion; sales up more than 7 percent year-over-year in local currencies
· Record full-year adjusted earnings per diluted share from continuing operations of $5.69, up 17 percent year-over-year
· Cash and short-term investments totaling $1.5 billion at year-end
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