PPG Industries (PPG) FY2012 results: revenue $12.7 billion, down 3.6% on the year
PPG Industries Inc. (PPG) reported revenue of $12.7 billion for fiscal 2012, the year ended 31 December 2012, down 3.6% on the year before. Net income was $941 million, down 14.1%, and diluted earnings per share $3.03. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2013.
Revenue
$12.7 billion
-3.6% on the year
FY2007FY2012
Operating margin
12.8%
12.6% a year earlier
FY2007FY2012
Net income
$941 million
-14.1% on the year
FY2007FY2012
Diluted EPS
$3.03
-11.8% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
12,686
13,153
11,989
-3.6%
Research and development
444
443
406
+0.2%
Selling, general and administrative
2,987
3,122
2,887
-4.3%
Operating income
1,629
1,657
1,533
-1.7%
Operating margin
12.8%
12.6%
12.8%
Interest expense
210
210
189
0.0%
Pre-tax income
828
1,222
1,108
-32.2%
Income tax
148
260
347
-43.1%
Effective tax rate
17.9%
21.3%
31.3%
Net income
941
1,095
769
-14.1%
Net margin
7.4%
8.3%
6.4%
Diluted EPS
$3.03
$3.44
$2.31
-11.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,787
1,436
1,310
+24.4%
Capital expenditure
330
326
267
+1.2%
Free cash flow
1,457
1,110
1,043
+31.3%
Free cash flow margin
11.5%
8.4%
8.7%
Cash from investing
-1,611
353
-949
Cash from financing
-351
-1,632
-104
Depreciation and amortisation
399
425
430
-6.1%
Share-based compensation
71.0
34.0
51.0
+108.8%
Buybacks
92.0
858
586
-89.3%
Dividends paid
358
355
360
+0.8%
Dividend per share
$1.17
$1.13
$1.09
+3.5%
Diluted shares, weighted
310m
319m
332m
-2.6%
Shares outstanding at period end
307m
304m
321m
+1.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
4,063
3,249
3,638
+25.1%
Non-controlling interest
259
197
195
+31.5%
Debt
4,010
3,682
4,071
+8.9%
Other liabilities
7,546
7,254
7,071
+4.0%
Total liabilities and equity
15,878
14,382
14,975
+10.4%
Fixed assets
2,888
2,721
2,686
+6.1%
Goodwill
2,761
2,660
2,719
+3.8%
Intangible assets
1,085
1,125
1,268
-3.6%
Investments
1,509
412
1,187
+266.3%
Cash and equivalents
1,306
1,306
1,341
0.0%
Receivables
2,568
2,512
2,447
+2.2%
Inventory
1,687
1,607
1,573
+5.0%
Other assets
2,074
2,039
1,754
+1.7%
Total assets
15,878
14,382
14,975
+10.4%
10-K for the year ended 31 December 2012, filed 21 February 2013: the filing.