PPG Industries (PPG) FY2013 results: revenue $14.3 billion, up 12.4% on the year
PPG Industries Inc. (PPG) reported revenue of $14.3 billion for fiscal 2013, the year ended 31 December 2013, up 12.4% on the year before. Net income was $3.2 billion, up 243.4%, and diluted earnings per share $11.13. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2014.
Revenue
$14.3 billion
+12.4% on the year
FY2007FY2013
Operating margin
13.5%
12.8% a year earlier
FY2007FY2013
Net income
$3.2 billion
+243.4% on the year
FY2007FY2013
Diluted EPS
$11.13
+267.5% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
14,265
12,686
13,153
+12.4%
Research and development
479
444
443
+7.9%
Selling, general and administrative
3,486
2,987
3,122
+16.7%
Operating income
1,923
1,629
1,657
+18.0%
Operating margin
13.5%
12.8%
12.6%
Interest expense
196
210
210
-6.7%
Pre-tax income
1,226
828
1,222
+48.1%
Income tax
253
148
260
+70.9%
Effective tax rate
20.6%
17.9%
21.3%
Net income
3,231
941
1,095
+243.4%
Net margin
22.6%
7.4%
8.3%
Diluted EPS
$11.13
$3.03
$3.44
+267.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,791
1,787
1,436
+0.2%
Capital expenditure
494
330
326
+49.7%
Free cash flow
1,297
1,457
1,110
-11.0%
Free cash flow margin
9.1%
11.5%
8.4%
Cash from investing
3.0
-1,611
353
Cash from financing
-1,979
-351
-1,632
Depreciation and amortisation
452
399
425
+13.3%
Share-based compensation
81.0
71.0
34.0
+14.1%
Buybacks
1,000
92.0
858
+987.0%
Dividends paid
345
358
355
-3.6%
Dividend per share
$1.21
$1.17
$1.13
+3.4%
Diluted shares, weighted
290m
310m
319m
-6.4%
Shares outstanding at period end
277m
307m
304m
-9.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
4,932
4,063
3,249
+21.4%
Non-controlling interest
266
259
197
+2.7%
Debt
3,406
4,010
3,682
-15.1%
Other liabilities
7,200
7,546
7,254
-4.6%
Total liabilities and equity
15,804
15,878
14,382
-0.5%
Fixed assets
2,876
2,888
2,721
-0.4%
Goodwill
3,008
2,761
2,660
+8.9%
Intangible assets
1,339
1,085
1,125
+23.4%
Investments
1,022
1,509
412
-32.3%
Cash and equivalents
1,116
1,306
1,306
-14.5%
Receivables
2,449
2,568
2,512
-4.6%
Inventory
1,824
1,687
1,607
+8.1%
Other assets
2,170
2,074
2,039
+4.6%
Total assets
15,804
15,878
14,382
-0.5%
10-K for the year ended 31 December 2013, filed 20 February 2014: the filing.