PPG Industries (PPG) FY2014 results: revenue $14.8 billion, up 3.7% on the year
PPG Industries Inc. (PPG) reported revenue of $14.8 billion for fiscal 2014, the year ended 31 December 2014, up 3.7% on the year before. Net income was $2.1 billion, down 34.9%, and diluted earnings per share $7.51. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2015.
Revenue
$14.8 billion
+3.7% on the year
FY2007FY2014
Operating margin
14.8%
13.5% a year earlier
FY2007FY2014
Net income
$2.1 billion
-34.9% on the year
FY2007FY2014
Diluted EPS
$7.51
-32.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
14,791
14,265
12,686
+3.7%
Research and development
499
479
444
+4.2%
Selling, general and administrative
3,696
3,486
2,987
+6.0%
Operating income
2,191
1,923
1,629
+13.9%
Operating margin
14.8%
13.5%
12.8%
Interest expense
187
196
210
-4.6%
Pre-tax income
1,346
1,226
828
+9.8%
Income tax
237
253
148
-6.3%
Effective tax rate
17.6%
20.6%
17.9%
Net income
2,102
3,231
941
-34.9%
Net margin
14.2%
22.6%
7.4%
Diluted EPS
$7.51
$11.13
$3.03
-32.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,528
1,791
1,787
-14.7%
Capital expenditure
564
494
330
+14.2%
Free cash flow
964
1,297
1,457
-25.7%
Free cash flow margin
6.5%
9.1%
11.5%
Cash from investing
-857
3.0
-1,611
Cash from financing
-969
-1,979
-351
Depreciation and amortisation
450
452
399
-0.4%
Share-based compensation
71.0
81.0
71.0
-12.3%
Buybacks
750
1,000
92.0
-25.0%
Dividends paid
361
345
358
+4.6%
Dividend per share
$1.31
$1.21
$1.17
+8.3%
Diluted shares, weighted
280m
290m
310m
-3.7%
Shares outstanding at period end
272m
277m
307m
-1.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,180
4,932
4,063
+5.0%
Non-controlling interest
85.0
266
259
-68.0%
Debt
4,014
3,406
4,010
+17.9%
Other liabilities
8,256
7,200
7,546
+14.7%
Total liabilities and equity
17,535
15,804
15,878
+11.0%
Fixed assets
2,895
2,876
2,888
+0.7%
Goodwill
3,801
3,008
2,761
+26.4%
Intangible assets
2,411
1,339
1,085
+80.1%
Investments
940
1,022
1,509
-8.0%
Cash and equivalents
686
1,116
1,306
-38.5%
Receivables
2,366
2,449
2,568
-3.4%
Inventory
1,825
1,824
1,687
+0.1%
Other assets
2,611
2,170
2,074
+20.3%
Total assets
17,535
15,804
15,878
+11.0%
10-K for the year ended 31 December 2014, filed 19 February 2015: the filing.