PPG Industries (PPG) FY2015 results: revenue $14.2 billion, down 3.7% on the year
PPG Industries Inc. (PPG) reported revenue of $14.2 billion for fiscal 2015, the year ended 31 December 2015, down 3.7% on the year before. Net income was $1.4 billion, down 33.1%, and diluted earnings per share $5.14. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2016.
Revenue
$14.2 billion
-3.7% on the year
FY2008FY2015
Operating margin
16.1%
14.8% a year earlier
FY2008FY2015
Net income
$1.4 billion
-33.1% on the year
FY2008FY2015
Diluted EPS
$5.14
-31.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
14,241
14,791
14,265
-3.7%
Research and development
484
499
479
-3.0%
Selling, general and administrative
3,584
3,696
3,486
-3.0%
Operating income
2,287
2,191
1,923
+4.4%
Operating margin
16.1%
14.8%
13.5%
Interest expense
125
187
196
-33.2%
Pre-tax income
1,745
1,346
1,226
+29.6%
Income tax
413
237
253
+74.3%
Effective tax rate
23.7%
17.6%
20.6%
Net income
1,406
2,102
3,231
-33.1%
Net margin
9.9%
14.2%
22.6%
Diluted EPS
$5.14
$7.51
$11.13
-31.6%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,895
1,528
1,791
+24.0%
Capital expenditure
430
564
494
-23.8%
Free cash flow
1,465
964
1,297
+52.0%
Free cash flow margin
10.3%
6.5%
9.1%
Cash from investing
-395
-857
3.0
Cash from financing
-812
-969
-1,979
Depreciation and amortisation
446
450
452
-0.9%
Share-based compensation
54.0
71.0
81.0
-23.9%
Buybacks
751
750
1,000
+0.1%
Dividends paid
383
361
345
+6.1%
Dividend per share
$1.41
$1.31
$1.21
+7.6%
Diluted shares, weighted
274m
280m
290m
-2.1%
Shares outstanding at period end
267m
272m
277m
-1.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,983
5,180
4,932
-3.8%
Non-controlling interest
86.0
85.0
266
+1.2%
Debt
4,307
4,014
3,406
+7.3%
Other liabilities
7,700
8,256
7,200
-6.7%
Total liabilities and equity
17,076
17,535
15,804
-2.6%
Fixed assets
2,608
2,895
2,876
-9.9%
Goodwill
3,625
3,801
3,008
-4.6%
Intangible assets
2,178
2,411
1,339
-9.7%
Investments
511
940
1,022
-45.6%
Cash and equivalents
1,311
686
1,116
+91.1%
Receivables
2,343
2,366
2,449
-1.0%
Inventory
1,659
1,825
1,824
-9.1%
Other assets
2,841
2,611
2,170
+8.8%
Total assets
17,076
17,535
15,804
-2.6%
10-K for the year ended 31 December 2015, filed 18 February 2016: the filing.