PPG Industries (PPG) FY2017 results: revenue $14.7 billion, up 3.3% on the year
PPG Industries Inc. (PPG) reported revenue of $14.7 billion for fiscal 2017, the year ended 31 December 2017, up 3.3% on the year before. Net income was $1.6 billion, up 82.2%, and diluted earnings per share $6.17. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$14.7 billion
+3.3% on the year
FY2010FY2017
Operating margin
15.6%
16.7% a year earlier
FY2010FY2017
Net income
$1.6 billion
+82.2% on the year
FY2010FY2017
Diluted EPS
$6.17
+88.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
14,748
14,270
14,241
+3.3%
Cost of revenue
8,209
n/a
n/a
Gross profit
6,539
n/a
n/a
Gross margin
44.3%
n/a
n/a
Research and development
472
473
484
-0.2%
Selling, general and administrative
3,554
3,555
3,584
-0.0%
Operating income
2,295
2,382
2,287
-3.7%
Operating margin
15.6%
16.7%
16.1%
Interest expense
105
125
125
-16.0%
Pre-tax income
2,008
779
1,745
+157.8%
Income tax
616
214
413
+187.9%
Effective tax rate
30.7%
27.5%
23.7%
Net income
1,591
873
1,406
+82.2%
Net margin
10.8%
6.1%
9.9%
Diluted EPS
$6.17
$3.28
$5.14
+88.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,568
1,351
1,895
+16.1%
Capital expenditure
360
380
430
-5.3%
Free cash flow
1,208
971
1,465
+24.4%
Free cash flow margin
8.2%
6.8%
10.3%
Cash from investing
-67.0
436
-395
Cash from financing
-1,954
-1,210
-812
Depreciation and amortisation
460
440
446
+4.5%
Share-based compensation
35.0
45.0
54.0
-22.2%
Buybacks
813
1,050
751
-22.6%
Dividends paid
434
414
383
+4.8%
Dividend per share
$1.70
$1.56
$1.41
+9.0%
Diluted shares, weighted
258m
267m
274m
-3.6%
Shares outstanding at period end
251m
257m
267m
-2.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
5,558
4,826
4,983
+15.2%
Non-controlling interest
115
87.0
86.0
+32.2%
Debt
4,146
4,416
4,307
-6.1%
Other liabilities
6,719
6,440
7,700
+4.3%
Total liabilities and equity
16,538
15,769
17,076
+4.9%
Fixed assets
2,824
2,608
2,608
+8.3%
Goodwill
3,942
3,572
3,625
+10.4%
Intangible assets
2,045
1,983
2,178
+3.1%
Investments
323
222
511
+45.5%
Cash and equivalents
1,436
1,820
1,311
-21.1%
Receivables
2,559
2,288
2,343
+11.8%
Inventory
1,730
1,514
1,659
+14.3%
Other assets
1,679
1,762
2,841
-4.7%
Total assets
16,538
15,769
17,076
+4.9%
10-K for the year ended 31 December 2017, filed 21 February 2019: the filing.