PPG Industries (PPG) FY2018 results: revenue $15.4 billion, up 4.2% on the year
PPG Industries Inc. (PPG) reported revenue of $15.4 billion for fiscal 2018, the year ended 31 December 2018, up 4.2% on the year before. Net income was $1.3 billion, down 15.7%, and diluted earnings per share $5.47. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$15.4 billion
+4.2% on the year
FY2011FY2018
Operating margin
13.8%
15.6% a year earlier
FY2011FY2018
Net income
$1.3 billion
-15.7% on the year
FY2011FY2018
Diluted EPS
$5.47
-11.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
15,374
14,748
14,270
+4.2%
Cost of revenue
9,001
8,209
n/a
+9.6%
Gross profit
6,373
6,539
n/a
-2.5%
Gross margin
41.5%
44.3%
n/a
Research and development
464
472
473
-1.7%
Selling, general and administrative
3,573
3,554
3,555
+0.5%
Operating income
2,118
2,295
2,382
-7.7%
Operating margin
13.8%
15.6%
16.7%
Interest expense
118
105
125
+12.4%
Pre-tax income
1,693
2,008
779
-15.7%
Income tax
353
616
214
-42.7%
Effective tax rate
20.9%
30.7%
27.5%
Net income
1,341
1,591
873
-15.7%
Net margin
8.7%
10.8%
6.1%
Diluted EPS
$5.47
$6.17
$3.28
-11.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,467
1,568
1,351
-6.4%
Capital expenditure
411
360
380
+14.2%
Free cash flow
1,056
1,208
971
-12.6%
Free cash flow margin
6.9%
8.2%
6.8%
Cash from investing
-764
-67.0
436
Cash from financing
-1,205
-1,954
-1,210
Depreciation and amortisation
497
460
440
+8.0%
Share-based compensation
37.0
35.0
45.0
+5.7%
Buybacks
1,721
813
1,050
+111.7%
Dividends paid
453
434
414
+4.4%
Dividend per share
$1.86
$1.70
$1.56
+9.4%
Diluted shares, weighted
245m
258m
267m
-4.8%
Shares outstanding at period end
236m
251m
257m
-6.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,630
5,558
4,826
-16.7%
Non-controlling interest
102
115
87.0
-11.3%
Short-term borrowings
4.0
n/a
n/a
Debt
5,000
4,146
4,416
+20.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
6,279
6,719
6,440
-6.5%
Total liabilities and equity
16,015
16,538
15,769
-3.2%
Fixed assets
2,805
2,824
2,608
-0.7%
Goodwill
4,070
3,942
3,572
+3.2%
Intangible assets
1,972
2,045
1,983
-3.6%
Investments
312
323
222
-3.4%
Cash and equivalents
902
1,436
1,820
-37.2%
Receivables
2,505
2,559
2,288
-2.1%
Inventory
1,783
1,730
1,514
+3.1%
Other assets
1,666
1,679
1,762
-0.8%
Total assets
16,015
16,538
15,769
-3.2%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.