PPG Industries (PPG) FY2019 results: revenue $15.1 billion, down 1.5% on the year
PPG Industries Inc. (PPG) reported revenue of $15.1 billion for fiscal 2019, the year ended 31 December 2019, down 1.5% on the year before. Net income was $1.2 billion, down 7.3%, and diluted earnings per share $5.22. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$15.1 billion
-1.5% on the year
FY2012FY2019
Operating margin
15.0%
13.8% a year earlier
FY2012FY2019
Net income
$1.2 billion
-7.3% on the year
FY2012FY2019
Diluted EPS
$5.22
-4.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
15,146
15,374
14,748
-1.5%
Cost of revenue
8,653
9,001
8,209
-3.9%
Gross profit
6,493
6,373
6,539
+1.9%
Gross margin
42.9%
41.5%
44.3%
Research and development
456
464
472
-1.7%
Selling, general and administrative
3,604
3,573
3,554
+0.9%
Operating income
2,271
2,118
2,295
+7.2%
Operating margin
15.0%
13.8%
15.6%
Interest expense
132
118
105
+11.9%
Pre-tax income
1,661
1,693
2,008
-1.9%
Income tax
392
353
616
+11.0%
Effective tax rate
23.6%
20.9%
30.7%
Net income
1,243
1,341
1,591
-7.3%
Net margin
8.2%
8.7%
10.8%
Diluted EPS
$5.22
$5.47
$6.17
-4.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,080
1,467
1,568
+41.8%
Capital expenditure
413
411
360
+0.5%
Free cash flow
1,667
1,056
1,208
+57.9%
Free cash flow margin
11.0%
6.9%
8.2%
Cash from investing
-1,009
-764
-67.0
Cash from financing
-758
-1,205
-1,954
Depreciation and amortisation
511
497
460
+2.8%
Share-based compensation
39.0
37.0
35.0
+5.4%
Buybacks
325
1,721
813
-81.1%
Dividends paid
468
453
434
+3.3%
Dividend per share
$1.98
$1.86
$1.70
+6.5%
Diluted shares, weighted
238m
245m
258m
-2.9%
Shares outstanding at period end
236m
236m
251m
-0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,284
4,630
5,558
+14.1%
Non-controlling interest
119
102
115
+16.7%
Short-term borrowings
10.0
4.0
n/a
+150.0%
Debt
5,031
5,000
4,146
+0.6%
Operating lease liabilities
622
0.0
n/a
Finance lease liabilities
8.0
n/a
n/a
Other liabilities
6,634
6,279
6,719
+5.7%
Total liabilities and equity
17,708
16,015
16,538
+10.6%
Fixed assets
2,983
2,805
2,824
+6.3%
Goodwill
4,470
4,070
3,942
+9.8%
Intangible assets
2,131
1,972
2,045
+8.1%
Investments
315
312
323
+1.0%
Cash and equivalents
1,216
902
1,436
+34.8%
Receivables
2,479
2,505
2,559
-1.0%
Inventory
1,710
1,783
1,730
-4.1%
Other assets
2,404
1,666
1,679
+44.3%
Total assets
17,708
16,015
16,538
+10.6%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.