PPG Industries (PPG) FY2020 results: revenue $13.8 billion, down 8.7% on the year
PPG Industries Inc. (PPG) reported revenue of $13.8 billion for fiscal 2020, the year ended 31 December 2020, down 8.7% on the year before. Net income was $1.1 billion, down 14.8%, and diluted earnings per share $4.45. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$13.8 billion
-8.7% on the year
FY2013FY2020
Operating margin
15.2%
15.0% a year earlier
FY2013FY2020
Net income
$1.1 billion
-14.8% on the year
FY2013FY2020
Diluted EPS
$4.45
-14.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
13,834
15,146
15,374
-8.7%
Cost of revenue
7,777
8,653
9,001
-10.1%
Gross profit
6,057
6,493
6,373
-6.7%
Gross margin
43.8%
42.9%
41.5%
Research and development
401
456
464
-12.1%
Selling, general and administrative
3,389
3,604
3,573
-6.0%
Operating income
2,109
2,271
2,118
-7.1%
Operating margin
15.2%
15.0%
13.8%
Interest expense
138
132
118
+4.5%
Pre-tax income
1,362
1,661
1,693
-18.0%
Income tax
291
392
353
-25.8%
Effective tax rate
21.4%
23.6%
20.9%
Net income
1,059
1,243
1,341
-14.8%
Net margin
7.7%
8.2%
8.7%
Diluted EPS
$4.45
$5.22
$5.47
-14.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,130
2,080
1,467
+2.4%
Capital expenditure
304
413
411
-26.4%
Free cash flow
1,826
1,667
1,056
+9.5%
Free cash flow margin
13.2%
11.0%
6.9%
Cash from investing
-1,447
-1,009
-764
Cash from financing
-59.0
-758
-1,205
Depreciation and amortisation
509
511
497
-0.4%
Share-based compensation
44.0
39.0
37.0
+12.8%
Buybacks
0.0
325
1,721
Dividends paid
496
468
453
+6.0%
Dividend per share
$2.10
$1.98
$1.86
+6.1%
Diluted shares, weighted
238m
238m
245m
-0.1%
Shares outstanding at period end
237m
236m
236m
+0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,689
5,284
4,630
+7.7%
Non-controlling interest
126
119
102
+5.9%
Short-term borrowings
n/a
10.0
4.0
Debt
5,749
5,031
5,000
+14.3%
Operating lease liabilities
677
622
0.0
+8.8%
Finance lease liabilities
9.0
8.0
n/a
+12.5%
Other liabilities
7,306
6,634
6,279
+10.1%
Total liabilities and equity
19,556
17,708
16,015
+10.4%
Fixed assets
3,127
2,983
2,805
+4.8%
Goodwill
5,102
4,470
4,070
+14.1%
Intangible assets
2,351
2,131
1,972
+10.3%
Investments
363
315
312
+15.2%
Cash and equivalents
1,826
1,216
902
+50.2%
Receivables
2,412
2,479
2,505
-2.7%
Inventory
1,735
1,710
1,783
+1.5%
Other assets
2,640
2,404
1,666
+9.8%
Total assets
19,556
17,708
16,015
+10.4%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.