PPG Industries (PPG) FY2021 results: revenue $16.8 billion, up 21.5% on the year
PPG Industries Inc. (PPG) reported revenue of $16.8 billion for fiscal 2021, the year ended 31 December 2021, up 21.5% on the year before. Net income was $1.4 billion, up 35.9%, and diluted earnings per share $6.01. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2022.
Revenue
$16.8 billion
+21.5% on the year
FY2014FY2021
Operating margin
12.9%
15.2% a year earlier
FY2014FY2021
Net income
$1.4 billion
+35.9% on the year
FY2014FY2021
Diluted EPS
$6.01
+35.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,562
2,130
2,080
-26.7%
Capital expenditure
371
304
413
+22.0%
Free cash flow
1,191
1,826
1,667
-34.8%
Free cash flow margin
7.1%
13.2%
11.0%
Cash from investing
-2,404
-1,447
-1,009
Cash from financing
93.0
-59.0
-758
Depreciation and amortisation
561
509
511
+10.2%
Share-based compensation
57.0
44.0
39.0
+29.5%
Buybacks
210
0.0
325
Dividends paid
536
496
468
+8.1%
Dividend per share
$2.26
$2.10
$1.98
+7.6%
Diluted shares, weighted
239m
238m
238m
+0.6%
Shares outstanding at period end
236m
237m
236m
-0.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
6,286
5,689
5,284
+10.5%
Non-controlling interest
125
126
119
-0.8%
Short-term borrowings
6.0
n/a
10.0
Debt
6,565
5,749
5,031
+14.2%
Operating lease liabilities
693
677
622
+2.4%
Finance lease liabilities
7.0
9.0
8.0
-22.2%
Other liabilities
7,669
7,306
6,634
+5.0%
Total liabilities and equity
21,351
19,556
17,708
+9.2%
Fixed assets
3,442
3,127
2,983
+10.1%
Goodwill
6,248
5,102
4,470
+22.5%
Intangible assets
2,783
2,351
2,131
+18.4%
Investments
341
363
315
-6.1%
Cash and equivalents
1,005
1,826
1,216
-45.0%
Receivables
2,687
2,412
2,479
+11.4%
Inventory
2,171
1,735
1,710
+25.1%
Other assets
2,674
2,640
2,404
+1.3%
Total assets
21,351
19,556
17,708
+9.2%
10-K for the year ended 31 December 2021, filed 17 February 2022: the filing.