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Paint and coatings industry leader sets record full-year 2022 sales of approximately $17.7 billion, aided by 8% organic growth.
January 20, 2023
By: DAVID SAVASTANO
Editor, Ink World Magazine
PPG reported financial results for the fourth quarter 2022 and full-year 2022. Components of year-over-year net sales change included higher selling prices (+11%), lower sales volumes (-5%), divestiture-related sales and the wind down of Russia operations (-1%), and unfavorable foreign currency translation (-5%). “We continued to make good progress on our focus to achieve full operating margin recovery, as year-over-year earnings improved in both segments despite more acute pandemic-related demand disruptions in China,” Tim Knavish, PPG president and CEO, said. “This earnings improvement was driven by aggregate selling price increases that totaled 19% on a two-year stacked basis, as we remained focused on mitigating the significant cumulative cost inflation incurred the past two years. “Overall sales volumes declined 5% year over year as manufacturing activity slowed in most regions, including Asia Pacific, where volumes were down a low double-digit percentage primarily due to the pandemic-related impacts in China,” added Knavish. “As anticipated, demand remained soft in global architectural do-it-yourself (DIY) coatings. In Europe, aggregate industrial activity weakened sequentially, and sales volumes were down a mid-single-digit percentage; however, our quarterly operating earnings in that region were consistent with prior-year levels, driven by strong price realization and cost management. “We delivered record net sales in our automotive refinish and PPG Comex coatings businesses, reflecting our leading products and strong commercial relationships. Global aerospace demand continued to recover leading to strong year-over-year organic sales growth of about 20%, even though certain supply chain challenges remained,” Knavish observed. “Looking ahead, we remain highly focused on building further momentum to restore margins in line with our historical profile,” he continued. “In the first quarter, we will continue to prioritize supporting our customers through superior service and products, executing our cost-savings initiatives, and optimizing inventory. We expect the overall demand environment to remain consistent sequentially with the fourth quarter with soft economic activity remaining in Europe and China. “However, as the year progresses, we anticipate several positive catalysts that will enable earnings improvement, including certain PPG commercial initiatives with our valued customers and the continued rebound in demand for our technology-advantaged aerospace products. Other catalysts include moderating raw material costs, coatings demand stabilization in Europe beginning in the second quarter, and strong economic recovery in China as the pandemic reopening progresses. Finally, with fewer supply chain disruptions we expect ample commodity raw material availability and improved manufacturing efficiencies. “Lastly, I am looking forward to leading PPG in my new role and want to thank our customers for selecting PPG as their supplier of choice, our shareholders for their confidence, and our global employees who demonstrate The PPG Way by making it happen every day,” Knavish concluded.
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