PPG Industries recently reported fourth quarter 2015 net sales from continuing operations of $3.7 billion, consistent with the prior year. Net sales in local currencies reportedly grew 7% year-over-year, with acquisition-related sales adding 5% and sales volume growth contributing nearly 2%.
Fourth quarter 2015 reported net income from continuing operations was $314 million. Fourth quarter 2015 adjusted net income from continuing operations was $332 million. Fourth quarter 2014 reported net income and earnings per diluted share from continuing operations were $86 million and 31 cents, respectively.
“We once again delivered strong financial performance in the fourth quarter and for the full year of 2015,” said Michael H. McGarry, president and CEO. “Results improved despite the persistent, unfavorable impact of weaker foreign currencies, which were more than offset by benefits from our earnings-accretive cash deployment, improving sales volumes and our unwavering focus on costs. For the fourth quarter, our adjusted earnings per diluted share from continuing operations increased 17%, supported by higher earnings in each reporting segment. While overall global economic demand remained mixed in the quarter, our sales volumes grew about 2%, which is our highest year-over-year volume growth in any quarter of 2015.”
Performance Coatings segment fourth quarter net sales were $2.06 billion, down $31 million, or about 2%, vs. the prior-year period. Sales in local currencies reportedly were up 6%, excluding an unfavorable foreign currency translation impact of 8%. Acquisition-related sales totaled about $120 million, including one month of Comex sales stemming from the November 2014 acquisition.
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