PPG Industries Q4 net income increases

PPG Industries, Inc., a supplier of protective and decorative coatings, has reported a net income attributable to the company of $227 million, or $1.46 per diluted share, for the fourth quarter ended December 31, 2012, compared to $216 million, or $1.39 per diluted share, for the fourth quarter ended December 31, 2011.

Net sales for the fourth quarter ended December 31, 2012 were $3.65 billion, compared to $3.52 billion for the fourth quarter ended December 31, 2011.

Net income attributable to the company for the year ended December 31, 2012 was $941 million, or $6.06 per diluted share, compared to $1.09 billion, or $6.87 per diluted share, for the year ended December 31, 2011.

Net sales for the year ended December 31, 2012 were $15.20 billion, compared to $14.88 billion for the year ended December 31, 2011.

Charles Bunch, PPG chairman and CEO, said: "Our record fourth quarter results capped off an exceptional year for the company, driven by excellent operating performance and several significant strategic actions that have accelerated the pace of our portfolio transformation. During the quarter, as we did during the first nine months, we grew our sales and earnings despite moderate overall economic conditions that varied by region and end-use market, and continued negative impacts from currency translation.

"In summary, 2012 was an excellent year for PPG and its shareholders. We achieved new adjusted-earnings-per-share records in each quarter and delivered higher full year earnings in each major region, including Europe, reflecting our strong operating execution. We continued our history of strong cash generation, delivering record full year cash from operations and ending the year with $2.4 billion of cash and short-term investments. We also raised our annual dividend payout for the 41st consecutive year, a legacy we are proud to continue."