
PPG Announces Q4 and Full-Year 2024 Financial Results
Fourth Quarter Highlights
- Successfully completed the PPG divestitures of silica products and the architectural coatings businesses in the U.S. and Canada, positioning the company for improved margins and long-term growth.
- Financial statements were recast to reflect the U.S. and Canada architectural coatings business as discontinued operations.
- Net sales from continuing operations totaled $3.7 billion, reflecting strategic portfolio optimization.
- Reported earnings per diluted share (EPS) from continuing operations stood at $0.01, while adjusted EPS increased to $1.61, marking a 3% year-over-year rise.
- Achieved the ninth consecutive quarter of segment margin and segment EBITDA margin expansion, reinforcing operational efficiency.
- Executed approximately $250 million in share repurchases, further enhancing shareholder value.

Full-Year 2024 Highlights
- Full-year financial results were adjusted to PPG exclude discontinued operations related to the architectural coatings U.S. and Canada business.
- Net sales from continuing operations reached $15.8 billion, reflecting the strength of core businesses.
- Reported EPS stood at $5.72, while adjusted EPS climbed to $7.87, marking a 6% year-over-year increase.
- Achieved a segment margin of 17.1% and segment EBITDA margin of 19.9%, representing a 70 basis point improvement from the prior year.
- Net income margin was reported at 8.5%, with an adjusted EBITDA margin of 18.1%, reflecting a 100 basis point increase year over year.
- Generated $1.4 billion in operating cash flow, enabling significant shareholder returns through $1.4 billion in share repurchases and dividends.
Fourth Quarter Consolidated Financial Results:
- Net sales from continuing operations were $3.7 billion, compared to $3.9 billion in Q4 2023, reflecting a 5% decline, largely due to economic headwinds.
- Net income from continuing PPG operations stood at $2 million, significantly lower than $103 million in Q4 2023, primarily due to one-time costs.
- Adjusted net income from continuing operations reached $375 million, representing a 1% year-over-year increase.
- EPS from continuing operations was reported at $0.01, while adjusted EPS increased to $1.61, highlighting strong operational management.
- Discontinued operations, including the loss on the sale of the architectural coatings business in the U.S. and Canada, resulted in an EPS impact of $1.22.
CEO Commentary:
PPG Chairman and CEO Tim Knavish PPG emphasized the company’s resilience amid macroeconomic challenges, highlighting a 6% adjusted EPS growth for the year, improved segment margins, and robust cash flow generation. The company repurchased approximately $750 million worth of stock in 2024, equivalent to about 3% of outstanding shares, bringing total shareholder returns to $1.4 billion, inclusive of dividends.
Knavish also underscored the importance of recent divestitures in optimizing PPG’s business portfolio, improving financial performance, and positioning the company for long-term sustainable growth. PPG remains committed to organic sales expansion and cost reduction initiatives, including structural cost-cutting measures in Europe and global manufacturing consolidations. Looking ahead to 2025, the company anticipates a slow start due to weaker demand in Europe and global industrial end-use markets but expects stronger results in the latter half of the year, driven by market share gains and operational efficiencies.
Fourth Quarter 2024 Segment Financial Results:
Global Architectural Coatings Segment:
- Net sales were $881 million, reflecting a 7% decline from Q4 2023 due to lower volumes and unfavorable foreign currency translation.
- Organic sales in EMEA declined by a low single-digit percentage, while Latin America and Asia Pacific organic sales remained relatively stable.
- Segment EBITDA stood at $144 million, down 8% year-over-year, impacted by currency fluctuations and lower sales volumes, partially offset by cost-control measures and pricing actions.
Performance Coatings Segment:
- Net sales increased to $1.26 billion, reflecting 4% organic growth, led by strong demand in aerospace, protective and marine coatings, and traffic solutions.
- Aerospace coatings delivered double-digit organic sales growth, with an increased order backlog of approximately $300 million, signaling strong future demand.
- Automotive refinish coatings organic sales declined slightly due to lower industry collision claims, despite market share gains and product innovations.
- Segment EBITDA grew by 15%, reaching $292 million, with an EBITDA margin improvement of 260 basis points to 23.1%, driven by pricing actions and cost efficiencies.
Industrial Coatings Segment:
- Net sales declined by 9% to $1.59 billion, primarily due to lower sales volumes and pricing adjustments on certain index-based contracts.
- Automotive OEM coatings organic sales decreased in the U.S. and Europe due to lower industry build rates, partially offset by growth in China and Mexico.
- Industrial coatings organic sales declined mid-single digits, driven by weaker production in the U.S. and Europe, while Mexico exhibited solid growth, reflecting shifting global demand patterns.
- Segment EBITDA fell 18% year-over-year to $234 million, reflecting a decline in EBITDA margin from 16.4% to 14.8%, driven by lower sales and higher input costs.