2022 Financial Highlights
and PPG Shareholder Information

2022 Overview

 
Item 2022 2021 2020

(In millions, except per-share information)
Net Sales $17,652 $16,802 $13,834
Adjusted earnings per diluted share (from continuing ops) (1,2) $6.05 $6.77 $6.12
Dividends per share $2.42 $2.26 $2.10


Net Sales by Reportable Segment

61%Performance Coatings
39%Industrial Coatings


Item 2022 2021 $ Change % Change

(In millions, except per-share information, percentages and number of employees)
Net Sales $17,652 $16,802 $850 5%
Net Income (attributable to PPG) $1,026 $1,439 $(413) -29%
Earnings per diluted share from continuing operations $4.33 $5.93 $(1.60) -27%
(Loss)/income per diluted share from discontinued operations $(0.01) $0.08 $(0.09) -113%
Total earnings per diluted share $4.32 $6.01 $(1.69) -28%
Adjusted earnings per diluted share (from continuing operations) (1) $6.05 $6.77 $(0.72) -11%
Dividends per share $2.42 $2.26 $0.16 7%
Return on average capital 8.8% 12.1% -3.3% -27%
Cash from operating activities $963 $1,562 $(599) -38%
Capital spending (excluding business acquisitions) $518 $371 $147 40%
Research and development $448 $439 $9 2%
Average shares outstanding - assuming dilution 237.3 239.4 (2.1) -1%
Average number of employees 52,000 49,300 2,700 5%
PPG Shareholders' equity $6,592 $6,286 $306 5%

1. Beginning in 2021, the Company reports adjusted earnings per diluted share excluding amortization expense relating to intangible assets from completed acquisitions. Adjusted earnings per diluted share for 2020, as shown in the table above, has been recast to exclude acquisition-related amortization expense.

2. Adjusted earnings per diluted share amounts in 2022 and 2021 excludes certain per diluted share amounts of $1.72 and $0.84, respectively. For detailed information regarding these adjustments, see the Regulation G Reconciliation in Item 7 of the Form 10-K.



PPG Shareholder Information
Quarterly Stock Market Price 2022 2021
Quarter Ended High Low High Low
31-Mar $177.32 $111.32 $156.57 $132.10
30-Jun $138.10 $107.06 $182.97 $146.73
30-Sep $137.93 $109.78 $172.52 $143.00
31-Dec $137.72 $107.40 $172.98 $141.81

The number of holders of record of PPG common stock as of January 31, 2023 was 13,173 as shown on the records of the Company's transfer agent.



Dividends 2022 2021
Month of Payment Amount (millions) Per Share Amount (millions) Per Share
March $139 $0.59 $128 $0.54
June $140 $0.59 $128 $0.54
September $145 $0.62 $140 $0.59
December $146 $0.62 $140 $0.59
Total $570 $2.42 $536 $2.26

PPG has paid uninterrupted annual dividends since 1899. The latest quarterly dividend of 62 cents per share was approved by the board of directors on January 19, 2023, payable March 10, 2023 to shareholders of record February 17, 2023.