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2020 Annual Report

Financial Overview

2020 Financial Overview and Shareholder Information.

Financial Overview

2020 Overview
$ in MM, except per share data 2020 2019 $ Change % Change

Net sales

$13,834

$15,146

$(1,312)

-9%

Net Income (attributable to PPG)

       

Income from continuing operations

$1,056

$1,243

  (187)

-15%

Income from discontinued operations

  $3

  -

$3

100%

Net income

$1,059

$1,243

 $ (184)

-15%

         

Earnings per diluted share from continuing operations

$4.44

$5.22

$(0.78)

-15%

Earnings per diluted share from discontinued operations

  $0.01

  -

$0.01

100%

Total earnings per diluted share

$4.45

$5.22

$(0.77)

-15%

Adjusted earnings per diluted share from continuing operations (1)

$5.70

$6.22

$(0.52)

-8%

         

Dividends per share

$2.10

$1.98

$0.12

6%

Return on average capital

10.7%

13.3%

-2.6%

-20%

Operating cash flow (from continuing operations)

$2,129

$2,084

$45

2%

Capital spending (excluding business acquisitions)

$304

$413

 $ (109)

-26%

Research and development

$401

$456

$(55)

-12%

Average shares outstanding - assuming dilution

237.9

238.2

  (0.3)

0%

Average number of employees

46,900

47,600

(700)

-1%

         

PPG Shareholders' equity

$5,689

$5,284

$405

8%

Net Sales by Reportable Segment

A graphic of PPG 2020 net sales by segment.

 

Net Sales ($MM) from Continuing Operations

A graphic of PPG net sales for 2020, as compared to the years 2016 to 2019.

 

Adjusted Earnings per Diluted Share from Continuing Operations1,2

A graphic of PPG adjusted earnings per diluted share as compared to the years 2016 to 2019.

 

Dividends per Share

A graphic of PPG dividends per share from the years 2016 to 2020.

1. Adjusted amounts in 2020 and 2019 exclude after tax net charges of $1.26 and $1.00, respectively, which are included in reported earnings per diluted share. For detailed information regarding these adjustments, see the Regulation G Reconciliation in Item 7 of the Form 10-K.

2. Adjusted amounts in 2018 exclude certain per diluted share amounts of $0.24 for environmental remediation charges, $0.21 for a business restructuring charge, $0.08 for charges related to litigation matters, $0.05 for charges related to customer assortment changes, $0.05 for asset impairment charges, $0.02 for acquisition-related costs, and benefits of ($0.08) from the sale of a non-operating asset, and ($0.05) for the net tax benefit related to the U.S. Tax Cuts and Jobs Act. Adjusted amounts in 2017 exclude certain per diluted share amounts of $0.52 for a net tax charge related to U.S. Tax Cuts and Jobs Act, $0.14 for pension settlement charges, $0.03 for asset write-downs, $0.02 for acquisition-related costs, and benefits of ($0.09) for a gain from the sale of a business, ($0.04) for a gain from a legacy legal settlement, and ($0.03) for a gain from the sale of a non-operating asset. Adjusted amounts in 2016 exclude certain per diluted share amounts of $2.31 for a pension settlement charge, $0.57 for the net tax effect of asbestos settlement funding, $0.53 for a business restructuring charge, $0.20 for an environmental remediation charge, $0.06 for asset write-downs, $0.03 for acquisition-related costs, $0.02 for an early retirement of debt charge, and a benefit of ($0.12) for a gain from disposals of ownership interests in business affiliates.

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