PPG Q4 adj EPS $1.22, revenue $4.2B; full-year net income down 28% to $1.03B

PPG INDUSTRIES INC

2022-FY EPS reported $4.32 revenue$17,652,000,000

Q4 adj EPS $1.22 vs $1.26 YoY; reported EPS $1.01. Revenue $4.185B (+5% constant currency).
Full-year 2022 net sales record $17.7B (+8% organic); net income $1.03B (-28%), adj net income $1.44B (-11%).
Performance Coatings segment income up 12% YoY to $272M; Industrial Coatings income up 48% to $155M.
Q1 2023 guidance: adj EPS $1.10-$1.20, reported EPS $0.95-$1.05; volumes down mid-single-digit % YoY.
Higher effective tax rate (23% vs 1-5% in prior year) reduced YoY EPS by $0.25.

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