PPG Reports Record $4.2B in Q4 Sales
Jan. 24, 2022—PPG reported fourth quarter net sales of approximately $4.2 billion, up 12 percent from 2020, according to a press release.
The sales were a company record for any fourth quarter.
Michael H. McGarry, PPG chairman and chief executive officer, commented on the company’s performance.
“From an earnings perspective, selling prices improved sequentially versus the third quarter and increased 8 percent year-over-year, partially offsetting raw material and logistics cost inflation. However, we experienced significantly higher operating costs due to unpredictable manufacturing interruptions at both our facilities and our customers’ operations stemming from a rapid and substantial impact from labor availability due to COVID-19. Also impacting sales and earnings were ongoing raw material and transportation availability challenges resulting in continued difficulty fulfilling strong order books in several end-use markets, as we ended the quarter with order backlog of over $150 million.”