PPG, the paint and coatings manufacturer, reported fourth quarter 2017 net sales of approximately $3.7 billion, up nearly 8% from 2016 net sales of $3.4 billion.
For the full-year 2017, PPG posted net sales from continuing operations of approximately $14.8 billion, up more than 3%, versus sales of $14.3 billion in 2016.
PPG also reported a fourth quarter net income from continuing operations of $184 million, nearly double a net income from continuing operations of $91 million in the fourth quarter 2016. The company’s 2017 full-year reported net income from continuing operations was $1.4 billion, soaring compared to a net income of $547 million in 2016.
Sales in PPG’s performance coatings segment, including consumer house paint, automotive refinishes, and aerospace products, were $2.1 billion during the quarter, up 7% over the prior year. Industrial coatings sales grew 8% to $1.6 billion for the quarter.
“In the fourth quarter, we delivered solid and balanced sales growth in each major region, and both reporting segments achieved at least 2% sales volume growth,” said Michael McGarry, PPG chairman and CEO.
The Pittsburgh-based company also reported that it will spend at least $2.4 billion on acquisitions and share repurchases in 2018.