MOSCOW (MRC) -- PPG Industries Inc. (PPG) revealed a profit for its fourth quarter that increased from the same period last year, according to the company's statement.
The company's bottom line totaled USD286 million, or USD1.20 per share. This compares with USD272 million, or USD1.14 per share, in last year's fourth quarter.
Excluding items, PPG Industries Inc. reported adjusted earnings of USD298 million or USD1.26 per share for the period.
The company's revenue for the quarter rose 11.4% to USD4.19 billion from USD3.76 billion last year.
PPG Industries Inc. earnings at a glance (GAAP): Earnings (Q4): USD286 Mln. vs. USD272 Mln. last year. -EPS (Q4): USD1.20 vs. USD1.14 last year. -Revenue (Q4): USD4.19 Bln vs. USD3.76 Bln last year.
As MRC reported earlier, in June 2021, PPG announced an expansion of its coatings manufacturing capacity in Europe for packaging applications. The investments at sites in The Netherlands and Poland will support growing customer demand in the region for the latest generation of coatings for aluminum and steel cans used in packaging for beverage, food and personal care items. The projects include a further expansion of the company’s location in Tiel, The Netherlands, which will increase the plant’s production capacity for PPG INNOVEL non-BPA internal coatings for beverage cans by 30%. Expected to be completed in the first quarter of 2022, the project follows a 50% expansion completed at the end of 2020.
BPA is the main feedstock for the production of polycarbonate (PC).
According to MRC's ScanPlast report, Russia's estimated consumption of PC granules (excluding imports and exports to/from Belarus) decreased in the first eleven months of 2021 by 11% year on year due to a major fall of imports and higher exports. Thus, overall estimated consumption totalled 74,300 tonnes in January-November 2021 versus 83,600 tonnes a year earlier.
PPG Industries Inc. is an international American company manufacturing paints and varnishes, chemicals, optical components, specialty materials, glass and fiberglass. The company includes over 150 production units and representative offices in more than 60 countries around the world. PPG is one of the 500 largest US corporations by sales.