PPG's annual performance dropped sharply

Recently, PPG released the fourth quarter and annual financial report of 2022. In the whole year of 2022, the net sales of PPG's continuing business was 17.7 billion US dollars, an increase of about 5% over 2021; Driven by the increase in sales prices, organic sales increased by 8% year on year; Net profit was US $1028 million, down 28% from 2021. Compared with 2021, the net income of PPG in 2022 decreased due to the increase of raw material cost, the decrease of sales volume, the translation of negative exchange rate and the increase of production cost caused by supply and labor interruption.

Tim Knavish, president and CEO of PPG, said: "We continue to make good progress in achieving the goal of comprehensive recovery of operating profit margin. The revenue of the two business departments has improved year-on-year, mainly driven by the increase in overall sales prices. The global demand for retail architectural coatings is still weak, and some challenges in the supply chain still exist, but the global aerospace demand continues to recover, driving our organic sales to increase by about 20% year-on-year."