PPG has reported fourth quarter 2020 net sales of approximately $3.8 billion, more than 2% higher versus the prior year.

Selling prices increased by about 1.5%. Sales volumes decreased approximately 1.5% versus the prior year, which reflects the ongoing, negative economic impacts of the COVID-19 pandemic in certain end-use markets. Favorable foreign currency translation impacted net sales by about 1.5%, or about $60 million, and acquisition-related sales, added less than 1% to sales growth.

Fourth quarter 2020 reported net income was $272 million, or $1.14 per diluted share, and adjusted net income was $378 million, or $1.59 per diluted share.

Fourth quarter 2019 reported net income from continuing operations was $295 million or $1.23 per diluted share and adjusted net income from continuing operations was $313 million or $1.31 per diluted share.

“Our strong earnings momentum continued in the fourth quarter as we delivered a second consecutive quarter of record operating margins,” said Michael H. McGarry, Chairman and CEO, PPG.

The more than 20% increase in our adjusted EPS was the result of strengthening year-over-year sales growth in our Industrial Coatings reportable segment, led by the automotive original equipment manufacturer (OEM), general industrial and packaging coatings businesses. In addition, the global architectural coatings business continued its excellent execution as we leveraged higher year-over-year sales into strong earnings growth.

Consistent with the third quarter, we achieved improved operating results despite continued weakness in several key end-use markets, including aerospace and automotive refinish coatings, which are still being heavily impacted by the ongoing pandemic.

“Looking ahead, overall global coatings demand continues to improve in many of the end-use markets we serve and across all our major regions, and we expect overall global economic activity to strengthen in the first half of 2021. Regardless of timing, PPG is well positioned to benefit from a number of positives that are anticipated to occur in the coming quarters. These include sales volume recovery in our technology-advantaged automotive refinish and aerospace coatings businesses, an eventual inventory restocking in certain industrial end-use markets, and synergy realization and earnings accretion as we integrate recently announced acquisitions,” added McGarry.