PPG held its annual meeting of shareholders virtually where Michael H. McGarry, PPG chairman and CEO, reviewed the company’s continued strategic progress and its performance in 2021.

“Thanks to our employees and customers, PPG achieved all-time record sales of $16.8 billion in 2021, up 21% compared to the prior year. This was led by strong organic growth of 10% and sev-eral strategic acquisitions. In addition, we delivered record ad-justed earnings per share, with year-over-year growth of more than 10%, despite un-precedented levels of inflation,” said McGarry.

“Last year presented several challenges, and I am very proud and appreciative of our 50,000 em-ployees, who adapted and showed great resiliency in continuing to serve our customers, our com-munities, and drive a common purpose to protect and beautify the world.”

McGarry highlighted several additional financial and strategic milestones for 2021, including:
• Full-year 2021 earnings per diluted share from continuing operations of $5.93.
• Full-year 2021 adjusted earnings per diluted share from continuing operations of $6.77, up 11% year over year.
• $1.6 billion of cash flow from operations.
• $2.3 billion of cash deployed for acquisitions and share repurchases.
• about $135 million in cost savings.
• $1.1 billion cash and short-term investments at year end.
• Integrated Ennis-Flint, which was acquired in December 2020, forming PPG’s traffic solutions strategic business unit.
• Began integrating companies acquired in 2021, including VersaFlex, Cetelon, Wörwag and Tik-kurila. These five acquisitions added about $1.7 billion of annualized revenue, expanded sustaina-ble product offerings and moved PPG into new markets.

“The success of our team’s work throughout the year has enabled us to continue to re-ward our shareholders by extending our consecutive annual dividend payments to over 120 years, including raising our annual dividend payout for the 50th successive year,” said McGarry. “We’re among a very small number of companies that have achieved these milestones, so we are proud of this dis-tinguished achievement.”

Looking ahead, McGarry said, “I remain very optimistic about the future growth and earnings ca-pability of our company, and I see many catalysts to return to prior peak operating margins with opportunities to exceed them over time. I’m confident that our team will deliver by focusing on cash generation, margin improvement and earnings growth. In 2022, we look forward to continu-ing to drive and fulfill our purpose – to protect and beautify the world.”

At the meeting, shareholders re-elected directors Gary R. Heminger, retired chairman and CEO, Marathon Petroleum Corporation; Kathleen A. Ligocki, former CEO of Agility Fuel Solutions, LLC; and Michael T. Nally, CEO, Generate Biomedicines, Inc. and CEO-partner of Flagship Pio-neering, in addition to McGarry.