United States. PPG Industries reported fourth quarter 2014 net sales from continuing operations of $3.71 billion, up $207 million, or 6%, compared to 2013's $3.5 billion.
Net sales in local currency grew by 10% year-over-year, and acquisition-related sales contributed by around 6%, while volume growth added 4%. Additionally, unfavorable currency translation affected net sales by 4%, or about $130 million.
The fourth quarter of 2014 reported net income from continuing operations of US$86 million. Adjusted net income from continuing operations was US$293 million. Adjusted figures excluded debt refinancing charges of $200 million after tax and $36 million after tax for transaction-related expenses, primarily the acquisition of Comex, and the benefit from the $29 million tax reduction.
"We have set new fourth quarter and full-year milestones in sales and adjusted earnings per share from continuing operations," said Charles E. Bunch, PPG president and chief executive officer. "Our strong financial performance, including several consecutive years of at least 20% adjusted earnings growth, clearly illustrates the benefits of our active portfolio management, with revenues increasing effective deployment and persistent operating focus."
