Financial Highlights

Net sales by reportable segment, Net sales, Adjusted earnings per Share, Dividents per share
$MM, except per share data 2018 2017 $ Change % Change
Net Sales $15,374 $14,748 $626 4%
Net income (attributable to PPG)        
Income from continuing operations $1,323 $1,369 $(46) -3%
Income from discontinued operations1 $18 $225 $(207) -92%
Net income $1,341 $1,594 $(253) -16%
Earnings per diluted share from continuing operations $5.40 $5.31 $0.09 2%
Earnings per diluted share from discontinued operations1 0.07 0.87 $(0.80) -92%
Total earnings per diluted share $5.47 $6.18 $(0.71) -11%
Adjusted earnings per diluted share from continuing operations2 $5.92 $5.86 $0.06 1%
Dividends per share $1.86 $1.70 $0.16 9%
Return on average capital 13.9% 15.0% -1.1% -7%
Operating cash flow (from continuing operations) $1,487 $1,551 $(64) -4%
Capital spending (including business acquisitions) $789 $685 $104 15%
Research and development $464 $472 $(8) -2%
Average shares outstanding - assuming dilution 245.4 257.8 (12.4) -5%
Average number of employees 47,300 47,200 100 0%
PPG shareholders' equity $4,630 $5,557 $(927) -17%
  1. Includes an after-tax gain of $213 million resulting from the sale of our North American Fiber Glass business in 2017.
  2. Adjusted amounts in 2018, 2017 and 2016 exclude after tax net charges of $0.52, $0.55 and $3.60, respectively, which are included in reported earnings per diluted share. For detailed information regarding these adjustments, see the Regulation G Reconciliation in Item 7 of the Form 10-K.
     
    Adjusted amounts in 2015 exclude nonrecurring per diluted share amounts of $0.39 for a business restructuring charge; $0.10 for transaction-related costs; $0.03 for a charge related to equity affiliate debt refinancing; and $0.02 for a pension settlement charge. Adjusted amounts in 2014 exclude nonrecurring per diluted share amounts of $0.72 for a debt refinancing
    charge; $0.30 for environmental remediation; $0.13 for transaction-related costs; and $0.02 for a pension settlement charge. The adjusted amounts are reduced by $0.21 for a gain on asset dispositions and $0.11 for a favorable foreign tax ruling.

Shareholder Information

Quarterly Stock Market Price
  2018 2017
Quarter Ended High Low Close High Low Close
31-Mar $122.07 $108.74 $111.60 $113.49 $94.57 $105.08
30-Jun $113.90 $100.36 $103.73 $113.00 $104.18 $109.96
30-Sep $116.73 $101.17 $109.13 $113.67 $100.45 $108.66
31-Dec $111.42 $94.37 $102.23 $119.85 $108.43 $116.82

PPG common stock is listed on the New York Stock Exchange (symbol: PPG). The number of holders of record of PPG common stock as of January 31, 2019 was 13,470 as shown on the records of the Company’s transfer agent.

Dividends
  2018 2017
Month of Payment Amount ($MM) Per Share Amount ($MM) Per Share
March $112 $0.45 $103 $0.40
June $110 $0.45 $102 $0.40
September $116 $0.48 $116 $0.45
December $115 $0.48 $113 $0.45
TOTAL $453 $1.86 $434 $1.70

PPG has paid uninterrupted annual dividends since 1899. The latest quarterly dividend of 48 cents per share was approved by the board of directors on January 17, 2019, payable March 12, 2019 to shareholders of record February 22, 2019.

Shareholder Return Performance

Comparison of Five-Year Cumulative Total Return
comparison of five-year cumulative total return
Comparison of Ten-Year Cumulative Total Return
comparison of ten-year cumulative total return

These line graphs compare the yearly percentage changes in the cumulative total shareholder value return of the company’s common stock with the cumulative total return of the Standard & Poor’s Composite 500 Stock Index (“S&P 500 Index”) and a defined Peer Group, for the five-year and ten-year periods beginning Dec. 31, 2013, and Dec. 31, 2008, respectively, and ending Dec. 31, 2018. The information presented in these graphs assumes that the investment in the company’s common stock and each index was $100 on Dec. 31, 2013 and Dec. 31, 2008 and that all dividends were reinvested. The Peer Group includes 3M Co., AkzoNobel N.V., Axalta Coatings Systems Ltd., DowDupont Inc., Eastman Chemical Co., Masco Corp., RPM International Inc., and The Sherwin-Williams Co. The above tables were revised on March 8, 2019.