On this page of StockholderLetter.com we present the latest annual shareholder letter from PPG INDUSTRIES INC — ticker symbol PPG. Reading current and past PPG letters to shareholders can bring important insights into the investment thesis.
Annual Report 2024 investor.ppg.com
Our Valued Shareholders, PPG s approximately 46,000 employees throughout the world remain focused on being a trusted partner for customers, delivering value for shareholders and supporting the communities where the company operates. Throughout 2024, we demonstrated resilience in a challenging industrial macroeconomic environment. The PPG team delivered: Portfolio optimization - At the core of our enterprise growth strategy is a focus on markets where we hold leading positions and offer a differentiated portfolio of paints, coatings and surface solutions. In 2024, we further strengthened that focus and optimized our portfolio through the divestitures of both our silica products and our architectural coatings U.S. and Canada businesses. These divestitures improve our financial profile, including higher operating margins, and better positions the company to deliver sustainable organic growth. As a result, PPG is a sharper, more focused company. Increased margin and earnings We have delivered nine consecutive quarters of segment margin and segment EBITDA margin expansion through the end of 2024. Full-year 2024 net sales from continuing operations were $15.8 billion and adjusted EPS increased 6% supported by favorable business mix and driven by sales of our technology-advantaged products and strong brands. We delivered record results in several of our businesses, including aerospace coatings, automotive refinish coatings, and architectural coatings Latin America. Rewarding shareholders - The team s work throughout the year has enabled PPG to continue to reward our shareholders throughout 2024 by returning a total of $1.4 billion to them. In 2024, the company paid approximately $620 million in dividends and repurchased $750 million of stock, which represented approximately 3% of our outstanding shares. PPG has raised its annual dividend payout for 53 consecutive years and has paid uninterrupted annual dividends for 125 years. In 2025, the COLORFUL COMMUNITIES program is reaching an important milestone, marking 10 years since the program s launch and a decade of brightening communities around the world alongside our employee volunteers and community partners. We have extended the Colorful Communities program for 10 more years and doubled the initial investment to contribute an additional $15 million through 2035, bringing the total investment to more than $25 million. Looking ahead: Accelerated digital transformation From rolling out global ecommerce platforms to using artificial intelligence to expedite manufacturing, PPG is using digital technology to streamline how we serve customers and conduct business. One example of our progress this year was our continued growth in subscriptions to our PPG LINQ services. In addition, we added more than 600 PPG MOONWALK installations in 2024, further supporting customer productivity and related share gain. Enhanced sustainability - In 2024, PPG continued to innovate and deliver sustainably-advantaged solutions based on demand from our customers to improve their productivity and reduce overall value chain impacts. These products comprised 41% of our sales. Community support - We invested $18.4 million worldwide in 2024, an increase of $900,000 over 2023. The 2024 funding supported more than 400 community partners and programs that are focused on advancing education and delivering community support, while encouraging PPG employee volunteerism. We are focused on accelerating the impact of our enterprise growth strategy. As we anticipate a slow start to 2025, we will be controlling the controllables, including executing our self-help cost savings initiatives. Despite the macroeconomic environment, we expect to deliver organic sales growth for the full year based on stronger results in the second half of 2025 and the launch of recently won share gains. In the meantime, we are taking decisive action to reduce costs, including global structural costs and European manufacturing consolidations. Our balance sheet remains strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value creation. Thank you to our PPG team around the world who make it happen and deliver on our purpose every day: WE PROTECT AND BEAUTIFY THE WORLD . And thank you for your continued confidence and investment in PPG. Tim Knavish Chairman and Chief Executive Officer PPG Annual Report 2024
 • shareholder letter icon 3/6/2025 Letter Continued (Full PDF)
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 • stockholder letter icon 3/7/2024 PPG Stockholder Letter
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 • Benford's Law Stocks icon PPG Benford's Law Stock Score = 95


PPG Shareholder/Stockholder Letter Transcript:

Annual Report
2024
investor.ppg.com

Our Valued Shareholders,
PPG   s approximately 46,000 employees
throughout the world remain focused on
being a trusted partner for customers,
delivering value for shareholders and
supporting the communities where
the company operates. Throughout
2024, we demonstrated resilience in a
challenging industrial macroeconomic
environment.
The PPG team delivered:
    Portfolio optimization - At the core
of our enterprise growth strategy
is a focus on markets where we
hold leading positions and offer
a differentiated portfolio of paints,
coatings and surface solutions.
In 2024, we further strengthened
that focus and optimized our portfolio
through the divestitures of both our
silica products and our architectural
coatings U.S. and Canada businesses.
These divestitures improve our
financial profile, including higher
operating margins, and better positions
the company to deliver sustainable
organic growth. As a result, PPG is
a sharper, more focused company.
    Increased margin and earnings We have delivered nine consecutive
quarters of segment margin and
segment EBITDA margin expansion
through the end of 2024. Full-year 2024
net sales from continuing operations
were $15.8 billion and adjusted EPS
increased 6% supported by favorable
business mix and driven by sales of our
technology-advantaged products and
strong brands. We delivered record
results in several of our businesses,
including aerospace coatings,
automotive refinish coatings, and
architectural coatings Latin America.
    Rewarding shareholders - The
team   s work throughout the year has
enabled PPG to continue to reward
our shareholders throughout 2024
by returning a total of $1.4 billion to
them. In 2024, the company paid
approximately $620 million in dividends
and repurchased $750 million of stock,
which represented approximately 3%
of our outstanding shares. PPG has
raised its annual dividend payout for
53 consecutive years and has paid
uninterrupted annual dividends for
125 years.
In 2025, the COLORFUL COMMUNITIES  
program is reaching an important
milestone, marking 10 years since
the program   s launch and a decade
of brightening communities around
the world alongside our employee
volunteers and community partners.
We have extended the Colorful
Communities program for 10 more
years and doubled the initial investment
to contribute an additional $15 million
through 2035, bringing the total
investment to more than $25 million.
Looking ahead:
    Accelerated digital transformation From rolling out global ecommerce
platforms to using artificial intelligence
to expedite manufacturing, PPG is
using digital technology to streamline
how we serve customers and conduct
business. One example of our progress
this year was our continued growth
in subscriptions to our PPG LINQ   
services. In addition, we added
more than 600 PPG MOONWALK  
installations in 2024, further supporting
customer productivity and related
share gain.
    Enhanced sustainability - In 2024,
PPG continued to innovate and deliver
sustainably-advantaged solutions
based on demand from our customers
to improve their productivity and reduce
overall value chain impacts. These
products comprised 41% of our sales.
    Community support - We invested
$18.4 million worldwide in 2024, an
increase of $900,000 over 2023.
The 2024 funding supported more
than 400 community partners
and programs that are focused on
advancing education and delivering
community support, while encouraging
PPG employee volunteerism.
We are focused on accelerating
the impact of our enterprise growth
strategy. As we anticipate a slow
start to 2025, we will be controlling
the controllables, including executing
our self-help cost savings initiatives.
Despite the macroeconomic
environment, we expect to deliver
organic sales growth for the full year
based on stronger results in the
second half of 2025 and the launch
of recently won share gains. In the
meantime, we are taking decisive
action to reduce costs, including
global structural costs and European
manufacturing consolidations. Our
balance sheet remains strong, which
continues to provide us with financial
flexibility, and we remain committed to
driving shareholder value creation.
Thank you to our PPG team around the
world who make it happen and deliver
on our purpose every day: WE PROTECT
AND BEAUTIFY THE WORLD  .
And thank you for your continued
confidence and investment in PPG.
Tim Knavish
Chairman and Chief Executive Officer
PPG Annual Report 2024



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