PPG highlights 2024 performance during annual meeting of shareholders
PPG (NYSE:PPG) today held its annual meeting of shareholders where Tim Knavish, PPG chairman and chief executive officer, highlighted the company's 2024 performance.
PPG achieved full-year 2024 net sales from continuing operations of $15.8 billion, and adjusted EPS increased 6%, supported by PPG's strong portfolio and driven by sales of PPG's technology-advantaged products and strong brands. The company delivered record results in several businesses in 2024, including aerospace coatings, automotive refinish coatings, and architectural coatings Latin America.
"I want to thank PPG's approximately 45,000 employees throughout the world who are dedicated to being a trusted partner for customers, delivering value for shareholders, supporting the communities where we operate and delivering on our purpose — to protect and beautify the world," said Knavish. "In 2024, we further strengthened our focus by divesting both our silicas products and our architectural coatings U.S. and Canada businesses. As a result, PPG is a sharper, more growth-oriented company. The success of the team's work throughout the year enabled PPG to continue to reward our shareholders by returning a total of $1.4 billion to them."
In 2024, PPG paid approximately $620 million in dividends and repurchased $750 million of stock, which represented approximately 3% of outstanding shares. PPG has raised its annual dividend payout for 53 consecutive years and has paid uninterrupted annual dividends for 125 years.
The meeting highlighted additional 2024 achievements, including:
- accelerated PPG's digital transformation by offering customers new innovations to help improve their productivity.
- delivered sustainably advantaged solutions meeting the demand from customers to improve their productivity and reduce overall value chain impacts. These products comprised 41% of PPG's total sales in 2024.
- invested $18.4 million worldwide in 2024, supporting more than 400 community partners and programs that are focused on advancing education and delivering community support, while encouraging PPG employee volunteerism.
Looking ahead, Knavish said: "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. Our balance sheet remains strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value creation."
Pursuant to PPG's amended articles of incorporation, all directors will now be elected annually beginning at PPG's 2025 Annual Meeting. Shareholders re-elected directors:
- Kathy L. Fortmann, Chief Executive Officer, Amyris, Inc.
- Melanie L. Healey, Former Group President, North America, The Procter & Gamble Company
- Gary R. Heminger, Retired Chairman of the Board and Chief Executive Officer, Marathon Petroleum Corporation
- Tim M. Knavish, Chairman and Chief Executive Officer, PPG
- Michael W. Lamach, retired Executive Chair and Chief Executive Officer, Trane Technologies plc;
- Kathleen A. Ligocki, Former Chief Executive Officer, Agility Fuel Solutions, LLC
- Michael T. Nally, CEO, Generate Biomedicines, Inc. and CEO-Partner, Flagship Pioneering
- Guillermo Novo, Chairman and Chief Executive Officer, Ashland Inc.
- Christopher N. Roberts III, Senior Vice President, Global SH&E, Ecolab Inc.
- Catherine R. Smith, Executive Vice President and Chief Financial Officer, Starbucks Corporation
Director Martin Richenhagen retired from the Board of Directors at the 2025 Annual Meeting. The company thanks Mr. Richenhagen for his 17 years of dedicated service to PPG.
Shareholders also approved the compensation of the named executive officers and ratified PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2025. Shareholders voted against a shareholder proposal requesting that the Board seek shareholder approval of any named executive officer's new or renewed pay package that provides for severance or termination payments with an estimated value exceeding 2.99 times the sum of the executive's base salary plus target short-term bonus.
To learn more about PPG's progress in 2024, visit annualreport.ppg.com/
PPG: WE PROTECT AND BEAUTIFY THE WORLD®
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers' biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.8 billion in 2024. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
The PPG Logo and We protect and beautify the world are registered trademarks of PPG Industries Ohio, Inc.
CATEGORY Corporate
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