Financial Guidance & Market Commentary
Full Year 2022 Consolidated Results
Financial Performance
FY
($ in million), except
% Change
per share data
2022
2021
Incl. FX
Excl. FX
Performance Coatings
3,327
3,096
7.4 %
12.9 %
Mobility Coatings
1,558
1,320
18.0 %
21.7 %
Net Sales
4,884
4,416
10.6 %
15.5 %
Income from operations
423
462
(8.5%)
Adj. EBIT
565
623
(9.3%)
% margin
11.6 %
14.1 %
Diluted EPS
0.86 $
1.14
(24.6%)
Adjusted diluted EPS
$
1.48
$
1.67
(11.4%)
$4,416
3.7%
Net Sales Variance
10.1%
(4.9%)
1.7%
10.6%
$4,884
2021
Volume Price-Mix
FX
Acq/One-
Time
2022
Commentary
Net sales increase of 16% ex-FX reflects strong pricing
realization, volume growth and acquisition contribution
Volume growth was led by market recovery in Mobility
Coatings and share gains in Refinish
Price-mix contribution from all four end-markets
FX headwinds driven by the Euro, Turkish Lira, Chinese
Renminbi and British Pound
Modest M&A contribution from acquisitions closed in 2021,
benefiting Performance Coatings
Adjusted EBIT year-over-year decline primarily resulted
from variable cost inflation and higher operating expenses
Delivered year-over-year profit growth in 2H2022 reflecting
moderating raw material environment and successful pricing
execution
■
China lockdowns, FX and Russia-Ukraine conflict pressured
Adjusted EBIT by ~$70 million year-over-year
14
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