PPG Industries (NYSE: PPG) reported its Q4 results, with EPS coming in at $1.26, beating the consensus estimate of $1.20. Quarterly revenue grew 12% year-over-year to a record level of $4.2 billion (the highest Q4), above the consensus estimate of $4.06 billion, driven by strong demand and continued additional selling price increases. According to Michael H. McGarry, the company’s chairman and CEO, the record quarterly revenues were aided by acquisition-related sales and above-market sales volume performance in several of the company’s end-use markets, including automotive refinish, marine, and PPG-Comex architectural coatings.

The company also achieved record full 2021-year sales of around $16.8 billion, aided by 10% organic growth.

The company provided its Q1/22 outlook, expecting EPS to range from $1.02 to $1.20, which is lower than the consensus estimate of $1.59.

While demand for the company’s products remains strong, McGarry said that the heightened supply and COVID-related disruptions experienced in Q4 are expected to continue in Q1/22, impacting the company’s ability to manufacture and deliver products. The company anticipates raw material costs to remain at an elevated level, experiencing additional inflation in other cost areas, including logistics and labor.