• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Pigments Market

    The Architectural Paint Market Enjoys a Strong 2022

    The Buyers’ Guide

    Auto Refinish Market

    The 2022 Protective Additives Directory
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    PPG Completes COLORFUL COMMUNITIES Project in Denmark

    10 Partners of the Automotive Industry Form JV, Cofinity-X

    BASF Recognized as Top Company for Supplier Diversity

    Eastman Acquires Dalian Ai-Red Technology

    SAFIC-ALCAN to Distribute Scott Bader Acrylics & Rheology Modifiers in France
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    PPG Completes COLORFUL COMMUNITIES Project in Denmark

    PPG’s SEM Products Business Launches VCS Hybrid Cup System for the Refinish Market

    Mankiewicz Selects ‘Feel Good’ Hues for 2023 Colors of the Year

    ROSS Offers Heavy-Duty Three Roll Mills for High Viscosity Dispersions

    PPG Achieves ISO 14001 Certification of Environmental Management System
    Additives
    Binders
    Pigments
    Solvents

    SAFIC-ALCAN to Distribute Scott Bader Acrylics & Rheology Modifiers in France

    EPS Launches New Acrylic DIrect-to-Metal Polymer

    Evonik, Partners Launch PlasCO₂ Project for C4 Chemicals Production

    Dr. Ranjini Murthy to Join Azelis Americas as SVP of Commercial and Digital Excellence

    Univar Solutions Announces New Distribution Relationship
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Clariant Additives

    Pilot Chemical Company

    EPS

    Arkema

    Siltech Corporation
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Saudi Arabia Coatings Show

    Southern Society for Coatings Technology Annual Meeting and Technology Conference

    Eastern Coatings Show

    CPCA Annual Conference

    66th Annual Sink or Swim
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Clariant Additives

    Pilot Chemical Company

    EPS

    Arkema

    Siltech Corporation
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    PPG Reports Record First Quarter Results

    ...

    04.22.14
    PPG Industries reported record first quarter 2014 net sales from continuing operations of $3.6 billion, up $528 million, or 17 percent, versus the prior year. First quarter 2014 reported net income from continuing operations was $277 million, or $1.97 per diluted share. First quarter 2014 adjusted net income from continuing operations was $279 million, or $1.98 per diluted share, which excludes $2 million, or 1 cent per diluted share, for acquisition-related costs.

    First quarter 2013 reported net income and earnings per diluted share from continuing operations were $191 million and $1.29 respectively, and adjusted net income from continuing operations was $207 million, or $1.39 per diluted share, respectively. Nonrecurring after-tax charges were $21 million, or 14 cents per diluted share, for legacy environmental remediation and pension plan settlement costs, and $5 million, or 3 cents per diluted share, for acquisition-related costs. The quarter also included a nonrecurring after-tax benefit of $10 million, or 7 cents per diluted share, for the retroactive impact of U.S. tax law changes enacted in early 2013. A Regulation G Reconciliation of reported to adjusted net income and earnings per diluted share is included below.

    “We achieved year-over-year global volume growth of 5 percent, our highest level in three years,” said Charles E. Bunch, PPG chairman and chief executive officer. “Additionally, growth rates accelerated in each region versus recent quarters, including in Europe, where our volumes grew 5 percent as we benefited from the early stages of that region’s economic recovery. PPG’s growth was also broad-based across many of our businesses, led by automotive OEM coatings and aerospace, where our performance continued to outpace strong global growth in these end-use markets.

    “We delivered excellent earnings leverage on the improved demand stemming from the aggressive actions we have taken to significantly reduce our cost structure,” Bunch added. “In addition, our cash deployment over the past several years is contributing to our earnings growth, including achievement of targeted cost synergies from our acquisitions. As a result, our adjusted earnings per share from continuing operations improved by more than 40 percent versus the prior-year figure, aided by earnings improvement in each major region. Also for the quarter, we more than fully replaced the earnings from our recently-divested businesses.”

    Looking ahead, Bunch said, “We anticipate solid global growth to continue, but it will not be uniform across geographies or end-use markets. PPG remains well-positioned with a balanced coatings portfolio, both regionally and by end-use market, providing broad growth opportunities while minimizing the impact of any individual fluctuations. Additionally, we have a stronger cash position, which we intend to deploy in a timely, disciplined manner with a continued focus on earnings-accretive cash uses, including additional acquisitions and share repurchases.”

    The company today reported cash and short-term investments totaling $3.0 billion at quarter-end, including $1.735 billion of gross proceeds received from recent business divestitures. The company also noted that it repurchased $200 million, or 1.1 million shares, of PPG stock during the quarter.

    PPG Reportable Segments and Discontinued Operations Classification

    On March 31, PPG divested its 51-percent ownership interest in the Transitions Optical joint venture and 100 percent of its sunlens business. The financial results for the divested businesses are reported in discontinued operations. Additionally, as of the first quarter 2014, PPG has adopted a new reportable-segment structure. The three reportable segments and respective businesses for each are as follows:

    ·         Performance Coatings – aerospace, architectural coatings – Americas and Asia-Pacific, architectural coatings – Europe, Middle East and Africa (EMEA), automotive refinish, and protective and marine coatings

    ·         Industrial Coatings – automotive OEM (original equipment manufacturer) coatings, industrial coatings, packaging coatings, and specialty coatings and materials

    ·         Glass – fiber glass and flat glass

    First Quarter 2014 Reportable Segment Financial Results

    ·         Performance Coatings segment net sales for the quarter were $2.0 billion, up $429 million, or 27 percent. Acquired businesses increased sales by 23 percent year-over-year, and segment volume growth added 3 percent, with currency translation and price accounting for the remaining net sales change. Automotive refinish and aerospace increased sales volumes in all major regions, reflecting continued global industry growth. Excluding favorable acquisition impacts, architectural coatings net sales in North America grew modestly versus the prior year, as results were mixed by distribution channel and the region was impacted by inclement weather. Architectural coatings – EMEA volumes were up mid-single-digit percentages due to partial regional demand recovery and favorable weather conditions in the region. Protective coatings volume growth, including acquisition-related revenue synergies, offset weaker marine coatings sales, as marine new-build demand remained negative year-over-year but stable versus recent quarters. Segment earnings of $248 million were up $56 million, or 29 percent, as a result of the increase in organic net sales and earnings contribution from business acquisitions.

    ·         Industrial Coatings segment net sales for the quarter were $1.4 billion, increasing $89 million, or 7 percent. Volume growth of 7 percent accounted for the net sales change, with all regions delivering higher volumes. Automotive OEM coatings grew by more than 10 percent globally, outpacing a global industry growth rate of about 4 percent, with strong growth in each major region. The industrial coatings and specialty coatings and materials businesses also delivered solid volume growth, led by gains in North America and the Asia Pacific region. Packaging coatings sales were weaker, driven by lower European volume. Total segment earnings for the quarter were $231 million, up $33 million, or 17 percent, as a result of the higher volumes.

    ·         Glass segment net sales were $266 million for the quarter, up $10 million, or 4 percent, year-over-year. Segment volumes grew 3 percent on continued improvement in global fiber glass demand, partly offset by lower flat glass volumes. Flat glass pricing increased year-over-year. Segment earnings were $4 million, down $1 million versus the prior year primarily due to scheduled maintenance and repair costs of $12 million and higher natural gas costs that were partly offset by improved earnings from the higher net sales.

    Discontinued Operations

    Net income from discontinued operations includes the historical operating results for PPG’s former interest in the Transitions Optical joint venture and its sunlens business for both periods presented, and a net gain on these divestitures of $946 million in the quarter ended March 31, 2014. For the quarter ended March 31, 2013, operating results also include PPG’s former commodity chemicals business that was separated on Jan. 28, 2013, and a net gain on that transaction of approximately $2.2 billion.

    All current- and prior-year figures for the company have been adjusted to conform to the new reportable-segment structure. For further information about the company’s historical financial results, see PPG’s Annual Report on Form 10-K for the year ended Dec. 31, 2013.


    PPG: BRINGING INNOVATION TO THE SURFACE.(TM)
    PPG Industries' vision is to continue to be the world’s leading coatings and specialty materials company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visitwww.ppg.com and follow @PPGIndustries on Twitter.

    Additional Information
    PPG will provide detailed commentary regarding its financial performance, including presentation-slide content, on the PPG Investor Center at www.ppg.com at 1 p.m. ET today, April 17. The company will hold a conference call to review its first quarter 2014 financial performance today at 2 p.m. ET. The dial-in numbers are: in the United States, 866-515-2907; international, +1-617-399-5121; passcode 70731458. The conference call also will be available in listen-only mode via Internet broadcast from the PPG Investor Center at www.ppg.com (Windows Media Player). A telephone replay will be available today, April 17, beginning at approximately 6 p.m. ET, through Thursday, April 24, at 11:59 p.m. ET. The dial-in numbers for the replay are: in the United States, 888-286-8010; international, +1-617-801-6888; passcode 17279489. A Web replay also will be available on the PPG Investor Center at www.ppg.com, beginning at approximately 4:30 p.m. ET today, April 17, 2014, through Thursday, April 16, 2015.

    Forward-Looking Statements
    Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the company’s current view with respect to future events or objectives and financial or operational performance or results. These matters involve risks and uncertainties as discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and its current reports on Form 8-K, filed with the Securities and Exchange Commission (SEC). Accordingly, many factors could cause actual results to differ materially from the company’s forward-looking statements.

    Among these factors are global economic conditions, increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials, the ability to maintain favorable supplier relationships and arrangements, the realization of anticipated cost savings from restructuring initiatives, difficulties in integrating acquired businesses and achieving expected synergies therefrom, the ability to penetrate existing, developing or emerging foreign and domestic markets, economic and political conditions in international markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions and the unpredictability of possible future litigation, including litigation that could result if the asbestos settlement discussed in PPG’s filings with the SEC does not become effective. However, it is not possible to predict or identify all such factors.

    Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.

    Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, results of operations or liquidity.

    Forward-looking statements speak only as of the date of their initial issuance, and PPG does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law.

    Regulation G Reconciliation
    PPG Industries believes investors' understanding of the company's operating performance is enhanced by the disclosure of net income and earnings per diluted share adjusted for nonrecurring charges. PPG's management considers this information useful in providing insight into the company’s ongoing operating performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis. Net income and earnings per diluted share adjusted for these items are not recognized financial measures determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered a substitute for net income or earnings per diluted share or other financial measures as computed in accordance with U.S. GAAP. In addition, adjusted net income and earnings per diluted share may not be comparable to similarly titled measures as reported by other companies.

    The following is a reconciliation of reported and adjusted net income and earnings per diluted share for the first quarter and full year:
    Related Searches
    • ppg industries
    • conference
    • dc
    • architectural coatings
    Related Knowledge Center
    • Automotive Refinish
    • Architectural Coatings
    • Industrial Coatings
    • Marine Coatings
      Loading, Please Wait..
      Trending
      • Minwax Brand Announces Gentle Olive As Its 2022 Color Of The Year
      • PPG Reports Fourth Quarter, Full-Year 2022 Financial Results
      • PPG Global Leaders Transform Boys & Girls Club In Florida With COLORFUL COMMUNITIES Project
      • PPG Recognized As ‘Most Admired Company’ By FORTUNE Magazine
      • Dutch Boy Paints Announces Rustic Greige As Its 2023 Color Of The Year
      Breaking News
      • PPG Completes COLORFUL COMMUNITIES Project in Denmark
      • 10 Partners of the Automotive Industry Form JV, Cofinity-X
      • BASF Recognized as Top Company for Supplier Diversity
      • Eastman Acquires Dalian Ai-Red Technology
      • SAFIC-ALCAN to Distribute Scott Bader Acrylics & Rheology Modifiers in France
      View Breaking News >
      CURRENT ISSUE

      January 2023

      • Pigments Market
      • The Architectural Paint Market Enjoys a Strong 2022
      • View More >

      Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
      You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

      • About Us
      • Privacy Policy
      • Terms And Conditions
      • Contact Us

      follow us

      Subscribe
      Nutraceuticals World

      Latest Breaking News From Nutraceuticals World

      GOED Elects New Board Officers for 2023
      Aspire Hires Darrec Jones as VP of Business Development
      Pycnogenol Supplementation Linked to Better Hair Density in Menopausal Women
      Coatings World

      Latest Breaking News From Coatings World

      PPG Completes COLORFUL COMMUNITIES Project in Denmark
      10 Partners of the Automotive Industry Form JV, Cofinity-X
      BASF Recognized as Top Company for Supplier Diversity
      Medical Product Outsourcing

      Latest Breaking News From Medical Product Outsourcing

      MPO's Most-Read Stories This Week—Feb. 4
      MO SCI Acquires Assets of 3M’s Advanced Materials Business
      Neurent Medical’s NEUROMARK System Becomes Commercially Available in U.S. Markets
      Contract Pharma

      Latest Breaking News From Contract Pharma

      Lilly 4Q Revenues Down 9% to $7.3B
      Bionova Expansion Project to Quadruple GMP Biologics Manufacturing Capacity
      Steriline Provides Fill-Finish Solution for Berkshire Sterile Manufacturing
      Beauty Packaging

      Latest Breaking News From Beauty Packaging

      Pacifica Introduces Glow Baby Skincare Line
      Kohl’s Names Tom Kingsbury as Chief Executive Officer
      Mielle Unveils Haircare Bundles Inspired by Amazon Original Series Harlem
      Happi

      Latest Breaking News From Happi

      Glow Balms and Slugging are Top Skincare Trends: Spate
      Curl Care Sales Jump as Consumers Transition to Natural Hairstyles
      Amyris & Tia Mowry’s Haircare Launch, New Product Awards in Beauty and Home Care
      Ink World

      Latest Breaking News From Ink World

      Weekly Recap: Pigments, Inkjet Ink Market Reports Top This Week’s Stories
      Roland DGA Announces Key Changes to Leadership Team
      Ball Reports 2022 Results
      Label & Narrow Web

      Latest Breaking News From Label & Narrow Web

      Brandywine names new president, Brook + Whittle grows and more
      MM Packaging adds first Nilpeter press for Dublin site
      Polytag develops new UV tag reading technology
      Nonwovens Industry

      Latest Breaking News From Nonwovens Industry

      Weekly Recap: K-C Requests Huggies-Related Lawsuit to be Thrown Out, WPT Makes Investment & More
      What You’re Reading on Nonwovens-Industry.com
      Kimberly-Clark Supports Period Poverty Initiative in Australia
      Orthopedic Design & Technology

      Latest Breaking News From Orthopedic Design & Technology

      ODT's Most-Read Stories This Week—Feb. 4
      Toetal Solutions Secures $1.8 Million in New Financing
      Adrian Tyndall Joins Axogen's Board of Directors
      Printed Electronics Now

      Latest Breaking News From Printed Electronics Now

      Weekly Recap: CES 2023, ams OSRAM and Celanese Top This Week’s Stories
      Zebra Provides East West Shrine Bowl with RFID Tracking Technology
      AAAS Elects Three ORNL Scientists as Fellows

      Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

      AD BLOCKER DETECTED

      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker.


      FREE SUBSCRIPTION Already a subscriber? Login