• 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
    Biocides Market Outlook - 2027

    Lab & Testing Equipment Directory

    Aerospace Coatings

    Resins Update

    Coatings World Q&A: Eileen Weber of allnex
    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
    Teknos Receives EcoVadis Gold Medal for Sustainability Performance

    AkzoNobel and Partners Team Up to Hack Carbon Reduction Challenges

    Five PPG Facilities in Ohio Recognized for Sustainability, Health, Safety Practices

    Award for Sustainability: Evonik Receives EcoVadis Platinum Rating Again

    HMG Paints Gets Their Running Shoes On
    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 Launches HOMAX TEX>>PRO Texture System by PPG

    New Digital Solution from Interpon Helps Customers Bring Colors to Life

    Benjamin Moore Receives Two J.D. Power Awards

    Jamestown Coating Technologies Acquires Yenkin-Majestic Industrial Paint Business

    New Appointment for AkzoNobel Industrial Coatings
    Additives
    Binders
    Pigments
    Solvents

    DIC’s Indian Subsidiary Begins Construction of Coating Resins Production Facility

    Celanese Declares Force Majeure on Acetyl Chain and Acetate Tow Products

    Perstorp Group to be Acquired by PETRONAS Chemicals Group

    Birla Carbon to Increase North American Prices

    OQ Chemicals Announces Price Increases for Oxo Intermediates in the Americas
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Siltech Corporation

    Clariant Additives

    Active Minerals

    Shepherd Color Company, The

    Pilot Chemical Company
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Utech Las Americas 2022

    CPCA Annual Conference

    PAINTINDIA 2022 Exhibition

    Southern Society for Coatings Technology Annual Meeting and Technical Conference

    UTECH Middle East/Africa Foam & Polyurethane Expo
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Siltech Corporation

    Clariant Additives

    Active Minerals

    Shepherd Color Company, The

    Pilot Chemical Company
    • 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
      • India/Asia Pacific Report
      • China Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • 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 Completes Internal Investigation, Files Restated Financial Reports

    ...

    PPG Completes Internal Investigation, Files Restated Financial Reports
    Related CONTENT
    • PPG Reports Second Quarter 2021 Financial Results
    • PPG Highlights 2020 Performance at Annual Shareholders Meeting
    • PPG Reports Q4, Full-year 2020 Financial Results
    • PPG Reports Record 3Q 2020 Financial Results
    • PPG Projects Strong 3Q Financial Results
    06.28.18
    PPG said it filed an amended Annual Report on Form 10-K/A for the fiscal year ended Dec. 31, 2017 with the Securities and Exchange Commission (“SEC”), including a restatement of its audited consolidated financial statements for the years ended Dec. 31, 2016 and 2017. PPG also restated certain unaudited quarterly results related to the three months ended Dec. 31, 2016, March 31, 2017, June 30, 2017, Sept. 30, 2017 and Dec. 31, 2017. In addition, PPG announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. PPG is now current in its filings with the SEC.
     
    As PPG previously disclosed, the company received a report through its internal reporting system in April 2018 alleging violations of PPG’s accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter of 2018. The Audit Committee of PPG’s Board of Directors oversaw an investigation of these matters. The Audit Committee completed its investigation on June 27, 2018 and authorized the filing of restated financial statements for the fiscal years 2016 and 2017 and certain quarterly periods within those fiscal years in order to correct its previously issued financial statements.  The restated financial statements and additional details regarding these restatements and the findings of the investigation are contained in PPG’s Form 10-K/A and Form 10-Q filed today.
     
    “Throughout the process to conduct a detailed review of our financials and support our Audit Committee’s investigation, we have appreciated the patience of PPG shareholders, lenders and other stakeholders. We have already begun to implement a remedial plan to address the issues identified by the internal report and the investigation, as more fully described in our filings today,” said Michael McGarry, PPG chairman and CEO. “We are committed to take actions that are consistent with our ethics and values and fully meet the expectations of both internal and external stakeholders. Unwavering adherence to our core standards of financial integrity and honesty remains a top priority and focus for all PPG employees.”
     
    As a result of the findings of the investigation, shown below are the summary restatements by quarter and year:
     
    • Net income from continuing operations decreased by $4 million, or $0.01 per diluted share, and there was no impact to income from discontinued operations, net of tax, for the year ended Dec. 31, 2016;
    • Net income from continuing operations decreased by $2 million, or $0.01 per diluted share, and income from discontinued operations, net of tax, was increased by $5 million, or $0.02 per diluted share, for the year ended Dec. 31, 2017
    • Net income from continuing operations decreased by $4 million, or $0.01 per diluted share, and there was no impact to income from discontinued operations, net of tax, for the three months ended Dec. 31, 2016;
    • Net income from continuing operations increased by $3 million, or $0.01 per diluted share, and there was no impact to income from discontinued operations, net of tax, for the three months ended March 31, 2017;
    • Net income from continuing operations decreased by $7 million, or $0.03 per diluted share, and income from discontinued operations, net of tax, increased by $2 million, or $0.01 per diluted share, for the three months ended June 30, 2017;
    • Net income from continuing operations decreased by $4 million, or $0.02 per diluted share, and income from discontinued operations, net of tax, increased by $2 million, or $0.01 per diluted share, for the six months ended June 30, 2017;
    • Net income from continuing operations increased by $1 million, or zero cents per diluted share, and there was no impact to income from discontinued operations, net of tax, for the three months ended Sept. 30, 2017;
    • Net income from continuing operations decreased by $3 million, or $0.01 per diluted share, and income from discontinued operations, net of tax, increased by $2 million, or $0.01 per diluted share, for the nine months ended Sept. 30, 2017;
    • Net income from continuing operations increased by $1 million, or zero cents per diluted share, and income from discontinued operations, net of tax, increased by $3 million, or $0.01 per diluted share, for the three months ended Dec. 31, 2017 
     
    In addition, and separate from the Audit Committee’s investigation, subsequent to March 31, 2018 PPG determined that environmental reserves related to its New Jersey Chrome remediation project and other legacy sites should be increased in the first quarter 2018 by $34 million due to its receipt of new information impacting estimated future remediation costs. Also separate from the investigation, PPG determined that a portion of the company’s reserve for unrecognized tax benefits should be released in the first quarter 2018, rather than be included in the effective tax rate to be applied over the course of 2018, reducing income tax expense for the three months ended March 31, 2018 by $15 million. The company’s revised first quarter 2018 reported effective tax rate was 20.7 percent, and its revised adjusted effective tax rate was 24.2 percent.
     
    As set forth in the Form 10-Q filed today, PPG’s first quarter 2018 reported net income from continuing operations was $328 million, or $1.31 per diluted share, a decrease of $19 million and $0.07, respectively, versus the results reported in the company’s April 19, 2018 press release. First quarter 2018 adjusted net income from continuing operations was $342 million, or $1.36 per diluted share, a decrease of $8 million and $0.03 respectively, versus the results reported in the company’s April 19, 2018 press release. 
     
     
    Related Searches
    • ppg
    Suggested For You
    PPG Reports Second Quarter 2021 Financial Results PPG Reports Second Quarter 2021 Financial Results
    PPG Highlights 2020 Performance at Annual Shareholders Meeting PPG Highlights 2020 Performance at Annual Shareholders Meeting
    PPG Reports Q4, Full-year 2020 Financial Results PPG Reports Q4, Full-year 2020 Financial Results
    PPG Reports Record 3Q 2020 Financial Results PPG Reports Record 3Q 2020 Financial Results
    PPG Projects Strong 3Q Financial Results PPG Projects Strong 3Q Financial Results
    PPG Debuts Low-energy Paint Process for Automotive OEMs During SURCAR North American Congress PPG Debuts Low-energy Paint Process for Automotive OEMs During SURCAR North American Congress
    PPG Announces Leadership Appointments PPG Announces Leadership Appointments
    PPG Enhances Distribution Capabilities for Architectural Paint with New Facility in Texas PPG Enhances Distribution Capabilities for Architectural Paint with New Facility in Texas
    PPG Joins World Alliance for Efficient Solutions PPG Joins World Alliance for Efficient Solutions
    Axalta Releases First Quarter 2018 Results Axalta Releases First Quarter 2018 Results
    PPG Completes COLORFUL COMMUNITIES Project in Istanbul PPG Completes COLORFUL COMMUNITIES Project in Istanbul
    PPG Marks Successful 2017 PPG Marks Successful 2017
    RPM Reports Record Results for Fiscal 2018 Third Quarter RPM Reports Record Results for Fiscal 2018 Third Quarter
    AkzoNobel Delivers Improved Results for 2017 AkzoNobel Delivers Improved Results for 2017
    PPG Chrome-free Integral Fuel Tank Aerospace Coating Qualified to SAE Standard PPG Chrome-free Integral Fuel Tank Aerospace Coating Qualified to SAE Standard

    Related Content

    • Breaking News | Financial News
      PPG Reports Second Quarter 2021 Financial Results

      PPG Reports Second Quarter 2021 Financial Results

      PPG recorded second quarter net sales of nearly $4.4 billion.
      07.20.21

    • Breaking News | Financial News
      PPG Highlights 2020 Performance at Annual Shareholders Meeting

      PPG Highlights 2020 Performance at Annual Shareholders Meeting

      At the meeting, shareholders re-elected directors.
      04.15.21

    • Breaking News | Financial News
      PPG Reports Q4, Full-year 2020 Financial Results

      PPG Reports Q4, Full-year 2020 Financial Results

      Fourth quarter net sales of approximately $3.8 billion, more than 2% higher than the prior year.
      01.22.21


    • Breaking News | Financial News
      PPG Reports Record 3Q 2020 Financial Results

      PPG Reports Record 3Q 2020 Financial Results

      Net sales of about $3.7 billion, four percent lower than the prior year.
      Coatings World staff 10.20.20

    • Breaking News | Financial News
      PPG Projects Strong 3Q Financial Results

      PPG Projects Strong 3Q Financial Results

      PPG announced its third quarter 2020 adjusted earnings.
      Coatings World staff 10.12.20

      Trending
      • Asian Paints Reports 4Q, Full Fiscal Year 2022 Results
      • Teknos Receives EcoVadis Gold Medal For Sustainability Performance | Coatings World
      • Teknos Receives EcoVadis Gold Medal for Sustainability Performance
      • Vlad Appointed Managing Director of AkzoNobel Industrial Coatings
      • AkzoNobel and Partners Team Up to Hack Carbon Reduction Challenge
      Breaking News
      • Teknos Receives EcoVadis Gold Medal for Sustainability Performance
      • AkzoNobel and Partners Team Up to Hack Carbon Reduction Challenges
      • Five PPG Facilities in Ohio Recognized for Sustainability, Health, Safety Practices
      • HMG Paints Gets Their Running Shoes On
      • Award for Sustainability: Evonik Receives EcoVadis Platinum Rating Again
      View Breaking News >
      CURRENT ISSUE

      May 2022

      • Biocides Market Outlook - 2027
      • Lab & Testing Equipment Directory
      • Aerospace Coatings Market

      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 Creates Infographic Highlighting Omega-3 Health Claims Approved in Europe
      Kyowa Hakko Appoints Dr. Colin Hill to Immuse Scientific Advisory Board
      Expert Consensus Statement: Diet is Best Primary Intervention to Achieve Diabetes Remission
      Coatings World

      Latest Breaking News From Coatings World

      Teknos Receives EcoVadis Gold Medal for Sustainability Performance
      AkzoNobel and Partners Team Up to Hack Carbon Reduction Challenges
      Five PPG Facilities in Ohio Recognized for Sustainability, Health, Safety Practices
      Medical Product Outsourcing

      Latest Breaking News From Medical Product Outsourcing

      Iterative Scopes Expands its Senior Leadership Team
      Viz.ai Raises $100 Million in Series D Funding
      FDA Clears Arterys' AI Mapping and Quantification Tools
      Contract Pharma

      Latest Breaking News From Contract Pharma

      Piramal Pharma Solutions New API Plant in Canada Now Online
      MG America Appoints Claudio Radossi as President
      Catalent Invests $175M to Expand Mfg. Capabilities at Winchester, KY
      Beauty Packaging

      Latest Breaking News From Beauty Packaging

      Authentic Beauty Concept Launches Second-Generation ‘Refill Bar’
      HASK Beauty Enters Exclusive Partnership with Amazon
      Garance Doré Launches Made in France Skincare Line
      Happi

      Latest Breaking News From Happi

      SPF Setting Spray, Lip Contour and Knotless Braids Are Hot Trends: Spate
      Nutrafol Launches Collagen Infusion
      ÄZ Craft Luxury Haircare Products Support All Hairstyles
      Ink World

      Latest Breaking News From Ink World

      Nazdar Celebrates 100 Years with a New Look
      hubergroup Chemicals Exhibits at Paint India for First Time
      Award for Sustainability: Evonik Receives Platinum Rating Again
      Label & Narrow Web

      Latest Breaking News From Label & Narrow Web

      Specialty announces move to new facility
      Mark Andy hosts dealer's open house in Warsaw
      Nazdar celebrates 100th anniversary with refreshed brand identity
      Nonwovens Industry

      Latest Breaking News From Nonwovens Industry

      3M to Expand in Nebraska
      Nicely Offers Nonwoven Slitters, Winders
      'Right' Hygiene Conference to be Held in June
      Orthopedic Design & Technology

      Latest Breaking News From Orthopedic Design & Technology

      FDA Clears Anika Therapeutics' X-Twist Knotless Fixation System
      Paragon 28 Rolls Out TenoTac 2.0 Hammertoe and Soft Tissue Repair
      Cionic Expands Scientific Advisory Board
      Printed Electronics Now

      Latest Breaking News From Printed Electronics Now

      Evonik Launches New Processing Aids for PV Wafer Cutting
      NREL Creates Highest Efficiency 1-Sun Solar Cell
      eMagin Wins People’s Choice Award at Display Week 2022

      Copyright © 2022 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