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On January 16, , Ltd.
"target="_blank">PPG, Ltd.
"target="_blank"> PPG disclosed the performance of the fourth quarter and full year of 2019.
The report shows that PPG's net sales in the fourth quarter of 2019 were nearly US$3.
7 billion, a year-on-year increase of about 1%.
Net sales in fixed currencies increased by approximately 2% year-on-year, thanks to a higher selling price of nearly 2%.
Compared with the same period last year, sales have dropped by nearly 3%.
Unfavorable foreign currency translation affected net sales by approximately 1% (approximately US$30 million), and acquisition-related sales (excluding divestitures) increased net sales by nearly 3%.
Net income from continuing operations in the fourth quarter of 2019 was US$295 million, or diluted earnings per share of US$1.
23.
Adjusted net income from continuing operations was US$313 million, or diluted earnings per share of US$1.
31.
For the fourth quarter of 2019, the effective tax rate and the adjusted tax rate are both approximately 24%.
The effective tax rate and adjusted tax rate for the fourth quarter of 2018 were approximately 24% and 26%, respectively.
Michael H.
McGarry, Chairman and Chief Executive Officer of PPG, said: “We have achieved adjusted earnings per share growth of more than 10% for the second consecutive quarter, which reflects the continuous improvement of our division’s operating profit margin, an increase of 160 per share year-on-year.
Basic point.
Despite the weakening of global manufacturing activity, which has affected many of our end markets, we still achieved strong performance.
With the progress of the fourth quarter, China's industrial demand began to stabilize, but there are still challenges in Europe and the United States.
"For the whole year of this year, our adjusted diluted earnings per share (excluding foreign currency translation) growth rate was about 8%, which is fully in line with our 2019 earnings guidance provided in January last year.
I am very pleased that despite the weakening of the macroeconomic conditions throughout the year, we have still achieved our earnings targets.
This record performance (including strong adjusted earnings and cash flow growth) reflects our commitment to providing customers with value-added products and services, as well as our focus on operational excellence and working capital improvement.
"Strately speaking, we completed several acquisitions during the year, including Whitford, Hemmelrath, Dexmet and Texstars.
Since December 2018, we have announced annual revenue from mergers and acquisitions of approximately US$500 million, of which approximately 100 million The U.
S.
dollar is located in the Asia-Pacific region.
We are very happy to welcome these businesses, their customers and our new employees to the PPG series.
"Our operating cash flow in 2019 totaled approximately US$2.
1 billion, which is approximately US$600 million higher than in 2018, a record Our highest record in history.
We also continued the tradition of returning cash to shareholders.
In 2019, we returned approximately $800 million through stock repurchases and dividends, including an increase in dividends per share for 48 consecutive years.
" Starting in 2020, we expect the high-performance coatings business will continue to grow organically, as we supply a variety of consumer-oriented and after-sales markets, and demand in these markets remains stable, despite the decline in productivity from aerospace customers.
Sales of the business.
As far as our industrial coatings business is concerned, we expect to resume production growth in the second half of 2020.
At the beginning of this year, China's industrial demand began to recover moderately, but total industrial demand in Europe and the United States is expected to continue to weaken.
We will continue to actively manage our business based on these forecasts.
In light of these expectations, our full-year 2020 financial guidance is as follows: Industrial Coatings Industrial Coatings ● At constant exchange rates, sales increased by 1-3%, including recently announced acquisitions ● Adjusted earnings per share increased by 4% to 9 %, which does not include the impact of currency conversion.
"Our guidance is broad and reflects the increase in uncertainty at this specific time.
Our expected target is that the diluted earnings per share from continuing operations in the first quarter is $1.
32 To $1.
42.
""Despite the general shrinking of industrial demand in most parts of the world, I am very satisfied with our team's ability to achieve record adjusted diluted earnings per share in 2019.
We will continue to devote ourselves to developing innovative products and solutions for our customers, while continuing to Improve our operational performance.
We firmly believe that this is a great formula for long-term shareholder value creation.
We have an excellent team and are strategically and financially in a favorable position to continue to develop.
" McGarry concluded.
Financial performance of the fourth quarter of 2019 Segment financial performance of the fourth quarter of 2019 The net sales of the high-performance coatings business in the fourth quarter were nearly US$2.
2 billion, an increase of 2% over the same period last year.
Net sales at constant exchange rates increased by approximately $60 million, an increase of 3%.
The higher selling price accounts for 2% of net sales.
Segment business volume is relatively stable.
Driven by SEM, Dexmet, and Texstars, sales related to the acquisition increased net sales by approximately $20 million, accounting for approximately 1% of net sales.
Unfavorable foreign currency translation reduced net sales by approximately $15 million, or less than 1%.
The sales of aerospace coatings and aerospace coatings have grown at a high single-digit percentage, which is attributed to the strong demand in the industry and the continued strong adoption of PPG technology advantage products among customers.
As the adverse impact of European customer inventory management was offset by the increase in sales prices, net sales of automotive refinish (excluding currency and acquisition effects) increased by a low single-digit percentage.
With Marine Coatings total sales strong growth, protective and marine coatings growth in single-digit percentages.
Most of the major channels for architectural coatings , the Americas and Asia Pacific regions, recorded good year-on-year net sales in the quarter, including same-store sales owned by US companies.
Architectural coatings-Europe, the Middle East and Africa (EMEA) organic sales fell by low single digits, as lower sales were partially offset by higher selling prices.
Marine coatings and architectural coatingsSegment revenue in the fourth quarter was US$307 million, an increase of US$46 million over the fourth quarter of the previous year.
Segment revenue benefited from higher selling prices and cost management, partially offset by general cost inflation.
The net sales of the industrial coatings business in the fourth quarter were approximately US$1.
5 billion, a decrease of US$16 million or 1% from the same period last year.
The higher selling price was offset by a 6% decline in sales.
Sales related to the acquisition were approximately $80 million, and net sales increased by 5%, driven by Whitford and Hemmelrath.
Unfavorable foreign currency translation reduced net sales by approximately US$15 million, or approximately 1%.
The sales of automotive original equipment manufacturer (OEM) coatings fell in the mid-single digits, consistent with the decline in productivity in the global automotive industry, but partially offset by higher selling prices.
The net sales of General Industrial Coatings increased by low single digits compared to the same period last year.
This was due to higher selling prices and acquisition-related sales that were offset by lower sales, reflecting global manufacturing activity The weakness.
In every major region, sales of general industrial coatings fell by at least a few percent.
Sales of packaging coatings fell in the mid-single digits year-on-year, partly due to continued weakness in demand for canned food.
Segment revenue in the fourth quarter was US$203 million, a year-on-year increase of US$16 million, an increase of approximately 9%, including the adverse foreign currency translation impact of US$2 million.
Segment revenue benefited from increased sales prices, strong cost management, and acquisition-related revenue, which was partially offset by the impact of sales volume decline and general cost inflation.
2019 Annual Results 2019 Annual ResultsNet sales from continuing operations for the full year of 2019 were approximately US$15.
1 billion, a decrease of 1.
5% from the previous year, including approximately 3% of unfavorable foreign exchange conversion net sales, which was approximately US$400 million.
Compared with the same period last year, organic sales fell by nearly 1%, and sales related to acquisitions increased net sales by 2%.
Full-year net sales were affected by previously announced customer category changes, which reduced sales by nearly 1%.
Net income from continuing operations for the full year of 2019 was US$1.
2 billion, or diluted earnings per share of US$5.
22, compared with US$1.
3 billion or US$5.
40 per diluted share in 2018.
Adjusted earnings per share from continuing operations for the full year of 2019 increased by 5% to US$6.
22, compared with US$5.
92 in 2018, an increase of approximately 8% after excluding adverse foreign exchange effects.
For the entire year of 2019, PPG returned approximately US$800 million to shareholders, including approximately US$325 million in stock repurchases and approximately US$470 million in dividends.
Capital expenditures totaled approximately US$415 million.
As of the end of the year, the company’s total debt was approximately US$5 billion, and cash and short-term investments were approximately US$1.
3 billion.
As of the end of 2019, the company's current stock repurchase authorization has a remaining US$1.
5 billion.
"target="_blank">PPG, Ltd.
"target="_blank"> PPG disclosed the performance of the fourth quarter and full year of 2019.
The report shows that PPG's net sales in the fourth quarter of 2019 were nearly US$3.
7 billion, a year-on-year increase of about 1%.
Net sales in fixed currencies increased by approximately 2% year-on-year, thanks to a higher selling price of nearly 2%.
Compared with the same period last year, sales have dropped by nearly 3%.
Unfavorable foreign currency translation affected net sales by approximately 1% (approximately US$30 million), and acquisition-related sales (excluding divestitures) increased net sales by nearly 3%.
Net income from continuing operations in the fourth quarter of 2019 was US$295 million, or diluted earnings per share of US$1.
23.
Adjusted net income from continuing operations was US$313 million, or diluted earnings per share of US$1.
31.
For the fourth quarter of 2019, the effective tax rate and the adjusted tax rate are both approximately 24%.
The effective tax rate and adjusted tax rate for the fourth quarter of 2018 were approximately 24% and 26%, respectively.
Michael H.
McGarry, Chairman and Chief Executive Officer of PPG, said: “We have achieved adjusted earnings per share growth of more than 10% for the second consecutive quarter, which reflects the continuous improvement of our division’s operating profit margin, an increase of 160 per share year-on-year.
Basic point.
Despite the weakening of global manufacturing activity, which has affected many of our end markets, we still achieved strong performance.
With the progress of the fourth quarter, China's industrial demand began to stabilize, but there are still challenges in Europe and the United States.
"For the whole year of this year, our adjusted diluted earnings per share (excluding foreign currency translation) growth rate was about 8%, which is fully in line with our 2019 earnings guidance provided in January last year.
I am very pleased that despite the weakening of the macroeconomic conditions throughout the year, we have still achieved our earnings targets.
This record performance (including strong adjusted earnings and cash flow growth) reflects our commitment to providing customers with value-added products and services, as well as our focus on operational excellence and working capital improvement.
"Strately speaking, we completed several acquisitions during the year, including Whitford, Hemmelrath, Dexmet and Texstars.
Since December 2018, we have announced annual revenue from mergers and acquisitions of approximately US$500 million, of which approximately 100 million The U.
S.
dollar is located in the Asia-Pacific region.
We are very happy to welcome these businesses, their customers and our new employees to the PPG series.
"Our operating cash flow in 2019 totaled approximately US$2.
1 billion, which is approximately US$600 million higher than in 2018, a record Our highest record in history.
We also continued the tradition of returning cash to shareholders.
In 2019, we returned approximately $800 million through stock repurchases and dividends, including an increase in dividends per share for 48 consecutive years.
" Starting in 2020, we expect the high-performance coatings business will continue to grow organically, as we supply a variety of consumer-oriented and after-sales markets, and demand in these markets remains stable, despite the decline in productivity from aerospace customers.
Sales of the business.
As far as our industrial coatings business is concerned, we expect to resume production growth in the second half of 2020.
At the beginning of this year, China's industrial demand began to recover moderately, but total industrial demand in Europe and the United States is expected to continue to weaken.
We will continue to actively manage our business based on these forecasts.
In light of these expectations, our full-year 2020 financial guidance is as follows: Industrial Coatings Industrial Coatings ● At constant exchange rates, sales increased by 1-3%, including recently announced acquisitions ● Adjusted earnings per share increased by 4% to 9 %, which does not include the impact of currency conversion.
"Our guidance is broad and reflects the increase in uncertainty at this specific time.
Our expected target is that the diluted earnings per share from continuing operations in the first quarter is $1.
32 To $1.
42.
""Despite the general shrinking of industrial demand in most parts of the world, I am very satisfied with our team's ability to achieve record adjusted diluted earnings per share in 2019.
We will continue to devote ourselves to developing innovative products and solutions for our customers, while continuing to Improve our operational performance.
We firmly believe that this is a great formula for long-term shareholder value creation.
We have an excellent team and are strategically and financially in a favorable position to continue to develop.
" McGarry concluded.
Financial performance of the fourth quarter of 2019 Segment financial performance of the fourth quarter of 2019 The net sales of the high-performance coatings business in the fourth quarter were nearly US$2.
2 billion, an increase of 2% over the same period last year.
Net sales at constant exchange rates increased by approximately $60 million, an increase of 3%.
The higher selling price accounts for 2% of net sales.
Segment business volume is relatively stable.
Driven by SEM, Dexmet, and Texstars, sales related to the acquisition increased net sales by approximately $20 million, accounting for approximately 1% of net sales.
Unfavorable foreign currency translation reduced net sales by approximately $15 million, or less than 1%.
The sales of aerospace coatings and aerospace coatings have grown at a high single-digit percentage, which is attributed to the strong demand in the industry and the continued strong adoption of PPG technology advantage products among customers.
As the adverse impact of European customer inventory management was offset by the increase in sales prices, net sales of automotive refinish (excluding currency and acquisition effects) increased by a low single-digit percentage.
With Marine Coatings total sales strong growth, protective and marine coatings growth in single-digit percentages.
Most of the major channels for architectural coatings , the Americas and Asia Pacific regions, recorded good year-on-year net sales in the quarter, including same-store sales owned by US companies.
Architectural coatings-Europe, the Middle East and Africa (EMEA) organic sales fell by low single digits, as lower sales were partially offset by higher selling prices.
Marine coatings and architectural coatingsSegment revenue in the fourth quarter was US$307 million, an increase of US$46 million over the fourth quarter of the previous year.
Segment revenue benefited from higher selling prices and cost management, partially offset by general cost inflation.
The net sales of the industrial coatings business in the fourth quarter were approximately US$1.
5 billion, a decrease of US$16 million or 1% from the same period last year.
The higher selling price was offset by a 6% decline in sales.
Sales related to the acquisition were approximately $80 million, and net sales increased by 5%, driven by Whitford and Hemmelrath.
Unfavorable foreign currency translation reduced net sales by approximately US$15 million, or approximately 1%.
The sales of automotive original equipment manufacturer (OEM) coatings fell in the mid-single digits, consistent with the decline in productivity in the global automotive industry, but partially offset by higher selling prices.
The net sales of General Industrial Coatings increased by low single digits compared to the same period last year.
This was due to higher selling prices and acquisition-related sales that were offset by lower sales, reflecting global manufacturing activity The weakness.
In every major region, sales of general industrial coatings fell by at least a few percent.
Sales of packaging coatings fell in the mid-single digits year-on-year, partly due to continued weakness in demand for canned food.
Segment revenue in the fourth quarter was US$203 million, a year-on-year increase of US$16 million, an increase of approximately 9%, including the adverse foreign currency translation impact of US$2 million.
Segment revenue benefited from increased sales prices, strong cost management, and acquisition-related revenue, which was partially offset by the impact of sales volume decline and general cost inflation.
2019 Annual Results 2019 Annual ResultsNet sales from continuing operations for the full year of 2019 were approximately US$15.
1 billion, a decrease of 1.
5% from the previous year, including approximately 3% of unfavorable foreign exchange conversion net sales, which was approximately US$400 million.
Compared with the same period last year, organic sales fell by nearly 1%, and sales related to acquisitions increased net sales by 2%.
Full-year net sales were affected by previously announced customer category changes, which reduced sales by nearly 1%.
Net income from continuing operations for the full year of 2019 was US$1.
2 billion, or diluted earnings per share of US$5.
22, compared with US$1.
3 billion or US$5.
40 per diluted share in 2018.
Adjusted earnings per share from continuing operations for the full year of 2019 increased by 5% to US$6.
22, compared with US$5.
92 in 2018, an increase of approximately 8% after excluding adverse foreign exchange effects.
For the entire year of 2019, PPG returned approximately US$800 million to shareholders, including approximately US$325 million in stock repurchases and approximately US$470 million in dividends.
Capital expenditures totaled approximately US$415 million.
As of the end of the year, the company’s total debt was approximately US$5 billion, and cash and short-term investments were approximately US$1.
3 billion.
As of the end of 2019, the company's current stock repurchase authorization has a remaining US$1.
5 billion.
