PPG Reports Record Q1 2014 Results

Posted by Joseph R. Fonseca
Monday, April 21, 2014
Logo

 

PPG Industries (NYSE:PPG) 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 non-recurring 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.”

PPG
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

Environmental

What’s All the Noise at IMO?

Shipping may think they hear the sound of new regulations as they are slammed onto their desks.  What is all the noise concerning noise at IMO?  This may very well be the question from ship owners,

Will Congress Pass Any Maritime Legislation in 2014?

Following its usual summer break over August 2014, Congress came back from its five-week summer recess and spent a whopping eight days or so back in session before recessing once again,

ICS Addresses OECD Shipbuilding Working Party

The OECD should be cautious about becoming involved in the question of what constitutes an ‘eco-ship’, the International Chamber of Shipping (ICS) said to governments

News

US House to Hold Hearing on Oil Export Ban

A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

Bollinger Delivers 11th FRC to the US Coast Guard

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer,

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1804 sec (6 req/sec)