PPG released the financial statements for the four

2022-06-22
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PPG released the financial report for the fourth quarter and the whole year of 2019

ppg released the financial report for the fourth quarter and the whole year of 2019

february 11, 2020

and started with the idea of environmental protection materials (all thermosetting foaming materials have sulfur odor, and the color cannot change much). On January 21, 2020, PPG released the financial report for the fourth quarter of 2019, achieving a net sales of about $3.7 billion, an increase of about 1% over the same period of the previous year. Based on the constant exchange rate, the net sales increased by about 2% over the same period of the previous year. The main driving factors include the year-on-year increase in the average sales price by about 2%. The total sales volume decreased by about 3% compared with the same period of the previous year. Exchange loss has an adverse impact on net sales, with an impact range of about 1%, about 30million US dollars. The acquisition of related businesses (excluding divested businesses) contributed to a nearly 3% increase in sales

in the fourth quarter of 2019, the net profit from continuing operations was $295million, equivalent to $1.23 per diluted share, while the adjusted net profit from continuing operations was $313million, equivalent to $1.31 per diluted share. In the fourth quarter of 2018, the net profit from continuing operations was $256million, equivalent to $1.07 per diluted share, while the adjusted net profit from continuing operations was $271million, equivalent to $1.15 per diluted share. The effective tax rate before and after adjustment in the fourth quarter of 2019 is about 24%. In the fourth quarter of 2018, the effective tax rates before and after adjustment were about 24% and 26% respectively. Details of pre - and post adjustment performance are provided below

"we achieved an adjusted earnings per share growth rate of more than 10% for two consecutive quarters, fully reflecting the continuous improvement of the operating profit margin of the business department, an increase of 160 basis points over the same period of the previous year." Michaelh "Despite the negative impact of the global manufacturing weakness on many of our industrial end-user markets, we still achieved strong performance. China's industrial demand will gradually stabilize in the quarter, while the situation in Europe and the United States is still not optimistic," McGarry said

"in 2019, we will achieve an adjusted diluted EPS growth rate of about 8% (regardless of the impact of exchange rate) , which is completely consistent with our 2019 earnings guidance released last January. I am very glad to see that despite the continued downturn in the global macro economy in 2019, we have successfully achieved our revenue target. Our record performance, including strong growth in adjusted earnings and cash flow, reflects our focus on providing value-added products and services to our customers and driving operational excellence and working capital improvement. "

"from a strategic perspective, we have completed a number of acquisitions this year, including Huafu, heimerat, dexmet and texstars. Since December 2018, these acquisitions have brought about an annual revenue of about $500million, of which about $100million comes from the Asia Pacific region. We warmly welcome new businesses, new customers and new employees to join the PPG family."

"our total operating cash flow in 2019 was about US $2.1 billion, an increase of about US $600million over 2018 - the highest record ever achieved. In addition, we continue to maintain the tradition of returning cash to shareholders. In 2019, we returned a total of about US $800million to shareholders through share buybacks and dividends. So far, PPG has increased its annual dividend per share for the 48th consecutive year." McGarry said

"Looking forward to 2020, although the decline in the productivity of an aviation customer will affect the sales of the functional coating business, we will continue to supply many consumer goods and after-sales markets, and their strong demand will improve this situation. We expect the functional coating business will continue to maintain endogenous growth. The coating business in the industrial field is expected to achieve sales growth again in the second half of 2020. At the beginning of this year, we have seen China's industrial demand A moderate recovery is expected, but general industrial demand in Europe and the United States will remain weak. We will continue to actively manage our business based on such forecasts. In consideration of the expected situation of such companies, we issued the following guidance on performance development in 2020:

· calculated on the basis of the constant exchange rate, the sales growth rate range is 1%-3%, including the income from the acquisition business announced recently

· without considering the influence of exchange rate, the adjusted growth rate of EPS is 4%-9%

"our relatively broad guidance on performance development takes into account the high degree of uncertainty in this special period. Our guidance also includes the forecast of diluted earnings per share of continuing operations in the first quarter, which is about $1.32 - $1.42."

"Despite the large-scale decline in industrial demand in many regions of the world, the adjusted diluted earnings per share in 2019 still set a new record. Therefore, I am very satisfied with the performance of the whole team. We will continue to invest in developing innovative products and solutions for customer needs, and continue to improve operational performance. We firmly believe that this is one of the best ways to achieve long-term shareholder value creation. We not only have an excellent team Xiu's team, and has the ability to achieve a higher growth rate both strategically and financially. " McGarry concludes

performance of all business departments in the fourth quarter of 2019

· the functional coating business achieved a net sales of nearly US $2.2 billion in the fourth quarter, an increase of 2% year-on-year. Based on the constant exchange rate, the sales volume increased by 60million US dollars over the same period of the previous year, with a growth rate of about 3%. The contribution rate of product price increase to net sales is about 2%. The product sales in this quarter were relatively stable. The acquisition of related businesses increased sales by about USD 20million, and the increase in product prices contributed about 1% to net sales, mainly due to the acquisition of SEM, dexmet and texstars. Adverse exchange rate factors also had a negative impact on net sales, with an impact of about US $15million, a year-on-year decrease of nearly 1%

the sales volume of aviation coating business achieved a high single digit growth in this quarter, mainly due to the strong industry demand and the high adoption rate of customers for PPG advanced technology products. As the increase in product prices to some extent offset the adverse impact of European customer inventory management, the net sales of automotive touch up paint (excluding the impact of exchange rate changes and acquisition activities on sales) achieved a low single digit growth. The strong growth in the sales volume of marine coatings pushed the total sales volume of industrial protection and marine coatings business to achieve a median single digit growth. The net sales of most sales channels of architectural coatings in the Americas and the Asia Pacific region increased year-on-year, including the same store sales of self operated stores of American companies. In addition, despite the increase in product prices, the decline in sales of architectural coatings in Europe, the Middle East and Africa (EMEA region) has brought adverse effects to a certain extent, and the total sales in the region have declined in the low single digits

in the fourth quarter, the functional coating business realized a net profit of US $307million, an increase of US $46million over the same period of the previous year. To some extent, measures such as the increase of sales price and the implementation of cost control offset the adverse impact of the cost increase, thus promoting the increase of net profit

· the fourth quarter net sales of coating business in the industrial field was about US $1.5 billion, a decrease of US $16million compared with the same period of the previous year, a year-on-year decrease of 1%. To a certain extent, the increase in sales prices offset the adverse impact of a decline of about 6% in total sales. Thanks to the acquisition activities of Huafu and heimerat, the contribution rate of acquisition related businesses to sales was 5%, about US $80million. Adverse exchange rate factors had a negative impact on net sales, with an impact of about US $15million, a year-on-year decrease of nearly 1%

although the product price has increased, due to the decline of global automobile production, the paint sales of automobile original equipment manufacturers (OEMs) have declined in the middle single digits. The slowdown of global manufacturing activities has led to a decline in sales. The increase in product prices and the gains from acquisition activities have been affected to some extent. The net sales of general industrial coatings have declined by a single digit compared with the same period of last year. The sales volume of general industrial coatings in all major business areas fell in the middle single digits. The decline in the demand for canned food led to a median single digit decline in the sales of packaging coatings compared with the same period of the previous year

in the fourth quarter, the net profit of coating business in the industrial field was US $203million, an increase of US $16million year-on-year, an increase of about 9%, including the adverse impact of exchange losses, which was about US $2million. The increase in product prices, active cost management and the profit contribution from acquisition activities offset the adverse effects of the decline in sales and the rise in costs to a certain extent, and the net profit of the coating business in the industrial sector in this quarter was still benefited from this

in addition, the company announced today:

· the cost savings brought by the business restructuring plan in the fourth quarter were slightly higher than US $20million, and the cost savings in 2019 reached about US $85million. According to the guidance of 2020 revenue index, the company expects that the cumulative cost savings will reach more than 75Million US dollars by 2020

· the overall operating expenses in the fourth quarter were about US $65million, including a high one-time expense of about US $5million in employee benefits

· the company expects the global effective tax rate range to be 22%-23% in the first quarter of 2020 and 22%-24% in the whole year of 2020

2019 annual financial report

2019 annual net sales of continuing operations reached about US $15.1 billion, a decrease of 1.5% over the previous year. Exchange losses have an adverse impact on net sales, with an impact range of about 3%, about US $400million. The sales of the original business decreased by nearly 1% compared with last year, and the contribution of the acquisition of related businesses to the net sales was 2%. The previously announced changes in customer classification had an adverse impact on the annual net sales, resulting in a decline in sales by about 1%. The negative impact of classification changes brought by customers will continue until the middle of 2019. The net profit from continuing operations in 2019 was $1.2 billion, equivalent to $5.22 per diluted share. In 2018, the net profit from continuing operations for the whole year was $1.3 billion, equivalent to $5.40 per diluted share. The adjusted diluted earnings per share of continuing operations in 2019 was $6.22, an increase of about 5% over the previous year, while the adjusted diluted earnings per share of continuing operations in 2018 was 5 $92. If the exchange factor is excluded, the adjusted diluted EPS growth rate of continuing operations is about 8%. The effective tax rate for continuing operations in 2019 is about 24%, and the figure for 245 pile foundations in 2018 is 21%. In 2019, the adjusted effective tax rate for continuing operations was about 24%, which was 22% in 2018. In 2019, the company returned about $800million in cash to shareholders, including about $325million in the form of share repurchase and $470million in the form of dividends. Total capex was approximately $415million. By the end of 2019, the company's total annual debt was about $5billion, cash and short-term investment was about $1.3 billion. By the end of 2019, the company has reserved US $1.5 billion for stock repurchase authorization

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