PPG Reports Fourth Quarter and Full-Year 2017 Financial Results
-
Fourth quarter net sales of approximately $3.7 billion, up about 8
percent versus prior year -
Fourth quarter reported earnings per diluted share from continuing
operations of $0.72 and adjusted earnings per diluted share from
continuing operations of $1.19 -
Sales volume growth of 3 percent in the fourth quarter versus prior
year -
Share repurchases of $400 million in the fourth quarter and slightly
more than $800 million for the year -
Strong financial flexibility with approximately $1.5 billion of cash
and short-term investments at year-end -
Commitment to deploy at least $2.4 billion on acquisitions and share
repurchases in 2018
PITTSBURGH–(BUSINESS WIRE)–PPG (NYSE:PPG) today reported fourth quarter 2017 net sales of
approximately $3.7 billion, up nearly 8 percent versus the prior year.
Sales volumes increased by 3 percent year-over-year and selling prices
improved sequentially for the third consecutive quarter, adding less
than 1 percent to sales growth. Favorable foreign currency translation
improved net sales by more than 3 percent, or about $115 million, and
acquisitions-related sales, net of divestitures, added less than 1
percent to sales growth.
Fourth quarter 2017 reported net income from continuing operations was
$184 million, or 72 cents per diluted share, including an unfavorable
impact of 5 cents per diluted share stemming from the natural disasters
that occurred in the third quarter. Adjusted net income from continuing
operations was $304 million, or $1.19 per diluted share. Adjusted net
income excludes net after-tax charges totaling $120 million, or 47 cents
per diluted share. These net after-tax charges include: $97 million net
charge related to the new U.S. Tax Cuts and Jobs Act legislation; $24
million for pension settlement charges; and $7 million for asset
write-downs, partially offset by an $8 million gain from the sale of a
non-operating asset. The net tax charge reflects the company’s current
best estimate of the new legislation’s impact. As new information
becomes available, including issuance of interpretations by regulatory
bodies, the company may update this estimate. For the fourth quarter
2017, the effective tax rate was 49.7 percent and the adjusted effective
tax rate was 24.3 percent. For the full year, the adjusted effective tax
rate was 24.4 percent. With the enactment of the U.S. Tax Cuts and Jobs
Act legislation, the company’s global effective tax rate is expected to
be in the range of 23-to-24 percent for the year 2018.
Fourth quarter 2016 reported net income from continuing operations was
$91 million, or 34 cents per diluted share. Adjusted net income from
continuing operations was $306 million, or $1.16 per diluted share.
Adjusted net income excludes net after-tax charges totaling $215
million, or 82 cents per diluted share. These net after-tax charges
include: $144 million for business restructuring; $51 million for
increases to legacy environmental reserves; $23 million for higher tax
expense related to asbestos settlement funding; and $5 million for a
premium on the early retirement of debt, partially offset by an $8
million net gain on the disposals of ownership interests in business
affiliates. For the fourth quarter 2016, the effective tax rate was 31.2
percent and the adjusted effective tax rate was 24.4 percent.
“In the fourth quarter, we delivered solid and balanced sales growth in
each major region, and both reporting segments achieved at least 2
percent sales volume growth,” said Michael H. McGarry, PPG chairman and
chief executive officer. “Additionally, our aggregate selling prices
improved for the third consecutive quarter as we made continued progress
on our margin recovery efforts, despite higher than anticipated raw
material inflation in the quarter driven by ongoing supply-related
issues, including production curtailments from additional environmental
enforcement in China.
“Our Performance Coatings segment delivered its highest sales volume
growth of the year, growing more than 2 percent aided by continued
above-market performance in automotive refinish coatings, strengthening
aerospace growth and solid mid-single-digit percentage volume growth in
our U.S. company-owned architectural coatings stores. Industrial
Coatings maintained a mid-single-digit percentage sales volume growth
rate, once again well outpacing global industrial production, led by our
general industrial and packaging coatings businesses,” McGarry said.
“For the full year, we delivered adjusted earnings per diluted share
growth despite repeated disruptions to the coatings industry supply
chain that resulted in significant coatings raw material inflation. We
continued our legacy of aggressively managing our cost structure and
delivered $50 million of full year cost savings from our 2016
restructuring program, achieving the top-end of our target.
Strategically, during 2017 we completed our multi-year portfolio
transformation with the sale of the U.S. fiber glass business, our last
remaining non-core business, and continued our earnings-accretive
focused cash deployment.
“Our cash flow from operations was excellent, totaling over $1.5 billion
for the year, including the benefit from improved operating working
capital ratios. We also continued our heritage of returning cash to
shareholders, with more than $1.2 billion returned in 2017 via share
repurchases and dividends. We remain proud that PPG has paid annual
dividends for 118 consecutive years, and increased per-share payouts for
46 consecutive years, including a 13% per-share increase in July.”
McGarry continued.
“Looking ahead, we are well positioned to benefit from broadening and
more synchronized global economic growth due to our geographic reach,
excellent product portfolio, and advanced customer technologies, McGarry
said. We expect minimal abatement in the first half of the year to the
high level of raw material inflation that the coatings industry is
experiencing. We will continue to work with our customers to address the
inflationary environment and expect to realize additional selling price
increases in 2018. Finally, we continue to have strong financial
flexibility and are committed to deploy a minimum of $2.4 billion of
cash in 2018 on acquisitions and share repurchases as part of our
previously communicated target to deploy $3.5 billion in 2017 and 2018
combined,” McGarry concluded.
The company reported year-end 2017 cash and short-term investments of
approximately $1.5 billion. Also, PPG had $3.6 billion remaining on its
current share repurchase authorizations at year-end 2017, including a
$2.5 billion authorization approved by PPG’s Board of Directors in
December.
Fourth Quarter 2017 Reportable Segment Financial Results
-
Performance Coatings segment fourth quarter net sales were $2.1
billion, up $144 million, or more than 7 percent, versus the prior
year. Net sales benefited from higher selling prices across most
businesses and regions, and segment sales volume growth of more than 2
percent. Favorable foreign currency translation increased net sales by
about $67 million, or over 3 percent.
Automotive refinish
coatings organic sales improved by a mid-single-digit percentage
driven by market outperformance in the U.S. and Europe, and strong
emerging region demand. Aerospace coatings sales volumes growth
accelerated with a mid-single-digit percentage gain over the prior
year period, aided by improving demand in the U.S. and Asia.
Architectural coatings – Americas and Asia Pacific sales volumes
advanced a low single-digit percentage year-over-year, with
differences by channel and region. In the U.S. and Canada,
company-owned architectural same store sales grew by a solid
mid-single-digit percentage, while aggregate sales volumes in national
retail (DIY) accounts and independent dealer networks were flat to the
prior year period. Latin American architectural coatings sales volumes
were flat versus the prior year, as growing end-use market demand was
offset by lingering unfavorable impacts of the Mexican earthquakes.
Architectural coatings – EMEA sales volumes were consistent with the
prior year, an improvement versus the third quarter, as results
remained mixed by country. Aggregate protective and marine coatings
sales volumes were flat year-over-year, with protective coatings sales
growth offsetting moderating marine coatings contraction.
Segment
income for the fourth quarter was $260 million, up $21 million, or
about 9 percent, year-over-year, including favorable foreign currency
translation of $6 million. Segment income improved year-over-year
aided by the impact of higher sales volumes, overhead and
manufacturing cost management and improving selling prices, partially
offset by significant raw material inflation.
-
Industrial Coatings segment fourth quarter net sales were about $1.6
billion, up $121 million, or more than 8 percent, versus the
prior-year period. Sales volumes increased by more than 4 percent and
favorable foreign currency translation added nearly $46 million, or
about 3 percent, versus the prior year. Selling prices were modestly
lower year-over-year, but improved sequentially versus the third
quarter. Acquisition-related sales added $27 million in sales, or
about 2 percent year-over-year.
Automotive original
equipment manufacturer (OEM) coatings sales volumes increased by a
low-single-digit percentage year-over-year, consistent with global
automotive industry production rates. Aggregate industrial coatings
and specialty coatings and materials sales volumes increased by a
mid-single-digit percentage versus the prior year and outpaced global
industrial production growth rates for the eighth consecutive quarter,
as the company achieved higher sales volumes in each major region and
in many end-use markets. Packaging coatings sales volumes accelerated
to a high-single-digit percentage year-over-year growth rate, with
above industry growth rates in most regions stemming from customer
adoption of new PPG technologies.
Segment income for the
fourth quarter was $212 million, down $24 million, or about 10
percent, year-over-year. Segment income was lower as aggressive cost
improvements and strong sales volume growth did not fully offset
significant raw material inflation and modestly lower selling price.
Progress was made on selling price initiatives in the fourth quarter
sequentially, with further progress expected in the first half of
2018. Favorable foreign currency translation aided segment income by
$6 million.
Full-Year 2017 Financial Results
Full-year 2017 reported net sales from continuing operations were
approximately $14.8 billion, up more than 3 percent, versus the prior
year, including favorable foreign currency translation of less than 1
percent, or approximately $55 million. Organic sales growth of 1.5
percent versus the prior year was supplemented by acquisition-related
sales growth of more than 1 percent.
The company’s 2017 full-year reported net income from continuing
operations was $1.4 billion, or $5.46 per diluted share. Full-year 2017
adjusted earnings per diluted share from continuing operations was $5.87
per diluted share, representing an increase of nearly 4 percent
year-over-year. Adjusted net income excludes net after-tax charges
totaling $105 million, or $0.41 per diluted share. These net after-tax
charges include: $97 million net charge related to the new U.S. Tax Cuts
and Jobs Act legislation; $38 million for pension settlement charges; $7
million for asset write-downs; and $6 million for transaction-related
costs, partially offset by a $24 million gain from the sale of the
Mexican Plaka wallboard business; an $11 million benefit from a legal
settlement, and an $8 million gain from the sale of a non-operating
asset. In 2017, foreign currency translation unfavorably impacted
pre-tax income by $7 million. The effective tax rate from continuing
operations was 28.8 percent for 2017 and the adjusted effective tax rate
from continuing operations was 24.4 percent for 2017
The company’s 2016 full-year reported net income from continuing
operations was $547 million, or $2.05 per diluted share. Full-year 2016
adjusted earnings per diluted share from continuing operations was $5.67
per diluted share. Adjusted net income excludes net after-tax charges
totaling $959 million, or $3.62 per diluted share. These net after-tax
charges include: $616 million for pension settlement charges; $151
million for a net tax charge related to asbestos settlement funding;
$144 million for business restructuring; $51 million charge for
increases to legacy environmental reserves; $17 million for asset
write-downs; $5 million for transaction-related costs; and $5 million
for a premium on the early retirement of debt, partially offset by a $30
million net gain on the disposals of ownership interests in business
affiliates. The effective tax rate from continuing operations was 27.6
percent for 2016 and the adjusted effective tax rate from continuing
operations was 24.6 percent for 2016.
A detailed reconciliation of the reported to adjusted figures for the
fourth quarter and the full year is included below.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints,
coatings and materials that our customers have trusted for more than 130
years. Through dedication and creativity, we solve our customers’
biggest challenges, collaborating closely to find the right path
forward. With headquarters in Pittsburgh, we operate and innovate in
more than 70 countries and reported net sales of $14.8 billion in 2017.
We serve customers in construction, consumer products, industrial and
transportation markets and aftermarkets. To learn more, visit www.ppg.com.
We protect and beautify the world is a trademark and the PPG
Logo is a registered trademark of PPG Industries Ohio, Inc.
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, Jan. 18. The
company will hold a conference call to review its fourth quarter and
full year 2017 financial performance today at 2 p.m. ET. Participants
can pre-register for the conference by navigating to http://dpregister.com/10115355.
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, Jan 18, beginning at approximately 4:30
p.m. ET, through Feb. 1 at 11:59 p.m. ET. The dial-in numbers for the
replay are: in the United States, 877-344-7529; international,
+1-412-317-0088; passcode 10115355. 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, Jan. 18, 2018, through Jan. 17, 2019.
Forward-Looking Statements
Statements continued herein relating to matters that are not historical
facts are forward-looking statements reflecting PPG’s current view with
respect to future events and financial performance. These matters within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
involve risks and uncertainties that may affect PPG Industries’
operations, as discussed in the company’s filings with the Securities
and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of
the Exchange Act, and the rules and regulations promulgated thereunder.
Accordingly, many factors could cause actual results to differ
materially from the forward-looking statements contained herein. Such
factors include ongoing impacts of the natural disasters described
herein and their length and severity, any currently unanticipated future
impacts from the natural disasters, global economic conditions,
increasing price and product competition by foreign and domestic
competitors, fluctuations in cost and availability of raw materials, the
ability to achieve selling price increases, the ability to recover
margins, the ability to maintain favorable supplier relationships and
arrangements, the timing of realization of anticipated cost savings from
restructuring initiatives, difficulties in integrating acquired
businesses and achieving expected synergies therefrom, economic and
political conditions in international markets, the ability to penetrate
existing, developing and emerging foreign and domestic 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 existing and possible future litigation, including asbestos
litigation. However, it is not possible to predict or identify all such
factors. Consequently, while the list of factors presented here and in
PPG Industries’ 2016 Form 10-K are 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 compared with those
anticipated in the forward-looking statements could include, among other
things, lower sales or earnings, 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
Industries’ consolidated financial condition, results of operations or
liquidity. All information in this release speaks only as of January 18,
2018, and any distribution of this release after that date is not
intended and will not be construed as updating or confirming such
information. PPG Industries undertakes no obligation to update any
forward-looking statement, except as otherwise required by applicable
law.
Regulation G Reconciliation
PPG believes investors’ understanding of the company’s operating
performance is enhanced by the disclosure of earnings per diluted share
from continuing operations and PPG’s effective tax rate from continuing
operations adjusted for certain 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 or that are
not attributable to our primary operations. Earnings per diluted share
from continuing operations and the effective tax rate from continuing
operations 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 earnings per diluted share, the effective tax rate or other
financial measures as computed in accordance with U.S. GAAP. In
addition, earnings per diluted share from continuing operations and the
adjusted effective tax rate from continuing operations may not be
comparable to similarly titled measures as reported by other companies.
|
Regulation G Reconciliation – Net Income and Earnings per |
||||||||
|
($ in millions, except per-share amounts) |
||||||||
| Fourth Quarter | Fourth Quarter | |||||||
| 2017 | 2016 | |||||||
| $ | EPS | $ | EPS | |||||
| Reported net income from continuing operations | $ | 184 | $ | 0.72 | $ | 91 | $ | 0.34 |
| Net tax charge for Tax Cuts and Jobs Act legislation | 97 | 0.38 | — | — | ||||
| Pension settlement charges | 24 | 0.09 | — | — | ||||
| Gain on sale of a non-operating asset | (8 | ) | (0.03 | ) | — | — | ||
| Asset write-downs | 7 | 0.03 | — | — | ||||
| Business restructuring charge | — | — | 144 | 0.55 | ||||
| Environmental remediation charge | — | — | 51 | 0.20 | ||||
| Net tax effect of asbestos settlement trust funding | — | — | 23 | 0.09 | ||||
| Premium on early retirement of debt | — | — | 5 | 0.02 | ||||
| Net gain on disposals of ownership interests in business affiliates | — | — | (8 | ) | (0.04 | ) | ||
|
Adjusted net income from continuing operations, excluding non-recurring items |
$ | 304 | $ | 1.19 | $ | 306 | $ | 1.16 |
| Full Year | Full Year | |||||||
| 2017 | 2016 | |||||||
| $ | EPS | $ | EPS | |||||
| Reported net income from continuing operations | $ | 1,408 | $ | 5.46 | $ | 547 | $ | 2.05 |
| Net tax charge for Tax Cuts and Jobs Act legislation | 97 | 0.38 | — | — | ||||
| Pension settlement charges | 38 | 0.14 | 616 | 2.31 | ||||
| Asset write-downs | 7 | 0.03 | 17 | 0.06 | ||||
| Transaction-related costs | 6 | 0.02 | 5 | 0.03 | ||||
| Gain from sale of business | (24 | ) | (0.09 | ) | — | — | ||
| Gain from legal settlement | (11 | ) | (0.04 | ) | — | — | ||
| Gain on sale of a non-operating asset | (8 | ) | (0.03 | ) | — | — | ||
| Net tax effect of asbestos settlement trust funding | — | — | 151 | 0.57 | ||||
| Business restructuring charge | — | — | 144 | 0.55 | ||||
| Environmental remediation charge | — | — | 51 | 0.20 | ||||
| Premium on early retirement of debt | — | — | 5 | 0.02 | ||||
| Net gain on disposals of ownership interests in business affiliates | — | — | (30 | ) | (0.12 | ) | ||
|
Adjusted net income from continuing operations, excluding non-recurring items |
$ | 1,513 | $ | 5.87 | $ | 1,506 | $ | 5.67 |
| Fourth Quarter | Fourth Quarter | |||||||||||
| 2017 | 2016 | |||||||||||
| Income | Income | |||||||||||
| Before | Before | |||||||||||
| Income | Tax | Effective | Income | Tax | Effective | |||||||
| Taxes | Expense | Tax Rate | Taxes | Expense | Tax Rate | |||||||
| Effective tax rate, continuing operations | $ | 376 | $ | 187 | 49.7 | % | $ | 138 | $ | 43 | 31.2 | % |
| Net tax charge for Tax Cuts and Jobs Act legislation | — | (97 | ) | N/A | — | — | — | |||||
| Pension settlement charges | 38 | 14 | 36.8 | % | — | — | — | |||||
| Gain on sale of a non-operating asset | (13 | ) | (5 | ) | 37.9 | % | — | — | — | |||
| Asset write-downs | 7 | — | — | — | — | — | ||||||
| Business restructuring charge | — | — | — | 195 | 51 | 25.8 | % | |||||
| Environmental remediation charge | — | — | — | 82 | 31 | 37.6 | % | |||||
| Net tax effect of asbestos settlement trust funding | — | — | — | — | (23 | ) | N/A | |||||
| Premium on early retirement of debt | — | — | — | 8 | 3 | 37.6 | % | |||||
| Net gain on disposals of ownership interests in business affiliates | — | — | — | (13 | ) | (5 | ) | 38.5 | % | |||
|
Adjusted effective tax rate, continuing operations, excluding nonrecurring items |
$ | 408 | $ | 99 | 24.3 | % | $ | 410 | $ | 100 | 24.4 | % |
| Full Year | Full Year | |||||||||||
| 2017 | 2016 | |||||||||||
| Income | Income | |||||||||||
| Before | Before | |||||||||||
| Income | Tax | Effective | Income | Tax | Effective | |||||||
| Taxes | Expense | Tax Rate | Taxes | Expense | Tax Rate | |||||||
| Effective tax rate, continuing operations | $ | 2,008 | $ | 579 | 28.8 | % | $ | 786 | $ | 217 | 27.6 | % |
| Net tax charge for Tax Cuts and Jobs Act legislation | — | (97 | ) | N/A | — | — | — | |||||
| Pension settlement charges | 60 | 22 | 36.7 | % | 968 | 352 | 36.4 | % | ||||
| Asset write-downs | 7 | — | — | % | 23 | 7 | 30.4 | % | ||||
| Transaction-related costs | 9 | 3 | 37.9 | % | 8 | 3 | 37.6 | % | ||||
| Gain from sale of business | (25 | ) | (1 | ) | 3.2 | % | — | — | — | |||
| Gain from legal settlement | (18 | ) | (7 | ) | 37.9 | % | — | — | — | |||
| Gain on sale of a non-operating asset | (13 | ) | (5 | ) | 37.9 | % | — | — | — | |||
| Net tax effect of asbestos settlement trust funding | — | — | — | — | (151 | ) | N/A | |||||
| Business restructuring charge | — | — | — | 195 | 51 | 25.8 | % | |||||
| Environmental remediation charge | — | — | — | 82 | 31 | 37.6 | % | |||||
| Premium on early retirement of debt | — | — | — | 8 | 3 | 37.6 | % | |||||
| Net gain on disposals of ownership interests in business affiliates | — | — | — | (46 | ) | (16 | ) | 34.8 | % | |||
|
Adjusted effective tax rate, continuing operations, excluding nonrecurring items |
$ | 2,028 | $ | 494 | 24.4 | % | $ | 2,024 | $ | 497 | 24.6 | % |
| PPG INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||
| (All amounts in millions except per-share data) | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||
| December 31 | December 31 | |||||||
|
2017 |
2016 |
2017 |
2016 |
|||||
| Net sales | $ | 3,682 | $ | 3,417 | $ | 14,750 | $ | 14,270 |
| Cost of sales, exclusive of depreciation and amortization | 2,117 | 1,910 | 8,204 | 7,693 | ||||
| Selling, general and administrative | 912 | 861 | 3,570 | 3,581 | ||||
| Research and development – net | 116 | 115 | 453 | 459 | ||||
| Depreciation | 86 | 79 | 331 | 319 | ||||
| Amortization | 34 | 30 | 129 | 121 | ||||
| Interest expense | 27 | 29 | 105 | 125 | ||||
| Interest income | (7 | ) | (6 | ) | (20 | ) | (26 | ) |
| Asbestos settlement – net | – | – | – | 5 | ||||
| Pension settlement charge | 38 | – | 60 | 968 | ||||
| Business restructuring charge | – | 195 | – | 195 | ||||
| Other (income) charges – net (Note A) | (17 | ) | 66 | (90 | ) | 44 | ||
| Income from continuing operations before income taxes | 376 | 138 | 2,008 | 786 | ||||
| Income tax expense | 187 | 43 | 579 | 217 | ||||
| Income from continuing operations, net of income taxes | 189 | 95 | 1,429 | 569 | ||||
| Income from discontinued operations, net of income taxes | – | 253 | 220 | 330 | ||||
|
Net income attributable to the controlling and noncontrolling interests |
189 | 348 | 1,649 | 899 | ||||
| Less: Net income attributable to noncontrolling interests | (5 | ) | (4 | ) | (21 | ) | (22 | ) |
| Net income (attributable to PPG) | $ | 184 | $ | 344 | $ | 1,628 | $ | 877 |
| Amounts attributable to PPG: | ||||||||
| Income from continuing operations, net of income tax | $ | 184 | $ | 91 | $ | 1,408 | $ | 547 |
| Income from discontinued operations, net of income tax | – | 253 | 220 | 330 | ||||
| Net income (attributable to PPG) | $ | 184 | $ | 344 | $ | 1,628 | $ | 877 |
| Earnings per common share (attributable to PPG) | ||||||||
| Income from continuing operations, net of income tax | $ | 0.73 | $ | 0.35 | $ | 5.50 | $ | 2.06 |
| Income from discontinued operations, net of income tax | – | 0.96 | 0.86 | 1.24 | ||||
| Net income (attributable to PPG) | $ | 0.73 | $ | 1.31 | $ | 6.36 | $ | 3.30 |
| Earnings per common share (attributable to PPG) – assuming dilution | ||||||||
| Income from continuing operations, net of income tax | $ | 0.72 | $ | 0.34 | $ | 5.46 | $ | 2.05 |
| Income from discontinued operations, net of income tax | – | 0.96 | 0.85 | 1.23 | ||||
| Net income (attributable to PPG) | $ | 0.72 | $ | 1.30 | $ | 6.31 | $ | 3.28 |
| Average shares outstanding | 253.6 | 262.0 | 256.1 | 265.6 | ||||
| Average shares outstanding – assuming dilution | 255.4 | 263.7 | 257.8 | 267.4 |
Contacts
PPG Media Contact:
Mark Silvey, +1-412-434-3046
Corporate
Communications
[email protected]
or
PPG
Investor Contact:
John Bruno, +1-412-434-3466
Investor
Relations
[email protected]
investor.ppg.com
