The hottest PPG released the financial report of t

PPG announced its financial report for the second quarter of 2018

net sales of about $4.1 billion, an increase of nearly 9% year-on-year

diluted earnings per share of continuing operations was $1.51

affected by the decline in tax rates, diluted earnings per share of continuing operations adjusted to $1.90, an increase of nearly 6% over the previous year

sales growth of more than 3%

sales prices further improved, Offset the continuous rise in raw materials and logistics costs to a certain extent

launch a new restructuring plan, which can save about $85million a year

repurchased about $460million of the company's shares in the second quarter, with a share repurchase amount of about $1.1 billion year to date

Pittsburgh, United States, July 23, 2018 - PPG (New York Stock Exchange code: PPG) recently announced its financial results for the second quarter of 2018, The net sales of continuing operations was about US $4.1 billion, an increase of nearly 9% over the same period last year. The sales settled in local currency increased by about 6% year-on-year, mainly due to the increase of average sales price by more than 2% year-on-year and sales volume by more than 3%. In addition, the acquisition business contributed about 1% of revenue after offsetting the negative impact of business divestiture. The contribution of exchange earnings to net sales is about US $93 million for HRC and Vickers hardness hv93, with an impact range of more than 2%

in the second quarter of 2018, the net profit from continuing operations was $371million, equivalent to $1.51 diluted earnings per share. The adjusted net profit from continuing operations was $468million, equivalent to $1.90 diluted earnings per share, excluding $63million after tax expenses related to business restructuring (equivalent to $0.25 per share), an increase of $4million in depreciation expenses (equivalent to 2 cents per share) due to accelerated depreciation caused by restructuring, and $8million (equivalent to 3 cents per share) related to cost structure adjustment caused by previously announced changes in customer classification, The mediation cost of legal proceedings left over by history is $8million (equivalent to 3 cents per share), the loss of a non productive asset is about $7million (equivalent to 3 cents per share), and the related cost of the company's recent accounting investigation is $7million (equivalent to 3 cents per share). The adjusted effective tax rate in the second quarter was about 22%. The company expects the annual effective tax rate to be about%, and the tax rate may vary from quarter to quarter

in the second quarter of 2017, the net profit from continuing operations was $497 million, equivalent to $1.92 per share. The adjusted net profit from continuing operations in the same period was $465million, equivalent to $1.80 per share. The adjusted net profit excludes the after tax income of about $24million (equivalent to 9 cents per share) from the sale of Mexico Plaka wallboard business, the income of $11million (equivalent to 4 cents per share) from historical legal proceedings, and the after tax cost of $3million (equivalent to 1 cent per share) related to the transaction. In the first quarter of 2017, the adjusted effective tax rate of the company was 24%

Michael

McGarry, chairman and CEO of PPG, said: "In the second quarter, the net sales settled in local currency rose by about 6%. This strong growth was mainly due to the steady increase in sales volume and the increase in sales prices. The sales volume increased by more than 3% in this quarter, and the two businesses delivered beautiful reports, while the sales situation in emerging regions also improved. The sales volume of high-performance coatings business increased by nearly 4% year-on-year, of which the performance of aviation coatings and automotive touch up paint business exceeded the market average, while the performance of the United States since After the first quarter, the same store sales of building coatings in the business channel also increased by a high single digit. In terms of industrial coatings, as the growth of packaging coatings is stronger than that of the market, and the sales of automotive OEM coatings and general industrial coatings are rising steadily, the overall sales volume of industrial coatings has increased by nearly 3%. "

"Affected by the rising oil price and insufficient transportation capacity, the cost of raw materials and logistics continued to increase in the second quarter. We are trying to resolve the cost pressure through price negotiation with customers, so the average sales price in this quarter increased by more than 2% year-on-year. In addition, according to the previously announced customer classification adjustment of the U.S. architectural coatings business, the company also launched a new restructuring plan, which will help us further alleviate the rising cost." Pressure. The company predicts that after the full implementation of the new restructuring plan, the cost will be reduced by about $85million per year. This will further save the company's operating costs on the basis of our restructuring plan announced in December 2016. The implementation of these projects, coupled with our continued focus on operational excellence, is expected to accelerate the recovery of the company's profit level in the second half of 2018. "

"Looking forward to the future, at present, we expect that the cost pressure will not be reduced in the third quarter. At the same time, we believe that the overall global economy will maintain positive growth. After excluding the traditional off-season factors, the end market demand may be flat with that in the second quarter. However, there is still great uncertainty in the global trade environment, which may lead to the imbalance of demand in various regions and some industries. As for PPG, we expect the previously announced architectural coatings The adjustment of customer classification will reduce the growth rate of sales in the third quarter by basis points. However, we still believe that PPG's advanced technology and products will continue to create value for customers, thereby promoting the long-term development of the company's business

"finally, in the first half of this year, the Company repurchased nearly $1.1 billion of shares, of which about $460million was repurchased in the second quarter. In addition, we are still actively looking for M & A opportunities, and we will continue to invest funds in projects that can promote profit growth in the second half of 2018. The company promised to spend a total of $2.4 billion in acquisition projects and share repurchases in 2018, creating value for shareholders." McGarry concluded

summary of performance of all business departments in the second quarter of 2018

the high-performance coating business achieved net sales of $2.5 billion in the second quarter, an increase of $199 million over the previous year, an increase of 9% year-on-year, and sales settled in local currency increased by more than 6%, mainly due to the rise in both sales prices and sales. Favorable exchange rate factors increased net sales by about $55million, with an impact range of more than 2%

the sales volume of aviation coatings increased by more than 10%, mainly due to the increased demand for PPG products in the US and Asia Pacific markets. Driven by the above average performance of the United States, Canada and emerging markets, the sales of automotive touch up paint maintained a medium single digit endogenous growth. The endogenous sales volume of architectural coatings in the Americas and the Asia Pacific region achieved a medium single digit growth over the same period last year, and the performance of various channels and regions was uneven. Among them, the same store sales of self operated stores in the United States and Canada achieved high single digit growth, while the total sales volume of national retail (DIY) customers and independent dealer channels fell by a low single digit compared with the same period last year due to the negative impact of customer classification adjustment in the middle of this quarter. Sales of architectural coatings in Latin America achieved medium single digit growth, with Mexico and Central America accelerating their recovery. The sales volume of architectural coatings in Europe, the Middle East and Africa showed a low single digit decline compared with the same period last year, which was consistent with the demand forecast in the region, but still rebounded from the first quarter. The sales volume of industrial protection and marine coatings increased by a low single digit year-on-year, and the demand of the two end markets improved

in the second quarter, the high-performance coating business achieved a net profit of US $428million, an increase of 6% year-on-year, of which exchange earnings contributed US $8million to the net profit. Both sales prices and sales volume increased, offsetting the negative impact of rising raw material prices and logistics costs

the net sales of industrial coatings business in the second quarter was about US $1.6 billion, an increase of nearly US $128 million or nearly 9% over the same period last year. Sales rose by nearly 3% year-on-year. Favorable exchange rate factors contributed about $40million to sales, affecting 2. The range of anti-destructive performance experiment was nearly 3%. In the second quarter, the average sales price continued to rise, with a year-on-year increase of more than 1%. The acquisition business contributed $30million in sales, increasing net sales by about 2%

the paint sales volume of automobile original equipment manufacturers (OEMs) has achieved a low single digit growth compared with the same period of last year, which is equivalent to the growth rate of global automobile production. The sales volume of general industrial coatings increased steadily, with the growth rate in Europe and emerging markets higher than the industry average. As more and more customers adopt PPG's new technology, the sales volume of packaging coatings has achieved medium single digit growth, and the growth rate has outperformed the industry average

of course

the net profit of industrial coatings business in the second quarter was US $223 million, a decrease of US $41 million year-on-year, a decrease of about 16%. The sharp rise in raw material costs offset the rise in sales prices and the exchange gain of $5million, resulting in a decline in net profit. After entering the third quarter, the company continued to raise the price of related products

due to the measures taken by the company in recent years to reduce the cost of pensions and other post employment benefits, the cost of wages and benefits decreased in the second quarter, so the company's operating expenses decreased in the same period compared with the second quarter of 2017

PPG: we protect and beautify the world

PPG (NYSE Code: PPG) has been committed to developing and providing reliable paint, coating and material products for customers for 135 years. Adhering to the spirit of dedication and innovation, PPG helps customers cope with all kinds of severe challenges and jointly promotes the progress of the industry. PPG is headquartered in Pittsburgh, the United States. Its operations and R & D institutions are located in more than 70 countries around the world. In 2017, the company's global net sales reached $14.7 billion. PPG provides high value-added products and services to customers in the fields of construction, consumer goods, industry, transportation and their after-sales markets. For more information, please browse