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PPG · PPG Industries

50 filings

10-Q

PPG 10-Q Quarterly Reports

PPG Industries - 50 quarterly reports

Filing record · 2016–202610-K1210-Q338-K141

PPG filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 141 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2026

    PPG Industries reported third-quarter 2026 net sales of $4.35 billion, up from $4.08 billion a year earlier, with the MD&A attributing the 6.6% increase to higher selling prices, higher sales volumes, favorable currency translation and acquisitions. Income before income taxes rose to $631 million from $556 million, but net income attributable to PPG was $451 million, roughly flat with $453 million in the prior-year quarter, because of a $22 million loss from discontinued operations. Diluted EPS from continuing operations was $2.12 versus $1.96, and adjusted diluted EPS was $2.25 versus $2.13. For the nine months, net sales were $12.78 billion (up 6.8%), and net income attributable to PPG was $1.27 billion versus $1.28 billion, with diluted EPS from continuing operations of $5.78 versus $5.57. Segment results were mixed. Global Architectural Coatings and Performance Coatings segment income each rose 22% in the quarter, driven by pricing, productivity and aerospace strength. Industrial Coatings segment income fell 14% to $200 million on cost of goods sold inflation, partly offset by higher volumes and pricing. Management said price increases of 3% in the quarter fully offset cost of goods sold inflation tied to the Middle East conflict. Cash from operating activities for the nine months was $1.16 billion versus $1.05 billion, and cash and cash equivalents fell to $1.59 billion from $2.16 billion at year-end 2025 after debt repayment, acquisitions and share repurchases. Long-term debt was $6.16 billion, and the company reported a 43% Total Indebtedness to Total Capitalization ratio under its credit agreement, against a 60% covenant maximum. The filing also highlights a significant contingent liability. In the Di Gregório litigation, a Brazilian court entered an award against PPG as nominal defendant, which Westlake estimated at over $700 million with interest and costs and later at approximately $350 million under simple prejudgment interest. PPG is pursuing claims against Westlake in Delaware Chancery Court, expects a decision in the fourth quarter of 2026 or early 2027, and states that it believes the risk of loss is remote.

    Oct 28, 2026
  2. 2026-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2026

    PPG Industries, Inc. reported second-quarter 2026 net sales of $4,495 million, up from $4,195 million a year earlier, with net sales for the six months rising to $8,425 million from $7,879 million. Income before income taxes was $569 million versus $598 million, and net income attributable to PPG was $437 million versus $450 million. Diluted EPS from continuing operations was $1.96 versus $1.98. The filing attributes sales growth mainly to higher selling prices, higher sales volumes, favorable foreign currency translation and acquisitions, while cost of sales rose $255 million on higher volumes, raw material inflation and currency. Management says selling price increases offset about 90% of cost of goods sold inflation in the second quarter and expects 100% offset by the fourth quarter, following Middle East conflict-related cost increases. For the six months, cash from operating activities was $592 million versus $369 million, mainly from improved working capital, and PPG repurchased $175 million of treasury stock and paid $317 million in dividends. Cash and cash equivalents fell to $1,520 million from $2,163 million at year-end 2025 after repaying a $700 million 1.2% note in March 2026. In June 2026 PPG issued Swiss franc notes with net proceeds of $403 million. Total debt to total capitalization was 44% against a 60% covenant ceiling, and the company reported full covenant compliance. Segment results were mixed: Global Architectural Coatings segment income rose to $185 million, Performance Coatings fell to $329 million on lower automotive refinish volumes, and Industrial Coatings rose slightly to $229 million. The filing also discloses a pending Di Gregório litigation dispute with Westlake, in which a Brazilian court award against PPG is reported at over $700 million including interest and costs, or approximately $350 million under Westlake's simple-interest view, and PPG believes the risk of loss to it is remote.

    Jul 29, 2026
  3. 2026-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2026

    PPG Industries, Inc. reported first-quarter 2026 net sales of $3,930 million, up from $3,684 million in the prior-year quarter, with income before income taxes of $517 million versus $502 million. Net income attributable to PPG was $382 million, and diluted earnings per share from continuing operations were $1.70, compared with $1.64 a year earlier. The filing attributes the sales increase primarily to favorable foreign currency translation and higher selling prices, while higher net interest costs and higher depreciation partially offset the improvement in pre-tax income. Adjusted diluted EPS, a non-GAAP measure reconciled in the filing, was $1.83 versus $1.72. Cash from operating activities was $33 million, compared with cash used of $18 million a year earlier, as higher income and smaller working capital increases offset the gap. Cash and short-term investments totaled $1.6 billion at March 31, 2026, down from $2.2 billion at December 31, 2025, reflected in the repayment of a $700 million 1.2% note at maturity and $279 million of investing outflows that included $79 million of business acquisitions. Commercial paper borrowings of $567 million were outstanding under the Credit Agreement at quarter-end, and total debt-to-capitalization was stated as 45% against a covenant maximum of 60%. The filing also flags a Middle East conflict that has raised raw material, energy, logistics and packaging costs. PPG expects a mid-single-digit percentage increase in cost of goods sold for the rest of 2026 and has begun implementing price increases of up to 20% across product lines. In legal matters, the filing discloses a Brazilian judgment in the Di Gregório litigation that Westlake has said could total over $700 million with interest and fees, and that Westlake later estimated at about $350 million; PPG states it believes the risk of loss from its separate Delaware lawsuit against Westlake is remote and expects a trial court decision in 2026.

    Apr 29, 2026
  4. 2025-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2025

    PPG Industries, Inc. reported net sales of $4,082 million for the three months ended September 30, 2025, up from $4,032 million a year earlier, and income before income taxes of $556 million versus $578 million. Net income attributable to PPG was $453 million ($2.01 per share) compared with $468 million ($2.01 per share) in the prior-year quarter. Diluted earnings per share from continuing operations were $1.96 versus $1.90, and adjusted diluted EPS was $2.13 versus $2.03. For the nine months, net sales were $11,961 million versus $12,116 million, and net income attributable to PPG was $1,276 million versus $1,396 million. The filing attributes the quarterly sales increase primarily to higher selling prices, higher sales volumes and favorable foreign currency translation, partially offset by divestitures, and cites wage and other cost inflation and divestitures as headwinds to income. The balance sheet expanded over the period. Total assets rose to $22,144 million from $19,433 million at December 31, 2024, and long-term debt increased to $5,904 million from $4,876 million, following a €900 million 3.250% notes offering due 2032 completed in March 2025 with net proceeds of $940 million. Cash and cash equivalents were $1,832 million. Operating cash flow from continuing operations was $1,047 million for the nine months, and the company spent $687 million on share repurchases and $468 million on dividends in that period. The company reported that its Total Indebtedness to Total Capitalization ratio was 47% against a covenant maximum of 60%. Segment results were mixed. Global Architectural Coatings segment income was flat at $184 million for the quarter but fell 18% for the nine months to $462 million. Performance Coatings segment income declined 11% to $272 million in the quarter, citing lower automotive refinish volumes, while Industrial Coatings segment income rose 16.5% to $233 million. The company also disclosed a Brazilian litigation matter (Di Gregório) in which Westlake is contractually responsible, with PPG expecting a Delaware Court of Chancery decision before the end of 2025 and describing the risk of loss as remote.

    Oct 29, 2025
  5. 2025-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2025

    PPG Industries, Inc. reported net sales of $4,195 million for the three months ended June 30, 2025, compared with $4,235 million in the prior-year quarter, and $7,879 million for the six months, versus $8,084 million a year earlier. Income from continuing operations for the quarter was $458 million, down from $502 million, and net income attributable to PPG was $450 million, versus $528 million in the second quarter of 2024, which included discontinued operations. Diluted EPS from continuing operations was $1.98, compared with $2.09, and adjusted diluted EPS, as reconciled by the company, was $2.22 versus $2.35. The company attributed the decline primarily to raw material, wage and other cost inflation and divestitures, partially offset by manufacturing productivity and cost control. By segment, Performance Coatings was the only reportable segment with higher segment income in the quarter ($356 million, up from $326 million), while Global Architectural Coatings ($160 million, down from $211 million) and Industrial Coatings ($227 million, down from $259 million) declined. Operating cash flow from continuing operations for the six months was $371 million, up from $348 million, and cash and cash equivalents rose to $1,561 million. Total debt increased, with long-term debt at $5,919 million and short-term debt and current portion at $1,413 million at June 30, 2025, following the issuance of €900 million of 3.250% notes due 2032 and the repayment of a €300 million note. The filing also flags a legal matter with Westlake Corporation over the Di Gregório litigation. A Brazilian court award against PPG, which Westlake informed PPG could be approximately $350 million after simple prejudgment interest, is pending, and a Delaware Court of Chancery bench trial was held in May 2025 with a decision expected in the third quarter of 2025. PPG states it believes the risk of loss on this matter is remote. The company also notes the enactment of the One Big Beautiful Bill Act on July 4, 2025, which it is still assessing.

    Jul 30, 2025
  6. 2025-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2025

    PPG Industries, Inc. reported first-quarter 2025 net sales of $3,684 million, down from $3,849 million in the prior-year quarter, with the filing attributing the decline to unfavorable foreign currency translation, divestiture-related sales, partially offset by higher sales volumes. Income before income taxes was $502 million versus $542 million, and net income attributable to PPG was $373 million versus $400 million. Diluted earnings per share from continuing operations were $1.64, compared with $1.71 a year earlier. The company's adjusted diluted EPS, a non-GAAP measure reconciled in the filing, was $1.72 versus $1.87, reflecting unfavorable currency translation and material, wage and other cost inflation, partially offset by higher selling prices. Cash and short-term investments totaled $1.9 billion at March 31, 2025, up from $1.4 billion at year-end 2024. Cash used for operating activities from continuing operations was $16 million, compared with cash from operations of $7 million a year earlier, primarily due to unfavorable working capital changes. PPG issued a €900 million 3.250% Notes due 2032, with net cash proceeds of $940 million, and repurchased $385 million of treasury stock in the quarter, per the shareholders' equity statement. Total debt rose, with long-term debt of $5,574 million and short-term debt of $1,688 million at quarter-end. The filing also notes the sale of its remaining Russian business in the first quarter and the sale of the U.S. and Canada architectural coatings business in December 2024. A material legal matter disclosed is the Di Gregório litigation in Brazil, where a court award against PPG as nominal defendant is described as over $700 million including prejudgment interest, fees and costs, with Westlake's later estimate of approximately $350 million under simple prejudgment interest. PPG has sued Westlake in Delaware, with a trial date set for May 6, 2025, and states it believes the risk of loss associated with this matter is remote. Management states that aggregate litigation outcomes are not expected to have a material effect on consolidated financial position or liquidity.

    Apr 30, 2025
  7. 2024-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2024

    PPG Industries, Inc. reported third-quarter 2024 net sales of $4,575 million, a decrease of 1.5% from $4,644 million in the prior-year quarter, primarily due to unfavorable foreign currency translation and divestitures. Despite lower sales, income before income taxes rose to $611 million from $557 million, driven by improved manufacturing productivity, certain overhead reductions, and lower depreciation, amortization and net interest costs. Net income attributable to PPG was $468 million, and diluted earnings per share from continuing operations were $2.00, compared with $1.79. Adjusted diluted earnings per share were $2.13 versus $2.07. For the nine months, net sales were $13,680 million (down 1.6%) and diluted EPS was $5.93 versus $4.97. Cash from operating activities fell to $1,074 million from $1,513 million, which the company attributed mainly to unfavorable working capital changes. Portfolio and cost actions were prominent. PPG agreed to sell its silicas products business for approximately $310 million, with closing expected in the fourth quarter of 2024. On October 17, 2024, it agreed to sell its U.S. and Canada architectural coatings business to American Industrial Partners at a transaction value of approximately $550 million, and it expects a pre-tax loss of approximately $300 million on that sale in the fourth quarter. On October 16, 2024, the company approved a cost reduction program targeting about $175 million in annualized pre-tax savings and a pre-tax restructuring charge of approximately $250 million, with a net reduction of approximately 1,800 positions. Balance sheet and legal items also merit attention. Long-term debt was $6,138 million at September 30, 2024, and total indebtedness to total capitalization was 44% against a covenant maximum of 60%. PPG repurchased $511 million of treasury stock in the nine months and paid $464 million in dividends on common stock. A Brazilian court entered an award of more than $700 million against PPG as the nominal defendant in the Di Gregório case, a liability PPG says is assumed by Westlake; PPG has sued Westlake in Delaware, where a trial is set for December 12, 2024, and PPG believes the risk of loss is remote.

    Oct 17, 2024
  8. 2024-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2024

    PPG Industries, Inc. reported net sales of $4,794 million for the three months ended June 30, 2024, compared with $4,872 million a year earlier, and $9,105 million for the six months versus $9,252 million. Income before income taxes was $693 million for the quarter, up $47 million from $646 million, which the company attributed primarily to moderating raw material costs partially offset by wage inflation. Net income attributable to PPG was $528 million, or $2.24 per diluted share, versus $490 million and $2.06 a year earlier. Adjusted earnings per diluted share were $2.50 for the quarter versus $2.25, per the company's Regulation G reconciliation. Cash from operating activities fell to $305 million for the six months from $621 million, primarily due to unfavorable working capital changes in the second quarter. Capital expenditures rose to $374 million from $242 million, and the company expects total 2024 capital spending of approximately $600 million to $650 million. Cash and short-term investments totaled $1.2 billion at June 30, 2024, and total debt-related covenant ratio was 44% against a 60% limit under the Credit Agreement. The filing highlights a significant contingent liability: on May 21, 2024, a Brazilian court entered an award of more than $700 million, including interest, fees and costs, against PPG in the Di Gregório litigation. PPG states that Westlake, which assumed the liability under a 2012 separation agreement, has said it will not post bond or pay the judgment, and PPG has filed suit against Westlake, believing the risk of loss to PPG is remote. Management also noted that the company is reviewing strategic alternatives for its architectural coatings U.S. and Canada business and its global silicas products business.

    Jul 19, 2024
  9. 2024-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2024

    PPG Industries, Inc. reported net sales of $4,311 million for the three months ended March 31, 2024, compared with $4,380 million a year earlier, a decrease the filing attributes primarily to lower sales volumes. Income before income taxes rose to $538 million from $353 million, primarily due to the absence of a $190 million pension settlement charge recorded in the first quarter 2023. Net income attributable to PPG was $400 million, or $1.69 per diluted share, compared with $264 million, or $1.11 per diluted share, a year earlier. Adjusted earnings per diluted share, a non-GAAP measure reconciled in the filing, were $1.86 versus $1.82, which management attributed to moderating raw material costs, partially offset by lower sales volumes. Cash flow was weaker in the quarter. Cash used for operating activities was $60 million, compared with cash from operations of $85 million in the prior year, reflecting unfavorable working capital changes. Capital expenditures were $256 million, and total capital spending is expected to be approximately $600 million in 2024. Cash and cash equivalents fell to $1,181 million at March 31, 2024 from $1,514 million at December 31, 2023. Total Indebtedness to Total Capitalization under the Credit Agreement was 43%, against a covenant maximum of 60%. The filing also states that PPG is reviewing strategic alternatives for its architectural coatings U.S. and Canada business and its global silicas products business. Management expects aggregate organic sales in the second quarter 2024 to increase by a low single-digit percentage compared with the second quarter 2023. The Board authorized an additional $2.5 billion share repurchase on April 18, 2024, on top of the existing program, which had 5,936,211 shares remaining at quarter-end.

    Apr 19, 2024
  10. 2023-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2023

    PPG Industries, Inc. reported third-quarter 2023 net sales of $4,644 million, up 3.9% from $4,468 million a year earlier, driven by higher selling prices and favorable foreign currency translation, partially offset by lower sales volumes. Income before income taxes rose to $557 million from $418 million, and net income attributable to PPG was $426 million, or $1.79 per diluted share, versus $1.39 a year earlier. Nine-month net sales were $13,896 million, up 3.2%, with net income attributable to PPG of $1,180 million, or $4.97 per diluted share. Cash from operating activities for the nine months was $1,513 million, compared with $376 million in the prior-year period. Results in the nine months were affected by a $190 million non-cash pension settlement charge recorded in the first quarter 2023 after PPG transferred certain U.S. pension obligations to insurers. Interest expense rose to $190 million from $114 million, reflecting higher interest rates on variable rate debt. Management reported adjusted earnings per diluted share of $2.07 for the quarter, up 24.7% from $1.66, and $6.15 for the nine months, up 27.1% from $4.84, with reconciliations provided on a non-GAAP basis. Balance sheet and liquidity remained solid: cash and short-term investments totaled $1.3 billion at September 30, 2023, total debt-to-capitalization under credit agreements was 43% against a 60% covenant, and the company amended and restated its credit agreement in July 2023 to provide a $2.3 billion unsecured revolving facility maturing in July 2028. No shares were repurchased in the quarter, and the company divested its legacy industrial Russian operations in the third quarter 2023.

    Oct 19, 2023
  11. 2023-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2023

    PPG Industries, Inc. reported net sales of $4,872 million for the three months ended June 30, 2023, up 3.9% from $4,691 million a year earlier, driven by higher selling prices that offset lower sales volumes. Income before income taxes was $646 million versus $566 million, and diluted earnings per share from continuing operations were $2.06 compared with $1.86. For the six months, net sales were $9,252 million (up 2.8%) and diluted EPS from continuing operations was $3.18 versus $1.94, though the six-month figures include a $190 million non-cash pension settlement charge recorded in the first quarter of 2023. Adjusted diluted EPS, a non-GAAP measure, was $2.25 for the quarter and $4.08 for the six months, compared with $1.81 and $3.18 in the prior-year periods. Cash from operating activities was $621 million for the six months ended June 30, 2023, compared with cash used of $136 million a year earlier. Total debt-related activity included a new €500 million Term Loan Credit Agreement entered in April 2023 and the repayment of a $300 million 3.2% note. Management said the Total Indebtedness to Total Capitalization ratio was 46% at June 30, 2023, against a covenant maximum of 60%. Management expects third-quarter organic sales in Performance Coatings to rise by a low-single-digit percentage, while Industrial Coatings organic sales are anticipated to decline by a low-single-digit percentage compared with the third quarter of 2022. The filing also addresses legal and environmental exposures. Environmental reserves totaled $215 million at June 30, 2023, and asbestos-related reserves were $49 million, with management stating that the outcome of these matters is not expected to have a material effect on financial position or liquidity. Russia-related impairment charges recorded in 2022 are described as a prior-period item, and the company continues to explore options to exit Russia.

    Jul 21, 2023
  12. 2023-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2023

    PPG Industries, Inc. reported first-quarter 2023 net sales of $4,380 million, up from $4,308 million in the prior year period, with higher selling prices driving the increase despite lower sales volumes. Net income attributable to PPG was $264 million, or $1.11 per diluted share, compared with $18 million, or $0.08 per diluted share, in the first quarter of 2022. Results were affected by a $190 million non-cash pension settlement charge tied to the purchase of group annuity contracts for certain U.S. retirees. Adjusted earnings per diluted share, a non-GAAP measure, were $1.82 versus $1.37 a year earlier, as reconciled in the filing. Cash from operating activities was $85 million for the quarter, compared with cash used of $304 million a year earlier, which the filing attributes to higher net income and favorable working capital changes. Total cash and short-term investments were $1.5 billion at March 31, 2023. Long-term debt stood at $7,082 million on the balance sheet, and the company repaid a $300 million 3.2% note at maturity in March 2023 using cash on hand. The filing reports a Total Indebtedness to Total Capitalization ratio of 49% as of March 31, 2023, against a covenant maximum of 60%. The filing also discloses a subsequent event: in April 2023, PPG entered into a €500 million Term Loan Credit Agreement and borrowed the full amount. Management expects total capital spending of $500 million to $550 million in 2023. For the second quarter, the company expects aggregate sales volumes to be flat to up by a low single-digit percentage in Performance Coatings and to decrease by a low single-digit percentage in Industrial Coatings, compared with the second quarter of 2022.

    Apr 21, 2023
  13. 2022-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2022

    PPG Industries, Inc. reported third-quarter 2022 net sales of $4,468 million, up from $4,372 million a year earlier, with higher selling prices (+12%) partially offset by unfavorable foreign currency translation (-6%) and lower sales volumes (-3%). Income before income taxes was $418 million versus $441 million, and net income attributable to PPG was $329 million, or $1.39 per diluted share, compared with $1.43 in the prior-year quarter. For the nine months, net sales rose to $13,467 million from $12,612 million, but income before income taxes fell to $1,062 million from $1,533 million, largely reflecting $230 million of impairment and other related charges tied to the wind-down of Russian operations and raw material and other cost inflation. Diluted EPS from continuing operations for the nine months was $3.33 versus $4.81. Cash from operating activities was $376 million for the nine months, down from $1,106 million, primarily due to a larger working capital build. Capital expenditures were $368 million, and dividends paid on common stock were $424 million. Cash and cash equivalents were $1,029 million at September 30, 2022, and long-term debt carrying value was $6,770 million (excluding finance leases and short-term borrowings). Total indebtedness to total capitalization under the credit agreements was 50% against a 60% maximum covenant. The company also approved a third-quarter 2022 restructuring plan with a net charge of $36 million and expects annualized savings of about $70 million once fully implemented. Management expects fourth-quarter demand to be softer in Europe and in architectural DIY globally, with aggregate sales volumes anticipated to be down a mid-single-digit percentage compared with the fourth quarter of 2021. The company also disclosed a $2.5 billion share repurchase program under which no shares were repurchased in the third quarter, and it continues to consider actions to exit Russia, including a possible sale of its Russian business.

    Oct 20, 2022
  14. 2022-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2022

    PPG Industries, Inc. reported net sales of $4,691 million for the three months ended June 30, 2022, up from $4,359 million a year earlier, and net income attributable to PPG of $441 million, compared with $431 million in the prior-year quarter. Diluted earnings per share from continuing operations were $1.86, versus $1.80. For the six months, net sales were $8,999 million and diluted EPS from continuing operations was $1.94, down from $3.38, reflecting a $230 million impairment and other related charge tied to the Russian invasion of Ukraine. The company recorded a $60 million income item in the second quarter from collecting previously reserved receivables and recovering written-down inventory in Russia. Adjusted diluted EPS was $1.81 for the quarter, compared with $1.94 a year earlier, and $3.18 for the six months, compared with $3.82. The filing attributes the decline to raw material and other cost inflation, lower sales volumes and unfavorable currency translation, partly offset by higher selling prices. Cash flow weakened sharply. Cash used for operating activities was $136 million for the six months, compared with $581 million of cash from operations a year earlier, driven mainly by working capital build from higher raw material costs and selling prices. Total debt rose: PPG issued euro-denominated notes in May 2022 with aggregate net proceeds of $1,061 million, and long-term debt was $6,766 million at June 30, 2022. The company stated that its Total Indebtedness to Total Capitalization ratio was 51% under its credit agreements, against a maximum of 60%. Management said it is in the process of winding down its Russian operations and is considering a possible sale of the business or a controlled withdrawal from Russia. Looking ahead, management expects selling prices to rise sequentially from the second quarter and third-quarter aggregate sales volumes to be flat to down a low-single-digit percentage compared with the third quarter of 2021.

    Jul 22, 2022
  15. 2022-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2022

    PPG Industries, Inc. reported net sales of $4.3 billion for the three months ended March 31, 2022, up 11.0% from $3.88 billion a year earlier. The increase was driven by higher selling prices (+10%) and acquisition-related sales (+7%), partly offset by lower sales volumes (-3%) and unfavorable foreign currency translation (-3%). Profitability fell sharply. Income before income taxes was $78 million versus $499 million, and net income attributable to PPG was $18 million, or $0.08 per diluted share, compared with $378 million and $1.58 per diluted share. The decline was largely due to $290 million of impairment and other related charges tied to the wind down of PPG's Russian operations, along with raw material cost inflation and lower sales volumes. Excluding certain items, adjusted earnings per diluted share were $1.37 versus $1.88, a 27.1% decrease. Cash used for operating activities was $304 million, compared with $23 million a year earlier, due mainly to unfavorable changes in working capital. Operating working capital rose to 16.0% of sales from 13.7% at December 31, 2021. Cash and cash equivalents were $960 million at March 31, 2022. Total capital spending is expected to be $500 million to $525 million in 2022. No shares were repurchased in the quarter under the current $2.5 billion program. Looking ahead, management said supply chain and manufacturing disruptions are expected to persist, with Performance Coatings sales volumes expected to be down a mid-single-digit percentage and Industrial Coatings volumes down a low-single-digit percentage compared with the second quarter of 2021. Management also said further selling price increases have been secured or are being initiated, and it expects Industrial Coatings segment margins to continue improving sequentially in the second quarter of 2022.

    Apr 22, 2022
  16. 2021-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2021

    PPG Industries, Inc. reported third-quarter 2021 net sales of $4,372 million, up 18.6% from $3,685 million a year earlier, with net income attributable to PPG of $344 million and diluted EPS from continuing operations of $1.43, versus $1.86 in the prior-year quarter. Management attributed the quarter's results to acquisition-related sales (+13%), higher selling prices (+6%) and favorable currency (+2%), partially offset by lower sales volumes (-2%). Cost of sales rose to 62.5% of net sales from 55.0%, driven by raw material inflation and acquired businesses, and Performance Coatings and Industrial Coatings segment income declined year over year. Adjusted diluted EPS was $1.69 versus $2.03 a year earlier, as management cited semiconductor chip shortages and commodity supply disruptions reducing automotive OEM production. For the nine months ended September 30, 2021, net sales were $12,612 million, up 25.2%, and net income attributable to PPG was $1,153 million, with diluted EPS from continuing operations of $4.81 versus $3.30. Cash from operating activities from continuing operations was $1,106 million, and business acquisitions consumed $2,137 million, most notably Tikkurila, financed partly by a $700 million term loan draw. Total debt rose: long-term debt reached $6,092 million at September 30, 2021 versus $5,171 million at year-end 2020, and the filing states Total Indebtedness to Total Capitalization was 49%, within the 60% covenant limit. The filing also notes a $21 million impairment charge tied to planned sales of smaller non-strategic entities, a $34 million gain on sale of a production facility tied to restructuring, and approximately 700 open asbestos-related claims with reserves of about $190 million. Management expects fourth-quarter sales volumes to be down a low-single-digit percentage in Performance Coatings and a mid-teen percentage in Industrial Coatings compared with the prior-year fourth quarter, and plans stock repurchases in the fourth quarter.

    Oct 21, 2021
  17. 2021-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2021

    PPG Industries, Inc. reported second-quarter 2021 net sales of $4,359 million, up from $3,015 million in the prior-year quarter, and net income attributable to PPG of $431 million, or $1.80 per diluted share, versus $102 million ($0.43 per share) a year earlier. For the six months ended June 30, 2021, net sales were $8,240 million and net income attributable to PPG was $809 million, or $3.38 per diluted share. The filing attributes the sales growth to higher sales volumes, acquisition-related sales, favorable foreign currency translation and higher selling prices. Company-reported adjusted diluted EPS for the quarter was $1.94, compared with $1.09 a year earlier, and the filing notes that the second-quarter tax charge of $22 million resulted from a UK corporate tax rate increase. The balance sheet expanded significantly during the period as PPG completed major acquisitions. Business acquisitions used $2,126 million of cash in the first six months, including the Tikkurila tender offer, which was completed June 10, 2021, with about 97.3% of shares acquired and an aggregate purchase price of $1.7 billion net of cash acquired. Goodwill rose to $6,233 million from $5,102 million at year-end 2020, and total debt increased, with long-term debt at $6,387 million versus $5,171 million at December 31, 2020. Cash and cash equivalents declined to $1,195 million from $1,826 million. Operating cash flow from continuing operations was $581 million for the six months. Management expects a third-quarter 2021 effective tax rate of 21% to 23%, expects raw material and transportation costs to rise in the third quarter, and anticipates supply disruptions, mainly affecting U.S. architectural coatings and traffic solutions, to continue through that quarter. The filing also discloses ongoing environmental remediation at the New Jersey Chrome sites, with a reserve of $107 million, and about 810 open asbestos-related claims, with reserves of approximately $190 million for claims not channeled to the trust.

    Jul 20, 2021
  18. 2021-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2021

    PPG Industries, Inc. reported first-quarter 2021 net sales of $3,881 million, up from $3,377 million in the first quarter of 2020, with net income attributable to PPG of $378 million, or $1.58 per diluted share, compared with $243 million, or $1.02 per diluted share, a year earlier. Net sales rose $504 million on higher sales volumes, favorable foreign currency translation, acquisition-related sales and higher selling prices. Segment income was $386 million for Performance Coatings and $245 million for Industrial Coatings. Adjusted earnings per diluted share, a non-GAAP measure reconciled in the filing, were $1.88 versus $1.31 a year earlier. Cash flow was weaker: cash used for operating activities was $23 million, compared with $159 million in the prior-year quarter, as receivables and inventories increased. Cash and short-term investments totaled $1.9 billion at March 31, 2021. The company issued $700 million of 1.200% notes due 2026 (net proceeds $692 million), repaid the remaining $400 million of its term loan, and completed the acquisition of VersaFlex. Acquisitions also included $356 million of net cash spending in the quarter, and the company has a pending acquisition of Tikkurila, expected to close in the second quarter of 2021. The filing reports no material changes in risk factors and no share repurchases during the quarter. Total debt-to-capitalization under the credit agreements was 48% against a 60% covenant limit, and the company continues to carry environmental reserves of $310 million, mainly for New Jersey Chrome remediation, along with asbestos-related reserves of approximately $190 million.

    Apr 16, 2021
  19. 2020-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2020

    PPG Industries, Inc. reported third-quarter 2020 net sales of $3,685 million, down 3.7% from $3,826 million a year earlier, as lower sales volumes tied to COVID-19 outweighed higher selling prices. Income before income taxes was $572 million versus $481 million, and diluted earnings per share from continuing operations were $1.86 versus $1.54. Segment income rose in both reportable segments: Performance Coatings to $426 million from $380 million and Industrial Coatings to $253 million from $206 million, which management attributed to cost-mitigation efforts and restructuring initiatives. For the nine months, net sales were $10,077 million, down 12.2%, and diluted EPS from continuing operations was $3.30 versus $3.98, reflected in a $172 million business restructuring charge and a $30 million COVID-19 related increase in the allowance for doubtful accounts. On the balance sheet, cash and cash equivalents rose to $2,008 million from $1,216 million at December 31, 2019. Cash from operating activities from continuing operations was $1,163 million for the nine months, versus $1,275 million a year earlier. PPG repaid $1.0 billion of its $1.5 billion 364-Day Term Loan in September 2020, with the remainder payable on April 13, 2021, and it issued $300 million of 2.55% notes due 2030 and $100 million of additional 3.75% notes due 2028 during 2020. The company stated its total indebtedness to total capitalization was 48% against a covenant maximum of 60%. The company repurchased no shares in the third quarter under its $2.5 billion repurchase program. The filing highlights continued exposure to the pandemic and to several legal and environmental matters. Management expects fourth-quarter sales to be affected by Hurricane Laura and a second hurricane that shut a specialty coatings factory in early October, and it estimated the reasonably possible unreserved environmental losses at $100 million to $200 million. Management also noted that the COVID-19 impact on results cannot be reasonably estimated but could be material.

    Oct 20, 2020
  20. 2020-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2020

    PPG Industries, Inc. reported second-quarter 2020 net sales of $3.02 billion, down from $4.02 billion in the prior-year quarter, as lower sales volumes tied to COVID-19 and unfavorable foreign currency translation reduced revenue across all regions. Income from continuing operations attributable to PPG was $99 million for the quarter, versus $270 million a year earlier, and diluted EPS from continuing operations was $0.42 compared with $1.13. The company cited adjusted diluted EPS of $0.99 for the quarter, which excludes restructuring-related costs, a debt extinguishment charge and environmental remediation charges. Segment income fell in both reportable segments: Performance Coatings declined to $362 million from $425 million, and Industrial Coatings dropped to $34 million from $235 million, with automotive OEM coatings volumes down nearly 50%. On the balance sheet, cash and cash equivalents rose to $2.25 billion at June 30, 2020 from $1.22 billion at year-end 2019, while short-term debt and the current portion of long-term debt increased to $1.69 billion. The company issued $300 million of 2.55% notes due 2030, redeemed $500 million of 3.6% notes due November 2020, and entered into a $1.5 billion 364-day term loan. Cash from operating activities from continuing operations was $321 million for the six months, down from $486 million. Management stated that it recorded a $176 million restructuring charge in June 2020 under a new program and expects annualized savings of $160 to $170 million. The company reported that Total Indebtedness to Total Capitalization was 53%, below the 60% covenant limit. The filing also discloses a $30 million COVID-19 credit loss reserve, an environmental reserve of $291 million, and approximately 500 open asbestos-related claims against PPG, with reserves of about $190 million for claims not channeled to the Pittsburgh Corning trust. Management said the outcome of litigation is not expected to have a material effect on financial position or liquidity. The company also indicated its 2020 effective tax rate is expected to be between 22% and 24%.

    Jul 17, 2020
  21. 2020-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2020

    PPG Industries, Inc. reported a sharp first-quarter 2020 decline driven by the COVID-19 pandemic. Net sales were $3,377 million versus $3,624 million a year earlier, a decrease of 6.8%, with lower sales volumes (-8%) and unfavorable foreign currency translation (-2%) partially offset by acquisitions and higher selling prices. Net income attributable to PPG fell to $243 million from $312 million, and diluted earnings per share were $1.02 compared with $1.31. Excluding certain items, adjusted diluted EPS was $1.19 versus $1.38. The company recorded a $30 million credit loss reserve related to COVID-19 and withdrew all previously communicated full-year 2020 sales and earnings guidance. Liquidity was reinforced during the quarter. Cash used for operating activities was $159 million, and cash and cash equivalents rose to $1,886 million at March 31, 2020. PPG borrowed $800 million under its revolving credit facility in March, then in April entered into a $1.5 billion 364-day term loan and used it to repay the revolver borrowing in full. Total indebtedness to total capitalization was 53% against a covenant maximum of 60%. Management expects second-quarter sales volumes to fall 30% to 35%, and it projects Performance Coatings and Industrial Coatings segment net sales to be lower by 25% to 35% and about 30% to 35%, respectively, versus the second quarter of 2019. The filing also discloses ongoing legal and environmental matters, including roughly 530 open asbestos-related claims, environmental reserves of $299 million (principally for the New Jersey Chrome sites), and several shareholder derivative actions following prior financial restatements. Management states that these matters are not expected to have a material effect on consolidated financial position or liquidity, though outcomes could be material to results of operations in a particular period.

    Apr 28, 2020
  22. 2019-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2019

    PPG Industries, Inc. reported third-quarter 2019 net sales of $3,826 million, up 0.2% from $3,817 million a year earlier, while net income attributable to PPG was $367 million, or $1.54 per diluted share from continuing operations versus $1.51 in the prior-year quarter. Adjusted earnings per diluted share rose 15.2% to $1.67 for the quarter, per the company's Regulation G reconciliation. Foreign currency translation decreased net sales by approximately $80 million in the quarter. Cost of sales declined 3.2% to $2,181 million, while SG&A rose 2.3% to $887 million. For the nine months ended September 30, 2019, net sales were $11,474 million, down 2.2%, and income from continuing operations attributable to PPG was $948 million, or $3.98 per diluted share, down 7.9% from $4.32. Business restructuring charges were $175 million in the period, and the company recorded a $184 million restructuring charge in the second quarter under a new 2019 program. Operating cash flow from continuing operations rose to $1,275 million from $687 million, mainly on working capital improvement. Cash and cash equivalents were $1,432 million at quarter end, and total debt including finance leases equaled 51% of total debt and equity. Balance-sheet activity included the acquisitions of Whitford, Hemmelrath and Dexmet, and an August 2019 $600 million bond offering. PPG also amended and restated its $2.2 billion revolving credit facility, which now terminates on August 30, 2024. Legal matters included a $25 million securities class action settlement, pending final court approval, and the SEC's September 26, 2019 settlement, which carried no financial penalty.

    Oct 18, 2019
  23. 2019-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2019

    PPG Industries, Inc. reported second-quarter 2019 net sales of $4,024 million, down from $4,131 million in the prior-year quarter, while net income attributable to PPG was $272 million versus $371 million a year earlier. Diluted earnings per share were $1.14 in total, and $1.13 from continuing operations, compared with $1.51 in the second quarter of 2018. The filing attributes the decline largely to a $176 million business restructuring charge, along with lower sales volumes and unfavorable foreign currency translation. Adjusted earnings per diluted share from continuing operations were $1.85, compared with $1.90 a year earlier, as stated in the Regulation G reconciliation. For the six months ended June 30, 2019, net sales were $7,648 million, down from $7,912 million, and net income attributable to PPG was $584 million versus $705 million. Operating cash flow from continuing operations improved to $486 million from $131 million, mainly due to less growth in working capital. The company paid $227 million in dividends, repurchased $175 million of stock, and spent $361 million on business acquisitions, including Whitford and Hemmelrath. Total debt-to-capital was 52% at June 30, 2019 and December 31, 2018. The filing also highlights a new June 2019 restructuring program with a $184 million second-quarter charge and an expected annualized savings of approximately $125 million by 2022. Legal and environmental matters remain significant, including a proposed $25 million shareholder class action settlement, approximately 490 open asbestos-related claims, and environmental reserves of $293 million, with New Jersey Chrome accounting for $148 million of that total.

    Jul 19, 2019
  24. 2019-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2019

    PPG Industries, Inc. reported first-quarter 2019 net sales of $3,624 million, down from $3,781 million in the prior-year period. Income from continuing operations attributable to PPG was $312 million, compared with $328 million a year earlier, and diluted earnings per share from continuing operations were $1.31 in both periods. The filing states that lower sales volumes (-3%) and unfavorable foreign currency translation (-4%) were partially offset by higher selling prices (+3%). Adjusted diluted EPS was $1.38 versus $1.42, a decline of 2.8%, and management expects the full-year 2019 adjusted effective tax rate to be between 23% and 25%. Segment results were mixed. Performance Coatings net sales fell 2.4% to $2,108 million, but segment income rose 6.1% to $297 million, aided by higher selling prices and cost management. Industrial Coatings net sales declined 6.5% to $1,516 million and segment income fell 8.8% to $218 million, reflecting lower automotive OEM volumes and raw material and logistics cost inflation. Operating cash flow was negative at $66 million, an improvement from negative $228 million a year earlier, and the company paid $113 million in dividends and repurchased $175 million of stock. Total debt-to-capital was 52%, and the company issued $300 million of commercial paper during the quarter. The filing also highlights several items for investors: the completed acquisitions of Whitford Worldwide (March 1, 2019) and Hemmelrath (April 16, 2019), the ongoing SEC and U.S. Attorney's Office investigations into accounting matters, a securities class action (Trevor Mild v. PPG Industries, Inc.) that remains pending, and environmental reserves of $266 million, mainly for New Jersey Chrome remediation. The company adopted the new lease accounting standard (ASU 2016-02) on January 1, 2019, which added $726 million of operating lease right-of-use assets to the balance sheet.

    Apr 19, 2019
  25. 2018-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2018

    PPG Industries, Inc. reported third-quarter 2018 net sales of $3,817 million, up 1.1% from $3,776 million a year earlier, while income from continuing operations attributable to PPG was $368 million, or $1.51 per diluted share, compared with $393 million (or $1.52 per diluted share) in the prior-year quarter as restated. Net income attributable to PPG was $378 million. The quarter's results reflected higher selling prices and acquisitions offset by unfavorable foreign currency translation and lower sales volumes in some businesses. Performance Coatings segment income fell 9.3% to $331 million, and Industrial Coatings segment income fell 24.9% to $169 million, with management citing raw material and logistics cost inflation. For the nine months ended September 30, 2018, net sales were $11,729 million, up 6.0%, and net income attributable to PPG was $1,083 million. Cash from continuing operating activities was $687 million, a decrease of $331 million year-over-year, which the company attributed primarily to higher working capital. PPG returned capital to shareholders through $1,313 million of share repurchases and $338 million of dividends, and the quarterly dividend was raised 7% to $0.48 per share. Total debt to equity was 50% at September 30, 2018, up from 43% at December 31, 2017, following a February 2018 notes offering that raised $992 million net. The filing is dominated by a restatement of 2017 results and a material weakness in internal control over financial reporting. The restatement stemmed from an Audit Committee investigation into accounting matters, and management concluded that disclosure controls were not effective as of September 30, 2018. The filing also discloses a putative securities class action filed in May 2018, which the company believes is without merit, and an SEC investigation in which the company is cooperating. Investors should weigh these governance issues alongside the operating results.

    Oct 19, 2018
  26. 2018-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2018

    PPG Industries, Inc. reported second-quarter 2018 net sales of $4,131 million, up from $3,804 million (as restated) in the prior-year quarter, and income from continuing operations before income taxes of $479 million, down from $659 million. Net income attributable to PPG was $371 million, or $1.51 per diluted share, compared with $1.92 per diluted share in the second quarter of 2017 (as restated). The decline was driven mainly by an $83 million pretax business restructuring charge tied to a April 23, 2018 plan to reduce the global cost structure, along with other items in the quarter. The filing states adjusted earnings per diluted share of $1.90, compared with $1.80 a year earlier. For the six months ended June 30, 2018, net sales were $7,912 million and net income attributable to PPG was $705 million. Cash from operating activities from continuing operations fell to $131 million from $432 million, primarily due to higher working capital. During the period PPG repurchased $1,063 million of common stock, paid $222 million in dividends, and issued $1.0 billion of notes in February 2018 with net proceeds of $992 million. Total debt to equity was 51% at June 30, 2018, versus 43% at December 31, 2017. The filing reports that PPG restated its 2017 financial statements and certain 2017 quarterly results following an internal investigation of accounting matters. Management concluded that its disclosure controls were not effective as of June 30, 2018 because of a material weakness in internal control over financial reporting related to the financial close process. The Company has self-reported the investigation to the SEC, and a putative securities class action was filed on May 20, 2018 alleging securities fraud.

    Jul 20, 2018
  27. 2018-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2018

    PPG Industries, Inc. filed this Form 10-Q for the quarter ended March 31, 2018, reporting net sales of $3,781 million, up 8.5% from $3,486 million (as restated) a year earlier. Foreign currency translation added $203 million to net sales, and acquired businesses contributed about $30 million. Income from continuing operations before income taxes was $421 million, compared with $446 million (as restated) in the prior-year quarter. Net income attributable to PPG was $334 million, and diluted earnings per share from continuing operations were $1.31, versus $1.28 (as restated). Results include a $34 million environmental remediation charge. Adjusted diluted earnings per share were $1.36, compared with $1.34 in the prior-year quarter. The filing is dominated by a restatement and a material weakness in internal control. An internal investigation found that a former Vice President and Controller had directed subordinates to override internal controls during the financial close, often after quarter-end, which affected reported income. The Audit Committee authorized restated financial statements for 2016 and 2017 and certain 2017 quarters on June 27, 2018. Management concluded that disclosure controls were not effective as of March 31, 2018. A putative securities class action was filed on May 20, 2018, and the company reports it is cooperating with an SEC investigation. On cash and capital allocation, operating cash flow from continuing operations was negative $228 million, driven by higher working capital and higher cash paid for taxes. PPG repurchased $600 million of common stock, paid $112 million in dividends, and received $992 million in net proceeds from notes issued in February 2018. The company expects cash deployment for acquisitions and share repurchases of at least $2.4 billion in 2018. It also approved a restructuring plan on April 23, 2018, with a pretax charge of $80 million to $85 million to be recorded in the second quarter, and it notes that Lowe's will discontinue sales of OLYMPIC paints and stains, with Lowe's U.S. sales representing less than $270 million of annual sales.

    Jun 28, 2018
  28. 2017-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2017

    PPG Industries, Inc. reported third-quarter 2017 net sales of $3,776 million, up from $3,660 million a year earlier, and net income attributable to PPG of $609 million, compared with a net loss of $184 million in the third quarter of 2016, which included a $968 million pension settlement charge. Diluted earnings per share from continuing operations were $1.52 for the quarter, flat on an adjusted basis versus the prior year's $1.52 adjusted figure. Income from continuing operations before income taxes was $521 million. For the nine months, net sales were $11,068 million and net income attributable to PPG was $1,444 million. The quarter's results were supported by favorable foreign currency translation of $67 million and acquisitions, offset by higher raw material costs, lower volumes in certain businesses, and natural disasters that the company said reduced diluted earnings per share by approximately $0.05. Segment income was $588 million for Performance Coatings and Industrial Coatings combined, down from $617 million. The company completed the September 1, 2017 sale of its North American fiber glass business to Nippon Electric Glass, with a pre-tax gain of $343 million, and that business is reported as discontinued operations. The company acquired The Crown Group on October 2, 2017. Cash from operating activities from continuing operations was $1,020 million for the nine months, and PPG paid $321 million in dividends and repurchased $413 million of stock. The company raised its quarterly dividend to $0.45 per share and said it expects cash deployment for acquisitions and share repurchases of at least $3.5 billion for 2017 and 2018 combined.

    Oct 20, 2017
  29. 2017-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2017

    PPG Industries, Inc. reported second-quarter 2017 net sales of $3.8 billion, up 0.6% from $3,782 million in the prior-year quarter, despite unfavorable foreign currency translation of about $65 million. Net income attributable to PPG was $501 million for the quarter, versus $370 million a year earlier, and diluted earnings per share were $1.94 (diluted EPS from continuing operations was $1.95, versus $1.25). Income from continuing operations before income taxes was $671 million, and the effective tax rate was 24.1%, compared with 45.2% in the prior-year quarter, which included a $128 million net tax charge tied to funding the asbestos settlement trust. Management's adjusted diluted EPS from continuing operations was $1.83, up 5.8% from $1.73. For the six months, net sales were $7.29 billion, and cash flow from operating activities from continuing operations was $434 million, compared with cash used of $79 million in the prior year, largely due to the absence of the 2016 asbestos trust funding. Cash and cash equivalents were $1.57 billion at June 30, 2017. PPG paid $205 million in dividends and repurchased $163 million of stock during the period, and it acquired a 40% interest in Taiwan Chlorine Industries for $100 million. The company also agreed to sell its North American fiber glass business for expected pre-tax proceeds of approximately $545 million, with closing expected in the second half of 2017, and signed a definitive agreement on July 20, 2017 to acquire The Crown Group. The filing also discloses that PPG withdrew its proposal to combine with AkzoNobel on June 1, 2017, and that the company expects cash deployment for acquisitions and share repurchases of at least $3.5 billion for 2017 and 2018 combined. Environmental reserves totaled $270 million, of which $151 million related to New Jersey Chrome remediation, and asbestos-related reserves were approximately $180 million for claims not channeled to the Trust.

    Jul 21, 2017
  30. 2017-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2017

    PPG Industries, Inc. reported first-quarter 2017 net sales of $3,569 million, up from $3,544 million in the prior-year quarter. Net income attributable to PPG was $334 million, compared with $347 million a year earlier, and income from continuing operations was $334 million versus $337 million. Diluted earnings per share from continuing operations rose to $1.29 from $1.25, and adjusted diluted EPS was $1.35 versus $1.27. The company cited unfavorable foreign currency translation of approximately $65 million on sales, and a $22 million pension settlement charge tied to lump-sum payments to retirees of its U.S. non-qualified pension plan. Cash from operating activities for continuing operations fell to $9 million from $54 million, driven by higher working capital. PPG paid $103 million in dividends and repurchased $163 million of common stock during the quarter. Cash and cash equivalents declined to $1,349 million from $1,820 million at year-end 2016. The company completed the acquisition of DEUTEK S.A. in January 2017 and finalized its purchase of Taiwan Chlorine Industries' 40% interest for $100 million on April 11, 2017. The filing also discloses that on April 24, 2017, PPG made a second revised proposal to acquire AkzoNobel N.V. for €96.75 per share, which AkzoNobel had not accepted and no agreement had been reached. The filing reports that the Performance Coatings segment's net sales declined 1.1% to $2,017 million while segment income rose 2.2% to $285 million, and that Industrial Coatings net sales increased 7.1% to $1,469 million. Total debt to equity was 46% at March 31, 2017, compared with 47% at December 31, 2016. The company's management expects higher sequential net sales in the second quarter of 2017 and higher selling prices to offset rising raw material costs.

    Apr 24, 2017
  31. 2016-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2016

    PPG Industries, Inc. reported a third-quarter 2016 net loss attributable to PPG of $184 million, or $(0.69) per share, compared with net income of $433 million, or $1.60 per share, in the third quarter of 2015. The swing was driven by a $968 million pre-tax pension settlement charge recorded in the quarter, tied to the purchase of group annuity contracts covering about 13,200 U.S. retirees and a Canadian annuity transaction. Net sales rose to $3.79 billion from $3.73 billion, primarily due to acquired businesses (+2%) and higher sales volumes (+2%), partially offset by unfavorable foreign currency translation (-2%). Excluding certain charges, the company reported adjusted earnings per diluted share from continuing operations of $1.56 for the quarter, compared with $1.54 a year earlier. For the nine months, net sales were $11.25 billion, essentially flat year over year, while net income attributable to PPG fell to $533 million from $1,092 million. Operating cash flow from continuing operations declined to $667 million from $933 million, mainly because of an $813 million cash outflow funding the Pittsburgh Corning asbestos settlement trust. The company also announced the sale of its flat glass and European fiber glass operations to Vitro and Nippon Electric Glass, both completed October 1, 2016, and agreed to sell its interests in the PFG fiber glass joint ventures to Nan Ya Plastics, with the transaction expected to close by year-end 2016. PPG completed the sale of the flat glass business for approximately $740 million in cash proceeds and expects to record a gain in the fourth quarter. The company repurchased about $400 million of stock during the nine months and, on October 7, 2016, its board approved a new $2 billion share repurchase program. Total debt to equity was 47% at September 30, 2016, compared with 46% at December 31, 2015.

    Oct 21, 2016
  32. 2016-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2016

    PPG Industries, Inc. reported second-quarter 2016 net sales of $4.06 billion, down slightly from $4.10 billion a year earlier, with foreign currency translation the main drag and acquisitions a partial offset. Net income attributable to PPG was $370 million, or $1.37 per diluted share, compared with $337 million, or $1.23 per diluted share, in the second quarter of 2015. The effective tax rate rose to 44.1%, reflecting a $128 million net tax charge tied to funding the asbestos settlement trust. Excluding certain charges, the company reported adjusted earnings per diluted share of $1.85, up from $1.67. The quarter's largest balance sheet and cash flow event was the June 9, 2016 funding of PPG's portion of the Pittsburgh Corning asbestos settlement trust. The company made a $764 million cash payment, which included prepaying all future obligations, and recorded an asbestos settlement liability of zero at June 30, 2016. Operating cash flow was negative $25 million for the six months, compared with positive $186 million a year earlier. Management also announced portfolio changes: the July 20, 2016 agreement to sell the flat glass business to Vitro for approximately $750 million in gross cash proceeds, and the June 20, 2016 agreement to sell the European fiber glass business to Nippon Electric Glass, which is classified as held for sale. Looking ahead, the filing discloses an expected non-cash pension settlement charge of approximately $500 million to $600 million after tax ($800 million to $1.0 billion pre-tax) in the third quarter of 2016, arising from the purchase of group annuity contracts that will transfer pension obligations for about 13,200 U.S. retirees. The filing also states that the acquisition of MetoKote Corporation closed on July 1, 2016, and that management expects third-quarter sales to be lower sequentially due to seasonality.

    Jul 22, 2016
  33. 2016-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2016

    PPG Industries, Inc. reported first-quarter 2016 net sales of $3,672 million, essentially flat versus $3,662 million in the first quarter of 2015. Net sales growth reflected net sales from acquired businesses (+3%) and higher volumes (+1%), offset by unfavorable foreign currency translation (-4%). Net income attributable to PPG was $347 million, or $1.29 per diluted share, compared with $322 million, or $1.17 per diluted share, a year earlier. Income from continuing operations per diluted share was $1.29 versus $1.16. Segment income rose in Performance Coatings ($279 million vs. $262 million) and Industrial Coatings ($265 million vs. $244 million), while Glass segment income declined to $28 million from $30 million. Cash flow from operating activities was $59 million, compared with a use of $429 million in the prior-year quarter, which the company attributed primarily to lower pension contributions ($270 million lower) and improved working capital. Cash and short-term investments totaled approximately $1.0 billion at March 31, 2016, versus $1.5 billion at December 31, 2015. During the quarter PPG paid $96 million in dividends and repurchased about $150 million of common stock. On April 21, 2016, the company raised its quarterly dividend to $0.40 per share, an increase the filing describes as 11%. The filing also details the proposed asbestos settlement under the modified third amended Pittsburgh Corning plan of reorganization. PPG expects to make initial funding contributions in the second quarter of 2016, with aggregate pre-tax cash payments of approximately $825 million over a schedule ending in 2023. At March 31, 2016, the total obligation under the 2009 PPG Settlement Arrangement was $1.1 billion, of which $831 million was a current liability. The company also disclosed environmental reserves of $227 million and reasonably possible unreserved environmental losses of $75 million to $200 million.

    Apr 21, 2016
  34. 2015-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2015

    PPG Industries, Inc. reported third-quarter 2015 net sales of $3,872 million, down from $3,935 million a year earlier, with sales decline attributed primarily to unfavorable foreign currency translation (8%) and lower sales volume (1%), partly offset by acquired businesses (7%). Net income attributable to PPG was $433 million, or $1.59 diluted earnings per share, versus $371 million, or $1.33, in the prior-year quarter. Income from continuing operations before income taxes rose to $581 million from $499 million, helped by lower interest expense and the absence of the prior-year $138 million environmental remediation charge, though the prior-year quarter included gains on asset dispositions. For the first nine months, net sales were $11,634 million versus $11,653 million, and net income attributable to PPG was $1,092 million compared with $2,019 million, the prior-year figure including the $972 million gain from discontinued operations tied to the Transitions Optical and sunlens sale. Results were affected by a $140 million pretax business restructuring charge recorded in the second quarter of 2015. Cash from operating activities from continuing operations was $986 million versus $1,244 million, reflecting higher pension contributions. Management expects 2015 and 2016 combined cash deployment for acquisitions and share repurchases of $2 billion to $2.5 billion, up from a prior forecast of $1.5 billion to $2.5 billion. The filing also discloses the proposed asbestos settlement tied to the Pittsburgh Corning bankruptcy, with a total obligation of $1.0 billion at September 30, 2015 ($765 million current, $248 million non-current), and an ongoing appeal process at the U.S. Third Circuit Court of Appeals. Environmental reserves for New Jersey Chrome sites stood at $148 million, and total environmental reserves were $252 million.

    Oct 26, 2015
  35. 2015-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2015

    PPG Industries, Inc. reported second-quarter 2015 net sales of $4,100 million, up $18 million, or approximately 1%, from $4,082 million a year earlier, driven primarily by acquired businesses (7%) and higher sales volumes (1%), partly offset by currency translation that negatively impacted sales by $318 million (8%). Net income attributable to PPG was $337 million, or $1.23 diluted EPS, compared with $386 million, or $1.38 diluted EPS, in the second quarter of 2014. Results were weighed down by a $140 million pretax business restructuring charge approved in April 2015, which is expected to produce full-year pretax savings of $100 million to $105 million by 2017. Excluding restructuring and transaction-related costs, the company reported adjusted diluted EPS of $1.67 for the quarter. For the first six months, net sales were $7,762 million and income from continuing operations was $668 million. Cash from operating activities from continuing operations fell to $186 million from $512 million, mainly due to $283 million of voluntary pension contributions and higher working capital. PPG issued €1.2 billion of Euro-denominated notes in March 2015, repaid a €300 million note in June, and repurchased $351 million of treasury stock. Total debt to total debt plus PPG shareholders' equity was 47% at June 30, 2015, compared with 44% at December 31, 2014. The filing also details ongoing legal and environmental exposures. The proposed asbestos settlement under the Pittsburgh Corning plan of reorganization remains subject to a pending appeal, and PPG carries a $840 million current and $245 million noncurrent asbestos settlement liability. Environmental reserves for New Jersey Chrome and other sites totaled $267 million, with reasonably possible unreserved losses estimated at $75 million to $200 million.

    Jul 27, 2015
  36. 2015-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2015

    PPG Industries, Inc. reported first-quarter 2015 net sales of $3,662 million, up from $3,636 million in the first quarter of 2014, driven mainly by acquired businesses (about $235 million, primarily Comex) and higher sales volumes, partly offset by currency translation that reduced sales by $260 million. Net income attributable to PPG was $322 million, compared with $1,262 million a year earlier, which included $985 million from discontinued operations tied to the March 2014 sale of the Transitions Optical and sunlens businesses. Income from continuing operations was $321 million, or $2.33 diluted EPS, versus $1.97 a year earlier. Interest expense fell to $29 million from $47 million following a fourth-quarter 2014 debt refinancing. Cash flow was weaker. Operating cash flow from continuing operations was negative $429 million, reflecting $276 million of voluntary pension contributions and $253 million of higher working capital. Cash and cash equivalents rose to $735 million, and PPG issued euro-denominated notes with aggregate net proceeds of about $1.24 billion in March 2015. Management expects full-year currency translation to reduce 2015 net sales by about $1.1 billion to $1.2 billion and earnings by $110 million to $120 million. PPG also approved a 2-for-1 stock split (with an additional stock dividend), a business restructuring plan with a pre-tax charge of $135 million to $140 million expected in the second quarter, and continued to pursue a proposed asbestos settlement that remains subject to a pending appeal. The company expects to deploy $1.5 billion to $2.5 billion for acquisitions and share repurchases over 2015 and 2016 combined.

    Apr 27, 2015
  37. 2014-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2014

    PPG Industries, Inc. reported third-quarter 2014 net sales of $3,935 million, up from $3,774 million a year earlier, driven primarily by higher sales volumes (3%) and higher selling prices (1%). Income from continuing operations was $383 million, compared with $207 million in the prior-year quarter, and diluted earnings per share from continuing operations were $2.70 versus $1.41. Net income attributable to PPG was $371 million for the quarter. Results were helped by a $116 million pre-tax gain on asset dispositions, offset by a $138 million pre-tax increase to legacy environmental reserves, primarily for New Jersey Chrome remediation. The company's adjusted effective tax rate excluding certain charges was 24.0% for the quarter. For the nine months, net sales rose $888 million, or 8%, to $11,653 million, and net income attributable to PPG was $2,019 million, compared with $2,977 million a year earlier. The prior-year period included a large gain from the 2013 commodity chemicals separation, and the 2014 period includes the approximately $1.5 billion after-tax gain from the March 2014 sale of the Transitions Optical joint venture and sunlens business to Essilor. Cash and short-term investments totaled approximately $3.0 billion at quarter end, up 74% from December 31, 2013, and the company announced a pending acquisition of Consorcio Comex valued at $2.3 billion, expected to close in the fourth quarter of 2014. Key remaining uncertainties include the proposed asbestos settlement, which awaits final court approval with a notice of appeal deadline of October 30, 2014, and environmental reserves of $375 million, of which $270 million relates to New Jersey Chrome remediation. The company also disclosed a foreign tax matter with interest of approximately $70 million under assertion by a foreign tax authority, which PPG disputes.

    Oct 24, 2014
  38. 2014-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2014

    PPG Industries, Inc. reported second-quarter 2014 net sales of $4.08 billion, up from $3.88 billion in the second quarter of 2013, with income from continuing operations of $399 million versus $324 million a year earlier. Diluted earnings per share from continuing operations were $2.80, compared with $2.19. For the six months ended June 30, 2014, net sales were $7.72 billion and diluted EPS from continuing operations was $4.77, while total diluted net income per share was $11.74, boosted by a $1.468 billion pre-tax gain on the March 31, 2014 sale of the Transitions Optical joint venture and sunlens businesses to Essilor. Volume growth of 3% and higher selling prices of 1% drove the quarterly sales increase, with all three reportable segments (Performance Coatings, Industrial Coatings and Glass) reporting higher volumes. The balance sheet strengthened substantially, with cash and cash equivalents rising to $1.99 billion from $1.12 billion at December 31, 2013, and total assets of $17.30 billion. The company disclosed a pending agreement to acquire Consorcio Comex, S.A. de C.V. for a transaction valued at $2.3 billion, subject to regulatory approvals, and it completed or agreed to several smaller acquisitions including Homax and Masterwork, collectively about $140 million. Management stated it intends to deploy $3.0 billion to $4.0 billion of cash in 2014 and 2015 combined on acquisitions and share repurchases. Risk items include a June 2014 notice from a foreign tax authority seeking about $70 million in interest for failure to withhold taxes on a 2009 intercompany dividend, which PPG disputes. The filing also describes the continuing asbestos settlement arrangement, with a $1.044 billion total obligation at June 30, 2014, and environmental reserves of $268 million, of which $164 million relates to New Jersey Chrome remediation, with a possible additional unreserved exposure of $100 million to $200 million.

    Jul 23, 2014
  39. 2014-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2014

    PPG Industries, Inc. reported first-quarter 2014 net sales from continuing operations of $3.64 billion, up from $3.11 billion a year earlier, driven primarily by sales from acquired businesses (12%), higher sales volumes (5%) and higher selling prices (1%). Income from continuing operations rose to $283 million from $197 million, and diluted EPS from continuing operations was $1.97 versus $1.29. Total diluted EPS of $8.97 was far higher than the prior year's $16.31 only in the sense that it included discontinued operations; net income attributable to PPG was $1.26 billion, driven by a $1.47 billion pre-tax gain on the March 31, 2014 sale of its Transitions Optical joint venture and sunlens businesses to Essilor, which contributed $1.02 billion of income from discontinued operations. Segment results were mixed across the three new reportable segments: Performance Coatings net sales rose 27% to $2.01 billion with segment income of $248 million, Industrial Coatings sales rose 7% to $1.36 billion with segment income of $231 million, and Glass sales rose 4% to $266 million while segment income fell to $4 million. Cash and short-term investments reached $3.0 billion at quarter end, and the company reported $130 million of cash from continuing operating activities. Management plans to deploy $3.0 billion to $4.0 billion of incremental cash over 2014 and 2015, and the filing notes a proposed asbestos settlement with a $1.02 billion total obligation at March 31, 2014, as well as a pending New Jersey chromium remediation matter. Investors should note the filing's dependence on the proposed asbestos settlement, which remains subject to court appeal, and the reasonably possible unreserved environmental losses of $100 million to $200 million. Total debt to total capitalization improved to 36% from 41% at year-end 2013, reflecting higher equity after the divestiture gain.

    Apr 24, 2014
  40. 2013-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2013

    PPG Industries, Inc. reported third-quarter 2013 net sales of $3,980 million, up from $3,408 million a year earlier, and nine-month net sales of $11,406 million versus $10,269 million. The increase was driven largely by acquisitions, most notably the North American architectural coatings business of AkzoNobel, which contributed approximately $400 million to third-quarter net sales and $875 million year to date. Third-quarter income from continuing operations was $249 million (attributable to PPG $220 million, or $1.52 diluted per share), compared with $1.86 per diluted share a year earlier. Results were weighed down by a $98 million restructuring charge and an $89 million environmental remediation charge for the former Jersey City, N.J. chromium plant. The company reported adjusted diluted EPS from continuing operations of $2.44 for the quarter, excluding restructuring, legacy environmental and acquisition-related costs. Nine-month net income attributable to PPG was $2,977 million, or $20.39 per diluted share, but this figure is dominated by a $2.2 billion gain from the separation and merger of the commodity chemicals business into Axiall Corporation, which is reported in discontinued operations. Continuing operations diluted EPS was $5.34 for the nine months. Cash from continuing operating activities was $1,278 million, and cash and short-term investments totaled approximately $2.2 billion at quarter end. Share repurchases of $320 million were made in the nine months, and the company expects 2013 repurchases at the high end of a $500 million to $750 million range. A pending transaction to divest the 51 percent interest in Transitions Optical to Essilor International, at an enterprise value of approximately $3.4 billion with cash at closing of $1.73 billion pretax, is expected to close in the first half of 2014. The filing also reports that the bankruptcy court confirmed the modified third amended Pittsburgh Corning plan of reorganization in May 2013, with the asbestos settlement subject to remaining appeals, and that the company's total liability for the settlement is $974 million at September 30, 2013.

    Oct 28, 2013
  41. 2013-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2013

    PPG Industries, Inc. reported second-quarter 2013 net sales of $4,095 million, up from $3,528 million a year earlier, and net income attributable to PPG of $341 million, or $2.35 per diluted share, versus $362 million in the prior-year quarter. Income from continuing operations attributable to PPG was $341 million, compared with $297 million in the second quarter of 2012. For the six months, net sales were $7,426 million and net income attributable to PPG was $2,751 million, or $18.76 per diluted share, which includes a $2.2 billion net gain from the separation and merger of the commodity chemicals business into Axiall Corporation, reported as discontinued operations. Continuing-operations diluted EPS for the six months was $3.82. Management attributes much of the sales growth to acquisitions, including the North American architectural coatings business of AkzoNobel acquired April 1, 2013 for $957 million net of cash acquired, while volumes excluding acquisitions were down 1 percent in the quarter. On July 17, 2013 the board approved a business restructuring plan with a pre-tax charge of $102 million in the third quarter, focused on synergies from the AkzoNobel acquisition and on weak businesses such as protective and marine coatings and certain European operations. On July 28, 2013 PPG agreed to divest its 51 percent interest in Transitions Optical to Essilor International at an enterprise value of approximately $3.4 billion, with cash at closing of $1.73 billion pretax, expected to close in the first half of 2014. The filing also details the proposed asbestos settlement, for which the bankruptcy court issued a final order confirming the modified third amended Pittsburgh Corning plan on May 24, 2013, subject to a motion for reconsideration set for September 9, 2013. Total obligation under the settlement was $942 million at June 30, 2013, with $703 million classified as current. Environmental reserves totaled $281 million, including $175 million for New Jersey Chrome.

    Jul 29, 2013
  42. 2013-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2013

    PPG Industries, Inc. reported first-quarter 2013 net income attributable to PPG of $2,410 million ($16.31 diluted EPS), compared with $13 million ($0.08) in the first quarter of 2012. The result was driven by a $2,191 million income from discontinued operations, which reflects the net gain on the January 28, 2013 separation and merger of its commodity chemicals business with Georgia Gulf (now Axiall Corporation). PPG received $900 million of cash plus 35.2 million Axiall shares, and an additional $67 million working capital adjustment. Income from continuing operations was $219 million ($1.48 diluted EPS), versus a loss of $50 million in the prior-year quarter. Adjusted diluted EPS from continuing operations was $1.58, compared with $1.41 a year earlier, per the company's Regulation G reconciliation. Sales were essentially flat at $3,331 million versus $3,333 million, with higher selling prices adding about 1 percent and acquisitions about 2 percent, offset by overall volumes down 3 percent. Industrial Coatings sales rose 10 percent to $1,183 million and segment income increased to $178 million. Performance Coatings segment income rose to $172 million on sales of $1,124 million, while Architectural Coatings - EMEA sales fell 12 percent. Other charges declined to $25 million from $170 million, largely due to lower legacy environmental remediation charges. Cash and short-term investments totaled approximately $2.4 billion, and the ratio of total debt to total debt plus PPG shareholders' equity fell to 42 percent from 50 percent at year-end 2012. Subsequent to quarter-end, on April 1, 2013, PPG completed the $948 million acquisition of the North American architectural coatings business of Akzo Nobel N.V., which the filing says had full-year 2012 sales of approximately $1.5 billion. The filing also discloses a pending asbestos settlement tied to the Pittsburgh Corning bankruptcy, with a total obligation of $920 million at March 31, 2013, and a Bankruptcy Court ruling on confirmation expected during May 2013.

    Apr 29, 2013
  43. 2012-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2012

    PPG Industries, Inc. reported net sales of $3,845 million for the third quarter of 2012, level with $3,849 million a year earlier, and net income attributable to PPG of $339 million, or $2.18 per diluted share, versus $1.96 in the prior-year quarter. For the first nine months of 2012, net sales rose to $11,552 million from $11,368 million, but net income attributable to PPG fell to $714 million from $879 million, reflecting a $208 million business restructuring charge and a $159 million environmental remediation charge recorded in the first quarter. Excluding those and other separation-related and acquisition costs, the filing reports adjusted diluted earnings per share of $6.42 for the nine months, compared with $5.48 in the prior-year period. The company's balance sheet and cash position remained solid, with cash and short-term investments of about $2.0 billion at September 30, 2012, and cash from operating activities of $1,039 million for the nine months versus $777 million a year earlier. PPG issued $400 million of 2.70% notes due 2022 and entered a new $1.2 billion five-year revolving credit agreement. The most significant strategic development is the agreement to separate the commodity chemicals business and merge it with Georgia Gulf Corporation in a Reverse Morris Trust transaction, with closing expected by early 2013 and a transaction value of approximately $2.4 billion. Significant legal and environmental uncertainties remain. Environmental reserves rose to $350 million from $226 million, driven by the New Jersey chromium remediation, and the company estimates reasonably possible unreserved environmental losses of $100 million to $275 million. The proposed asbestos settlement, which depends on bankruptcy court confirmation of the amended Pittsburgh Corning plan, remains pending, with PPG's reserve for non-channeled asbestos claims at $162 million.

    Oct 29, 2012
  44. 2012-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2012

    PPG Industries, Inc. reported second-quarter 2012 net sales of $3,955 million, down slightly from $3,986 million a year earlier, with net sales of $7,707 million for the first six months versus $7,519 million. Net income attributable to PPG was $362 million for the quarter ($2.34 diluted EPS) versus $340 million a year ago, while six-month net income fell to $375 million ($2.42 diluted EPS) from $568 million, largely due to a $208 million business restructuring charge and $159 million of environmental remediation charges in the first quarter. Management cites a company-adjusted six-month diluted EPS of $4.17 excluding these and other items, a figure presented as a non-GAAP reconciliation. The balance sheet shows cash and short-term investments of about $1.2 billion at June 30, 2012, down from $1.5 billion at year-end 2011, while total debt rose as $600 million of 5.75% notes were reclassified to current liabilities. Cash from operating activities was $434 million for the six months versus $252 million a year earlier. Environmental reserves increased to $368 million, and the asbestos settlement obligation under the proposed third amended Pittsburgh Corning plan remains pending bankruptcy court action, with an amended plan due by August 20, 2012. The most significant strategic development is the July 19, 2012 announcement of a definitive agreement to separate PPG's commodity chemicals business and merge it with Georgia Gulf Corporation in a Reverse Morris Trust transaction valued at approximately $2.1 billion, with PPG shareholders expected to own about 50.5 percent of the combined company. The company states it intends to maintain its dividend and has suspended share repurchases pending the transaction's tax rulings or closing.

    Jul 30, 2012
  45. 2012-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2012

    PPG Industries, Inc. reported a sharply lower first-quarter 2012 net income attributable to PPG of $13 million, or $0.08 per share diluted, compared with $228 million, or $1.40 per diluted share, in the first quarter of 2011. The decline was driven by a $208 million business restructuring charge, a $159 million environmental remediation charge (recorded in Other charges, with total Other charges of $171 million), and $6 million of acquisition-related costs. Net sales rose to $3,752 million from $3,533 million, with higher selling prices and acquisitions contributing to growth, while the company stated that volume growth was partly offset by negative currency translation and weakness in European coatings. The company's Regulation G reconciliation shows adjusted net income of $279 million, or $1.81 per diluted share, after excluding restructuring, environmental remediation and acquisition-related charges. Management expects pretax cost savings of about $40 to $50 million in 2012 from the restructuring plan, growing to an annual run rate of about $140 million. Cash used for operating activities was $2 million, compared with $156 million a year earlier, and cash and short-term investments fell to about $1.0 billion from $1.5 billion at December 31, 2011. The filing also details contingent liabilities that remain significant. Environmental reserves rose to $379 million from $226 million, reflecting a $145 million charge related to the New Jersey chromium remediation, and the company disclosed reasonably possible unreserved environmental losses of $100 million to $275 million. The proposed asbestos settlement arrangement, under which PPG's obligation totals $854 million, has not yet been approved by the Bankruptcy Court, which denied confirmation of the prior plan in June 2011 and continues to consider amendments.

    Apr 30, 2012
  46. 2011-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2011

    PPG Industries, Inc. reported third-quarter 2011 net sales of $3,849 million, up from $3,460 million a year earlier, and net income attributable to PPG of $311 million, or $1.96 per diluted share, versus $1.58 in the third quarter of 2010. For the first nine months, net sales rose to $11,368 million from $10,044 million and diluted EPS was $5.48 compared with $3.39, which included a $0.51 charge in 2010 from a reduction of a deferred tax asset. The filing states that higher selling prices were the largest sales driver in the quarter, with volumes flat and currency translation adding about $150 million. Cash and short-term investments totaled approximately $1.3 billion at quarter-end versus $2.0 billion at December 31, 2010. Cash from operating activities was $777 million for the nine months, compared with $698 million a year earlier. The company repaid a $400 million term loan in June 2011, repurchased $633 million of stock, and paid $268 million in dividends during the nine months. On October 20, 2011, the Board authorized an additional 10 million share repurchase program. The debt-to-total-capital ratio, including capital leases, was 50 percent at September 30, 2011, versus 53 percent at December 31, 2010. The filing also details the proposed asbestos settlement tied to the Pittsburgh Corning bankruptcy. The Bankruptcy Court denied confirmation of the third amended plan on June 16, 2011, and amendments were filed September 23, 2011, with a hearing set for November 30, 2011. PPG's reserve for asbestos claims not channeled to the trust is $162 million, and environmental reserves were $242 million, with reasonably possible unreserved environmental losses estimated at $200 million to $400 million.

    Oct 31, 2011
  47. 2011-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2011

    PPG Industries, Inc. reported second-quarter 2011 net sales of $3,986 million, up from $3,458 million a year earlier, and net income attributable to PPG of $340 million, or $2.12 per diluted share, compared with $272 million, or $1.63 per diluted share, in the second quarter of 2010. For the six months ended June 30, 2011, net sales were $7,519 million and diluted EPS was $3.52, versus $1.81 in the prior-year period, which had included an $85 million charge from a change in U.S. tax law. The filing attributes sales growth to higher pricing across all segments, higher volumes of 2 percent in the quarter, and favorable currency translation. Cost inflation, particularly in raw materials for the coatings businesses, remained a pressure, and management said additional pricing actions were underway. Segment results were strongest in Commodity Chemicals, where segment income rose to $106 million in the quarter from $53 million, driven mainly by higher pricing. Performance Coatings reached a record segment earnings level of $204 million, while Industrial Coatings earnings were $115 million. Cash from operating activities was $252 million for the first half of 2011, down from $367 million, reflecting higher receivables and inventories. PPG repaid a $400 million term loan, repurchased stock for $383 million in the first half, and ended the quarter with cash and short-term investments of approximately $1.25 billion. The filing's most significant legal item remains the proposed asbestos settlement tied to Pittsburgh Corning Corporation. On June 16, 2011, the Bankruptcy Court denied confirmation of the third amended plan of reorganization, and PPG and other parties are working on potential plan amendments. PPG's reserve for asbestos claims not channeled to the trust is $162 million, and the total obligation under the 2009 settlement arrangement was $837 million at June 30, 2011. Environmental reserves totaled $252 million, and management estimated reasonably possible additional unreserved environmental losses of $200 million to $400 million.

    Aug 1, 2011
  48. 2011-Q1

    PPG Industries Quarterly Report for Q1 Ended Mar 31, 2011

    PPG Industries, Inc. reported first-quarter 2011 net sales of $3,533 million, up from $3,126 million in the first quarter of 2010, with the filing attributing the 13% increase to higher volumes (6%), higher selling prices (6%) and currency translation. Net income attributable to PPG was $228 million, or $1.40 per diluted share, compared with $30 million, or $0.18 per diluted share, in the prior-year quarter; the prior-year figure included an $85 million one-time charge from a change in U.S. tax law. Income before income taxes rose to $351 million from $206 million. Cash used for operating activities was $156 million, compared with $54 million a year earlier, reflecting seasonal working capital build and $101 million of pension contributions. Cash and cash equivalents fell to $796 million from $1,341 million at December 31, 2010, and the company repurchased slightly more than $275 million of stock during the quarter. Management said cash from operations and debt capacity are expected to be sufficient to fund operations, capital spending, dividends, share repurchases, pension contributions and amounts due under the proposed asbestos settlement. Segment results were broadly stronger, led by Commodity Chemicals, where segment income rose to $97 million from $3 million, and Industrial Coatings, where sales increased 15% to $1,025 million. The filing also describes the proposed asbestos settlement (the 2009 PPG Settlement Arrangement, with approximately $840 million total obligation at March 31, 2011, of which $594 million is current), which remains subject to Bankruptcy Court confirmation, and an environmental reserve of $264 million, with reasonably possible unreserved losses estimated at $200 million to $400 million.

    May 2, 2011
  49. 2010-Q3

    PPG Industries Quarterly Report for Q3 Ended Sep 30, 2010

    PPG Industries, Inc. reported third-quarter 2010 net sales of $3,460 million, up 7% from $3,225 million a year earlier, with higher volumes accounting for 6% of the increase. Net income attributable to PPG was $262 million, or $1.58 per share on a diluted basis, compared with $159 million, or $0.96 per share, in the third quarter of 2009. For the nine months, net sales rose 10% to $10,044 million and diluted EPS was $3.39, versus $1.17 a year earlier. The nine-month results include an $85 million (51 cents per share) one-time charge from a change in U.S. tax law related to retiree prescription drug costs, and the 2009 period included a $186 million business restructuring charge. Segment performance was broadly stronger, led by Industrial Coatings, where third-quarter sales rose 13% to $927 million and segment income increased to $86 million from $58 million. Commodity Chemicals and Glass also improved sharply, while Architectural Coatings – EMEA sales fell 8% to $512 million due to currency translation. Cash from operations was $698 million for the nine months, versus $760 million in 2009, and PPG made $150 million in voluntary U.S. pension contributions in September 2010. The company also entered a $1.2 billion three-year unsecured revolving credit agreement in August 2010 and approved an additional 10 million share repurchase program in October 2010. The filing's largest open item is the proposed asbestos settlement tied to Pittsburgh Corning Corporation's bankruptcy plan. Under the 2009 PPG Settlement Arrangement, PPG's total obligation is $803 million, with $563 million classified as current, and the plan awaits court confirmation. Management believes the outcome of lawsuits and claims will not have a material effect on the consolidated financial position or liquidity, though results in a given period could be affected. Environmental reserves total $282 million, and the company estimates possible additional unreserved environmental losses of $200 million to $300 million.

    Nov 1, 2010
  50. 2010-Q2

    PPG Industries Quarterly Report for Q2 Ended Jun 30, 2010

    PPG Industries, Inc. reported a strong second quarter of 2010, with net sales rising to $3,458 million from $3,115 million a year earlier, and net income attributable to PPG of $272 million, or $1.63 per diluted share, versus $146 million, or $0.89, in the second quarter of 2009. For the first six months, net sales were $6,584 million versus $5,898 million, and net income attributable to PPG was $302 million, or $1.81 per diluted share, compared with $35 million, or $0.21. Management attributed the sales increase mainly to higher volumes, with Industrial Coatings sales up 27% in the quarter, and noted that selling, general and administrative expenses fell to 21.5% of sales from 23.5%. The first-half results include an $85 million one-time, after-tax charge ($0.51 per share) from a change in U.S. tax law under the Patient Protection and Affordable Care Act, which reduces the deductibility of retiree prescription drug costs beginning in 2013. Cash from operating activities rose to $367 million from $106 million, helped by lower pension contributions of about $50 million versus $190 million a year earlier. Cash and cash equivalents fell to $784 million at June 30, 2010 from $1,057 million at December 31, 2009, and total shareholders' equity was $3,639 million. The filing's most significant open item is the proposed asbestos settlement tied to Pittsburgh Corning Corporation. Under the 2009 PPG Settlement Arrangement, PPG's total obligation is $781 million at June 30, 2010, of which $545 million is a current liability. The Bankruptcy Court's confirmation process runs through October 2010, with final oral arguments scheduled for October 29, 2010. Management believes that the outcome of all lawsuits and claims will not have a material effect on PPG's financial position or liquidity, though results in any particular period may be affected.

    Jul 26, 2010