LONDON, UK / ACCESSWIRE / January 23, 2018 / Active-Investors.com has just released a free earnings report on PPG Industries, Inc. (NYSE: PPG) ("PPG"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PPG. The Company reported its fourth quarter and fiscal 2017 operating and financial results on January 18, 2018. The paint and coatings maker outperformed top- and bottom-line expectations and announced cash available for acquisition and share repurchases for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, PPG Industries most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended December 31, 2017, PPG reported net sales of approximately $3.68 billion, up 8% compared to $3.42 billion in Q4 2016. The Company's sales volumes increased 3% on a y-o-y basis and selling prices improved sequentially for the third consecutive quarter. A favorable foreign currency translation improved the Company's reported quarter net sales by more than 3%, and acquisitions-related sales, net of divestitures, added less than 1% to total sales growth. PPG's revenue numbers topped analysts' estimates of $3.60 billion.
PPG's reported net sales from continuing operations were approximately $14.75 billion in FY17, up 3% compared to $14.27 billion in FY16.
For Q4 2017, PPG reported a net income from continuing operations of $184 million, or $0.72 per diluted share, including an unfavorable impact of $0.05 per diluted share stemming from the natural disasters that occurred during Q3 2017. The Company's adjusted net income from continuing operations was $304 million, or $1.19 per diluted share, for the reported quarter. PPG's adjusted net income excluded net after-tax charges totaling $120 million. For Q4 2016, PPG's net income from continuing operations was $91 million, or $0.34 per diluted share, while adjusted net income from continuing operations was $306 million, or $1.16 per diluted share. The Company's earnings numbers beat Wall Street's expectations of $1.18 per share.
PPG reported a net income from continuing operations of $1.4 billion, or $5.46 per diluted share, in FY17 compared to $547 million, or $2.05 per diluted share, in FY16. The Company's adjusted earnings per diluted share from continuing operations was $5.87 in FY17, representing an increase of 4% on a y-o-y basis.
Segment Results
During Q4 2017, PPG's Performance Coatings segment's net sales totaled $2.1 billion, up 7% on a y-o-y basis. The segment's net sales benefited from higher selling prices across most businesses and regions and a sales volume growth of more than 2%. A favorable foreign currency translation increased net sales by 3%.
For Q4 2017, Performance Coatings segment's automotive refinish coatings organic sales improved by a mid-single-digit percentage, driven by market outperformance in the US and Europe, and strong emerging region demand. The segment's income was $260 million for the reported quarter, up 9% on a y-o-y basis, aided by the impact of higher sales volumes, overhead and manufacturing cost management, and improving selling prices, partially offset by significant raw material inflation.
During Q4 2017, PPG's Industrial Coatings segment's net sales grew 8% to approximately $1.6 billion. The segment's sales volumes increased by more than 4% and favorable foreign currency translation added 3%. The Industrial Coatings segment's selling prices were modestly lower on a y-o-y basis, while acquisition-related sales added 2% on a y-o-y basis.
Industrial Coatings segment's automotive original equipment manufacturer (OEM) coatings sales volumes increased by a low-single-digit percentage on a y-o-y basis. The aggregate industrial coatings, specialty coatings, and materials sales volumes increased by a mid-single-digit percentage on a y-o-y basis, and outpaced global industrial production growth rates for the eighth consecutive quarter. The segment's income was $212 million for Q4 2017, down 10% on a y-o-y basis as aggressive cost improvements and strong sales volume growth did not fully offset significant raw material inflation and modestly lower selling prices.
Cash Matters
PPG's cash flow from operations came in above $1.5 billion in FY17, including the benefit from improved operating working capital ratios. The Company returned more than $1.2 billion to shareholders in 2017 via share repurchases and dividends. PPG has paid annual dividends for 118 consecutive years, and increased per-share payouts for 46 consecutive years. PPG stated that it is committed to deploy a minimum of $2.4 billion of cash in 2018, for acquisitions and share repurchases as part of the Company's earlier communicated target to deploy $3.5 billion in 2017 and 2018 combined.
PPG reported cash and short-term investments of approximately $1.49 billion for year-end 2017. The Company had $3.6 billion remaining on its current share repurchase authorizations at year-end 2017.
Stock Performance Snapshot
January 22, 2018 - At Monday's closing bell, PPG Industries' stock fell 1.40%, ending the trading session at $116.78.
Volume traded for the day: 1.67 million shares, which was above the 3-month average volume of 1.32 million shares.
Stock performance in the last month – up 0.40%; previous three-month period – up 2.16%; last six-month period – up 9.79%; and past twelve-month period – up 17.96%
After yesterday's close, PPG Industries' market cap was at $29.71 billion.
Price to Earnings (P/E) ratio was at 21.43.
The stock has a dividend yield of 1.54%.
The stock is part of the Basic Materials sector, categorized under the Specialty Chemicals industry. This sector was up 1.2% at the end of the session.
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