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PPG Announces Fourth-Quarter and Full-Year 2016 Earnings
PPG recently reported fourth-quarter 2016 net sales of $3.
5 billion, down more than 1%
from the same period last year.
Net income from continuing operations was $77 million and adjusted net income from continuing operations was $313 million
.
At the end of 2016, PPG's operating operations generated more than $1.
2 billion in cash, a slight decline
from the previous year.
Michael H.
McGarry, Chairman and Chief Executive Officer of PPG, said, "Despite slow global economic growth, uneven regional performance, and very adverse currency effects, we delivered steady growth
in adjusted diluted earnings per share in the fourth quarter and full year.
By increasing sales, managing costs, and deploying cash for profitable growth, the company still achieved business milestones
in 2016.
In
addition, the company decided to launch a new restructuring plan with the goal of saving $125 million per year, including about $40 million ~ $50 million
in 2017.
At the same time, continuing to optimize its business structure, the company announced the acquisition of two European architectural coatings companies and the divestiture of several non-core glass businesses
.
