PPG Announces Financial Results for the First Quarter of 2019

Pittsburgh, 2019 Nian 4 Yue 23 Ri- PPG (NYSE: PPG ) today announced 2019 first quarter earnings from continuing operations achieved net sales of nearly 36 billion US dollars, a year earlier, a decrease of approximately 4%

In the first quarter of 2019 , continuing operations achieved a net profit of US$ 312 million, equivalent to a diluted share of US $ 1.

"Although the global macroeconomic situation is not optimistic and the market demand in some industries has declined, compared with the same period last year, the profit margin in the first quarter still increased

“In the first quarter, the sales of aerospace coatings and industrial protective and marine coatings achieved strong double-digit growth

"Currently, we have completed the SEM , Wah Fu and Alzheimer lats three companies of acquisitions

"Looking forward to the second quarter, compared with the same period last year, we expect that the industry demand in multiple product markets will still be differentiated, but the overall performance will be improved compared to the first quarter of this year

"In general, regarding the economic development situation in the second half of this year, especially the economic development situation of the Chinese market, we still believe that there will be a moderate recovery momentum

Summary of the performance of each business department in the first quarter of 2019

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    The net profit of the industrial coatings business in the first quarter was US$ 218 million, a year-on-year decrease of US$ 21 million, a decrease of approximately 9% , including the adverse impact of foreign exchange losses, which affected approximately US$ 10 million
  .
  The continuous increase in raw material prices and logistics costs and the decline in sales caused by the global industrial downturn have offset to a certain extent the benefits of product price increases and active cost management, resulting in a decline in net profit
  .
  

In the first quarter, the two major businesses continued to actively implement cost control measures and strictly implemented the previously announced restructuring plan
.
The restructuring plan saved US$ 20 million in costs
in the first quarter and achieved the company's expected goals .
In addition, the overall operating expenses and historical outstanding expenses in the first quarter totaled approximately US$ 50 million, and the second quarter is expected to be approximately US$ 45 million to US$ 50 million
.

The company will continue to conduct the previously announced strategic review of the business portfolio and promises to complete this review by the end of the second quarter of 2019 .

 

PPG: We protect and beautify the ^worldTM

  PPG (NYSE : PPG ) has been committed to developing and providing trustworthy paint, coating and material products for customers for 135 years
.
Upholding the spirit of dedication and innovation, PPG helps customers deal with all kinds of severe challenges and jointly promote the progress of the industry
.
PPG is headquartered in Pittsburgh, USA, with operations and R&D institutions in more than 70 countries around the world .
In 2018 , the company's global net sales reached 15.
4 billion U.
S.
dollars
.
PPG provides high value-added products and services to customers in the fields of construction, consumer goods, industry, transportation and other fields and their after-sales markets
.
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