PPG Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Global Effective Tax Rate Guidance for the Full Year of 2018
January 18, 2018 at 06:51 am
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PPG Industries, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $3,682 million compared to $3,417 million a year ago. Income from continuing operations before income taxes was $376 million compared to $138 million a year ago. Income from continuing operations, net of income taxes was $189 million compared to $95 million a year ago. Net income attributable to the company was $184 million compared to $344 million a year ago. Diluted net earnings per share were $0.72 compared to $1.30 a year ago. Net income from continuing operations was $184 million or $0.72 per share compared to $91 million or $0.34 per share a year ago. Adjusted net income from continuing operations, excluding non-recurring items was $304 million or $1.19 per share compared to $306 million or $1.16 per share a year ago
For the full year of 2017, the company reported net sales of $14,750 million compared to $14,270 million a year ago. Income from continuing operations before income taxes was $2,008 million compared to $786 million a year ago. Income from continuing operations, net of income taxes was $1,429 million compared to $569 million a year ago. Net income attributable to the company was $1,628 million compared to $877 million a year ago. Diluted net earnings per share were $6.31 compared to $3.28 a year ago. Net income from continuing operations was $1,408 million or $5.46 per share compared to $547 million or $2.05 per share a year ago. Adjusted net income from continuing operations, excluding non-recurring items was $1,513 million or $5.87 per share compared to $1,506 million or $5.67 per share a year ago
The company's global effective tax rate is expected to be in the range of 23% to 24% for the year 2018.
PPG Industries, Inc. is one of the world's leaders in producing and marketing coatings, linings, and fiberglass used primarily in the automotive, transportation, and construction industries. Net sales break down by family of products as follows:
- high-performance coatings (61.2%): decorative paints, anti-corrosion coatings, etc.;
- industrial coatings (38.8%).
Net sales are distributed geographically as follows: the United States and Canada (41%), Europe/Middle East/Africa (30.8%), Asia/Pacific (15.8%) and Latin America (12.4%).
PPG Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Global Effective Tax Rate Guidance for the Full Year of 2018