Tag Archives: PPG

PPG Reports First Quarter Results

By Business Wirevia The Motley Fool

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PPG Reports First Quarter Results

  • First quarter 2013 sales from continuing operations of $3.3 billion
  • First quarter adjusted earnings per diluted share from continuing operations of $1.58
  • Reported earnings per diluted share of $16.31, including large nonrecurring gain from commodity chemicals business separation
  • Aggregate coatings segment earnings increased 13 percent with growth in each region
  • Incremental restructuring savings of nearly $30 million realized in quarter
  • Cash deployed for share repurchases during quarter totaled $140 million
  • Increased synergy target following completion of AkzoNobel North American architectural coatings acquisition

PITTSBURGH–(BUSINESS WIRE)– PPG Industries (NYS: PPG) today reported first quarter 2013 net sales from continuing operations of $3.3 billion, equal with the prior year. Reported net income and earnings per diluted share for the current and prior year include several nonrecurring items, which are detailed in a reconciliation below. First quarter 2013 adjusted net income and earnings per diluted share from continuing operations, excluding nonrecurring charges, were $235 million and $1.58 respectively. First quarter 2012 adjusted net income and earnings per diluted share from continuing operations, excluding nonrecurring charges, were $216 million and $1.41 respectively.

“During the quarter, we delivered strong performance in our coatings portfolio, as we grew aggregate coatings segment earnings by 13 percent versus last year’s record level,” said Charles E. Bunch, PPG chairman and CEO. “We continued to experience notable demand divergence among the major regional economies, with activity generally strong in North America, broad growth improvement in Asia and persistent weakness in Europe.

“Despite these regional differences, our coatings earnings grew in each major region aided principally by our proactive cost-management actions coupled with the continued strength of several end-use markets, including automotive OEM, aerospace and U.S. construction,” Bunch said.

Bunch commented that sales and earnings fell in the Optical and Specialty Materials segment based on weaker consumer demand in the United States, which was partly offset by volume growth from a strong new product introduction in Europe in February. Glass segment earnings declined versus the prior year on weaker fiber glass results, Bunch said.

“Strategically, we completed the acquisition of the AkzoNobel North American architectural coatings business April 1. The

From: http://www.dailyfinance.com/2013/04/18/ppg-reports-first-quarter-results/

PPG to Acquire Aerospace Coatings Producer Deft

By Business Wirevia The Motley Fool

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PPG to Acquire Aerospace Coatings Producer Deft

PITTSBURGH–(BUSINESS WIRE)– PPG Industries (NYS: PPG) today announced that it has reached a definitive agreement to acquire certain assets of Deft Incorporated, a privately-owned specialty coatings company based in Irvine, Calif. Deft’s primary business is supplying structural primers and military topcoats to the North American aviation industry, and it has smaller architectural and industrial coatings businesses.

Acquiring Deft will advance PPG‘s strategy to remain a leading aerospace coatings supplier,” said Barry Gillespie, PPG vice president, aerospace. “Deft’s waterborne and chrome-free technologies complement PPG‘s existing coatings capabilities and will provide PPG with a broader product portfolio, particularly within the aerospace industry.”

Gillespie added, “The aviation industry continues to drive toward improved environmentally sustainable solutions, and both PPG and Deft have long histories of developing technologies that support this trend. Deft’s ‘green’ coating systems support PPG‘s ongoing commitment to sustainability, and we will be able to offer an even wider selection of innovative coatings that benefit our customers and lessen the impact on the environment.”

The transaction is expected to close in the second quarter subject to customary closing conditions. Financial terms were not disclosed.

PPG Aerospace is the aerospace products and services business of PPG Industries and a diverse, global supplier with 18 coatings facilities around the world. PPG Aerospace – PRC-DeSoto is the leading global producer of aerospace sealants, coatings, and packaging and application systems. PPG Aerospace – Transparencies is the world’s largest supplier of aircraft windshields, windows and canopies.

About Deft

Founded in 1938, Deft Incorporated is a global leader in waterborne structural primers and chrome-free primers and topcoats for the aerospace and general industrial markets. Deft also manufactures wood finishes for the retail market. The company employs 140 people.

PPG: BRINGING INNOVATION TO THE SURFACE.(TM)

PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For

From: http://www.dailyfinance.com/2013/04/11/ppg-to-acquire-aerospace-coatings-producer-deft/

RPM International Earnings: An Early Look

By Dan Caplinger, The Motley Fool

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The new earnings season is about to begin, but a few companies on off-quarter fiscal years are just now getting around to reporting their quarterly results. RPM International is about to release its quarterly earnings report. The key to making smart investment decisions with stocks releasing their quarterly reports is to anticipate how they’ll do before they announce results, leaving you fully prepared to respond quickly to whatever inevitable surprises arise. That way, you’ll be less likely to make an uninformed knee-jerk reaction to news that turns out to be exactly the wrong move.

Companies that stand to benefit from a rising housing market have been increasingly popular lately, and RPM‘s extensive lineup of waterproofing and weatherproofing products for everything from driveways and wood decks to roofing sealants and caulk definitely qualifies it as a play on home ownership. Let’s take an early look at what’s been happening with RPM International over the past quarter and what we’re likely to see in its quarterly report on Thursday.

Stats on RPM International

Analyst EPS Estimate

$0.06

Change From Year-Ago EPS

20%

Revenue Estimate

$841.4 million

Change From Year-Ago Revenue

8.8%

Earnings Beats in Past 4 Quarters

2

Source: Yahoo! Finance.

Will RPM International be loss-proof this quarter?
Analysts have gotten a little less optimistic about RPM‘s prospects in recent months, as they’ve reduced their earnings-per-share calls by a penny for the most recent quarter and by $0.03 for the full 2013 fiscal year. The stock has posted a modest advance of about 6% so far this year, but that’s well below the overall market‘s performance, let alone that of some high-flying housing-related stocks.

RPM has benefited greatly from better prospects in the housing industry. As results from the homebuilding sector have gotten stronger, demand for RPM’s sealants and coatings has followed suit, sending share price higher. In addition to providing consumer products like Rust-O-Leum and DAP, the company also provides a wide variety of materials for industrial companies and commercial builders. The industrial segment makes up two-thirds of RPM‘s overall business.

But RPM has plenty of competition to deal with. Both Sherwin-Williams and PPG Industries dwarf RPM in size, although both of those companies are much more focused on the paint sector, which has its own specific industry dynamics. Nevertheless, just as PPG and Sherwin-Williams have had to deal with the ups and downs of the titanium dioxide market — a key pigment for paint production — RPM also mentions it as a key driver of its raw-materials costs, in addition to certain resins and solvents related to other products.

In its quarterly report, watch for RPM to discuss why its revenue growth has lagged behind that of PPG and Sherwin-Williams over the past year. Without a satisfactory explanation, it’ll be hard to justify paying 25 times trailing earnings for the stock, even with a …read more
Source: FULL ARTICLE at DailyFinance

Home Depot Dreams California Lawsuits Go Away

By Rich Duprey, The Motley Fool

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If someone is going to claim their products are “free of” a certain chemical, then the Federal Trade Commission requires it actually not have the chemical in the product or at best have just trace amounts of it. It’s a reasonable assumption that goes beyond the boastful claims marketers are allowed to make, such as that their products are “best” or “most loved.”

But if you’re a store owner that simply sells products that claim to be free of those chemicals, how far are you required to go to prove the manufacturer’s claims are true? If you’re in California, apparently pretty far.

The desolation of smog
In yet another instance of why it’s difficult to do business in the state, do-it-yourself superstore Home Depot just reached an $8 million settlement in a lawsuit with California’s South Coast Air Quality Management District, admitting that it knowingly sold paint, wood lacquers, and other coatings containing excessive levels of smog-forming chemicals.

The SCAQMD says paints and coatings are a major source of air pollution, equal to an amount greater than that emitted by 1.5 million cars. Volatile organic compounds, or VOCs, combine in the atmosphere with nitrogen oxides to form ground-level ozone, also known as smog, which can cause a wide range of illnesses.

Something’s in the air
According to its lawsuit, the agency checked the claims made on paints Home Depot sold by reading the labels and then tested the contents. When the retailer was notified of the violations, the stores continued selling the paints and even discounted the cans for a quick sale. Home Depot says it fully cooperated after being advised of the violations.

Whereas similar VOC-related lawsuits in southern California have been also brought against Lowe’s and Wal-Mart totaling more than $3 million, the SCAQMD sought more than $30 million against Home Depot. In the annual report filed just ahead of the holiday weekend, Home Depot said a tentative settlement had been reached for $6.9 million plus $1.1 million in fees and costs.

It’s not the DIY chain’s first run-in with the law in California, though. It paid $10 million to the city of Los Angeles in 2007 for improper handling of hazardous waste.

Tainted paint tint
The FTC itself has pursued VOC complaints against paint manufacturers like Sherwin-Williams and PPG Industries . In those cases, the paint makers’ base paints were VOC-free as claimed, but once retailers tinted the base, it no longer met the definition. Both manufacturers settled with the FTC and were allowed to state that it was their base paints that were VOC-free.

Yet for both Home Depot and the paint makers, the defendants were caught in a hard spot not necessarily of their making. Sherwin-Williams and PPG were correct that their paints were VOC-free, but retailer actions put them out of compliance. In Home Depot‘s case, the retailer was being held liable for trusting the claims of the product makers.

Of course, it could be argued that a base paint isn’t meant to …read more
Source: FULL ARTICLE at DailyFinance

PPG Completes Acquisition of AkzoNobel North American Architectural Coatings Business

By Business Wirevia The Motley Fool

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PPG Completes Acquisition of AkzoNobel North American Architectural Coatings Business

PITTSBURGH–(BUSINESS WIRE)– PPG Industries (NYS: PPG) today announced that it has finalized the acquisition of the North American architectural coatings business of Akzo Nobel N.V., Amsterdam, in a deal valued at $1.05 billion.

“We are pleased to have successfully completed this acquisition, the second-largest in our company’s history, as it further extends PPG‘s architectural coatings business in the United States, Canada and the Caribbean, and continues the accelerated pace of our business portfolio transformation,” said Charles E. Bunch, PPG chairman and CEO. “With this acquisition, PPG has expanded its reach in all three major North American distribution channels, including home centers, independent paint dealers and company-owned paint stores. The company’s product offerings are now available in more than 15,000 outlets across the region.

“Our already strong portfolio of North American brands, including PPG Paints, PPG Pittsburgh Paints, PPG Porter Paints, Lucite and Olympic Paints and Stains, has been significantly strengthened with the addition of well-known brands such as Glidden, Flood, CIL, Sico and Liquid Nails,” Bunch said. PPG also will license the following brands: Dulux, Devoe architectural coatings, and Sikkens architectural wood products.

“As we welcome new colleagues, our focus will be to effectively and efficiently integrate these businesses and to exceed the expectations of our customers while capturing the full earnings power of the combined organization,” Bunch said.

PPG: BRINGING INNOVATION TO THE SURFACE.(TM)

PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com.

Additional Information for Journalists

Members of the media are invited to visit a special website for additional information and images related to today’s announcement at http://ppg.online-pressroom.com.

Forward-Looking Statements

This news release contains certain statements about …read more
Source: FULL ARTICLE at DailyFinance

PPG Appoints Sklarsky as Executive Vice President, Finance

By Business Wirevia The Motley Fool

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PPG Appoints Sklarsky as Executive Vice President, Finance

PITTSBURGH–(BUSINESS WIRE)– PPG Industries (NYS: PPG) today announced that Frank S. Sklarsky will join the company as executive vice president, finance, effective April 15, reporting to Chairman and CEO Charles E. Bunch.

Also, effective August 1, Sklarsky will be named PPG executive vice president and chief financial officer.

David B. Navikas, currently PPG senior vice president, finance and chief financial officer, will continue in his current role until August 1, and will then continue as senior vice president in a senior leadership role that will be announced later.

“We are pleased to welcome Frank to PPG. His deep financial management expertise and executive leadership experience guiding strategy and operations with large, global enterprises will be an asset to PPG as we continue to grow and expand our positions around the world,” Bunch said.

“I also want to recognize David Navikas as he transitions into his next senior leadership role in PPG,” Bunch said. “David’s detailed understanding of PPG‘s global businesses and deep financial management expertise are invaluable, as demonstrated recently in his role supporting our strategic initiatives to separate PPG‘s commodity chemicals business and to acquire AkzoNobel’s North American architectural coatings business.

“Frank, David and I will work closely together with PPG‘s global finance organization and the entire leadership team as we carry out this important senior leadership succession,” Bunch said.

Most recently, Sklarsky was executive vice president and chief financial officer, Tyco International, Ltd., a global provider of security, fire protection and flow control solutions with revenues that exceeded $17 billion. Prior to joining Tyco, Sklarsky served as executive vice president and chief financial officer at both Eastman Kodak Co. and ConAgra Foods, Inc. Previously, he spent 20 years with Chrysler in a series of senior financial leadership roles. He also held finance positions with Dell, Inc., after beginning his career with Ernst & Young. Sklarsky is a member of the board of directors of Harman International Industries, Inc., and of Rochester Institute of Technology. He holds a bachelor’s degree in accounting from Rochester Institute of Technology and an MBA from Harvard Business School, and he is a certified public accountant.

PPG: BRINGING INNOVATION TO THE SURFACE.(TM)

PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in …read more
Source: FULL ARTICLE at DailyFinance

U.S. Department of Energy Honors PPG Scientists for Advances in OLED Lighting

By Business Wirevia The Motley Fool

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U.S. Department of Energy Honors PPG Scientists for Advances in OLED Lighting

PPG develops low-cost integrated glass substrate for commercial OLED lighting

PITTSBURGH–(BUSINESS WIRE)– PPG Industries (NYS: PPG) has been recognized by the U.S. Department of Energy (DOE) for “significant achievements” in advancing organic light-emitting diode (OLED) lighting technology. Dennis O’Shaughnessy, Ph.D., PPG associate director for flat glass research and development, accepted the award on behalf of the PPG team during the 2013 Solid-State Lighting (SSL) R&D (Research and Development) Workshop in Long Beach, Calif.

PPG‘s advances are the result of a two-year project initiated with the DOE in 2010 to promote the commercialization and mass production of OLED lighting. The PPG team led by Abhinav Bhandari, Ph.D., project engineer, has demonstrated a float glass-based integrated substrate with scalable light-extraction technologies and transparent conductive films for OLED lighting applications.

The results indicate significant cost and performance advantages over conventional indium tin oxide (ITO)-coated display-grade glass substrates. PPG‘s light-extraction technologies are compatible with the conventional float glass manufacturing process and result in significant enhancement of device efficiencies, according to O’Shaughnessy.

Dick Beuke, PPG vice president, flat glass, said the new glass substrate is one of several major initiatives PPG is advancing to reduce energy use in the U.S. “At PPG, we are proud to be developing glass technologies to make OLED lighting more viable for mass use,” he said. “This research enhances and complements the work our scientists are doing in architectural glass and coatings to make homes and buildings more energy efficient, and in solar technology to help that industry achieve grid parity.”

Mehran Arbab, Ph.D., PPG director, glass science and technology, said, “OLED lights have the potential to emit four times as much light per watt as incandescent bulbs. Widespread commercial use of this technology could significantly reduce energy use in homes, buildings and workplaces.”

PPG was the only company honored in the OLED lighting area at the three-day workshop, which brought together nearly 300 researchers, manufacturers and industry insiders who are promoting and monitoring the latest developments in SSL technology. The DOE supports SSL R&D efforts to accelerate market introduction of high-efficiency, high-performance SSL products. Its mission for the SSL R&D portfolio is to “create a new, U.S.-led market for high efficiency, general illumination products through the advancement of semiconductor technologies, to save energy, reduce costs and enhance the quality of the lighted environment.”

PPG: BRINGING …read more
Source: FULL ARTICLE at DailyFinance

Sekmakas of PPG to Present at Nomura Global Chemical Industry Leaders Conference

By Business Wirevia The Motley Fool

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Sekmakas of PPG to Present at Nomura Global Chemical Industry Leaders Conference

PITTSBURGH–(BUSINESS WIRE)– PPG Industries’ (NYS: PPG) Executive Vice President Viktor Sekmakas will participate in the Nomura Global Chemical Industry Leaders Conference in Venice, Italy, on Thursday, March 21.

Sekmakas will discuss PPG‘s business and financial performance.

PPG: BRINGING INNOVATION TO THE SURFACE.(TM)

PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com.

Bringing innovation to the surface is a trademark of PPG Industries Ohio, Inc.

PPG Industries, Inc.
Jeremy Neuhart, PPG Corporate Communications, 412-434-3046
neuhart@ppg.com
or
Investors:
Vince Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com

KEYWORDS:   United States  Europe  North America  Pennsylvania  Italy

INDUSTRY KEYWORDS:

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Source: FULL ARTICLE at DailyFinance

Notable ETF Outflow Detected – IWP, CCI, PPG, INTU

By ETFChannel.com

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Russell Midcap Growth Index Fund (AMEX: IWP) where we have detected an approximate $20.2 million dollar outflow — that’s a 0.6% decrease week over week (from 51,800,000 to 51,500,000). Among the largest underlying components of IWP, in trading today Crown Castle International Corp (NYSE: CCI) is up about 0.4%, PPG Industries, Inc. (NYSE: PPG) is down about 0.4%, and Intuit Inc (NASD: INTU) is lower by about 0.4%. For a complete list of holdings, visit the IWP Holdings page » …read more
Source: FULL ARTICLE at Forbes Markets