PPG交出148亿美元的成绩单(PPG 2017 Q4 financial report）” 126205″

    PPG公布第四季度和2017全年财报
    PPG reports fourthquarter and full-year 2017 financial results

• 第四季度净销售额约37亿美元，同比增长近8%
• 第四季度持续经营业务摊薄每股收益为0.72美元，调整后摊薄每股收益为1.19美元
• 第四季度销量较去年同期攀升3%
• 公司第四季度回购了4亿美元的股票，全年股票回购超过8亿美元
• 财务灵活性保持强劲，截至年末，现金和短期投资约15亿美元
• 公司承诺2018年将支出至少24亿美元用于收购项目和股票回购
• Fourth quarter net sales of approximately  $3.7billion, up about 8 percent versus prior year
• Fourth quarter reported earnings per diluted sharefrom continuing operations of $0.72 and adjusted earnings per diluted sharefrom continuing operations of $1.19
• Sales volume growth of 3 percent in the fourth quarter versus prior year
• Share repurchases of $400 million in the fourth quarter and slightly more than $800 million for the year
• Strong financial flexibility with approximately   $1.5 billion of cash and short-term investments at year-end
• Commitment to deploy at least $2.4 billion   onacquisitions and share repurchases in 2018

    美国匹兹堡市，2018年1月23日–PPG（纽约证交所代码：PPG）近日公布2017年第四季度财报，持续经营业务实现净销售额37亿美元，较去年同期增长近8%。第四季度销量增加3%，销售均价连续第三个季度上涨，贡献销售额增长近1%。汇兑收益贡献净销售额约1.15亿美元，影响幅度超过3%。收购相关业务（剔除已剥离业务）贡献销售额增长近1%。

    PITTSBURGH,Jan. 23, 2018 – PPG (NYSE:PPG) recentlyreported fourth quarter 2017 net sales of approximately $3.7 billion, up nearly8 percent versus the prior year. Sales volumes increased by 3 percentyear-over-year and selling prices improved sequentially for the thirdconsecutive quarter, adding less than 1 percent to sales growth. Favorableforeign currency translation improved net sales by more than 3 percent, orabout $115 million, and acquisitions-related sales, net of divestitures, addedless than 1 percent to sales growth.
 
    PPG公司董事长兼首席执行官Michael McGarry 表示：“第四季度，我们各主要地区的业务表现呈现出均衡、稳健的增长势头，两大业务销量增长都超过2%。本季度中国因环保压力而大规模限产，部分原材料供应短缺，导致原材料价格超预期上涨。尽管如此，得益于持续的利润提升举措，我们的平均销售价格连续第三个季度上涨，抵消了原材料价格增幅高于预期的影响。”

    “In the fourth quarter, we delivered solid and balanced sales growth ineach major region, and  both reportingsegments achieved at least 2 percent sales volume growth,” said Michael H.McGarry, PPG chairman and chief executive officer. “Additionally, our aggregateselling prices improved for the third consecutive quarter as we made continuedprogress on our margin recovery efforts, despite higher than anticipated rawmaterial inflation in the quarter driven by ongoing supply-related issues,including production curtailments from additional environmental enforcement in China.”
 
    “第四季度，高性能涂料业务实现了全年最高的销量增长，增幅超过2%，主要由于汽车修补漆的销售表现继续跑赢行业，航空业务增速加快，加之美国建筑涂料自营渠道保持稳健的中等个位数销量增长。工业涂料业务同样保持了中等个位数的销量增幅，再次大幅跑赢全球工业增速，其中通用工业和包装涂料业务表现突出。” McGarry补充道。

    “Our Performance Coatings segment delivered its highest salesvolume growth of the year, growing more than 2 percent aided by continuedabove-market performance in automotive refinish coatings, strengtheningaerospace growth and solid mid-single-digit percentage volume growth in our U.S. company-owned architectural coatings stores. Industrial Coatingsmaintained a mid-single-digit percentage sales volume growth rate, once againwell outpacing global industrial production, led by our general industrial andpackaging coatings businesses,” McGarry said. 
 
    “全年来看，尽管涂料供应链一再中断，导致原材料价格大幅上涨，但我们的调整后摊薄每股收益仍取得了增长。我们继续积极管理成本结构，通过2016年重组计划节省了5000万美元的成本，实现既定目标上缘。战略上，2017年我们出售了最后一块非核心业务——美国玻璃纤维业务，标志着持续多年的业务转型顺利完成，并继续实施以盈利增长为目标的现金部署项目。”

    “For the full year, we delivered adjusted earnings perdiluted share growth despite repeated disruptions to the coatings industrysupply chain that resulted in significant coatings raw material inflation. We continued our legacy of aggressively managing our cost structure and delivered $50 million of full year cost savings from our 2016 restructuring program,achieving the top-end of our target. Strategically, during 2017 we completedour multi-year portfolio transformation with the sale of the U.S. fiber glassbusiness, our last remaining non-core business, and continued ourearnings-accretive focused cash deployment.”
 
    “2017年经营现金流非常健康，全年现金流超过15亿美元，其中营运资金比率持续改善。我们还延续了向股东返还现金的传统，全年通过股票回购和股息派发向股东返还了超过12亿美元。至此，PPG已连续第118年支付年度股息，并连续46年增加每股派息，包括去年7月时增加股息13%。”McGarry继续道。

    “Our cash flow from operations was excellent, totaling over $1.5 billionfor the year, including the benefit from improved operating working capitalratios. We also continued our heritage of returning cash to shareholders, with more than $1.2 billion returned in 2017 via share repurchases and dividends. Weremain proud that PPG has paid annual dividends for 118 consecutive years, andincreased per-share payouts for 46 consecutive years, including a 13% per-shareincrease in July.” McGarry continued.
 
    “展望未来，我们预计全球经济复苏范围将逐步扩大，相信凭借广阔的地域覆盖、丰富的产品组合和先进的技术，我们定能从这一复苏势头中获益。”McGarry总结道：“考虑到涂料行业面临的原材料价格大幅上涨，我们预计上半年盈利将小幅下滑。我们将继续与客户合作，努力解决成本上升问题，预计2018年销售均价将继续上涨。最后，我们的财务灵活性依旧强劲，因此将依照此前公布的2017-2018年合计35亿美元现金部署计划，在2018年支出至少24亿美元的现金用于收购和股票回购项目。”

“Looking ahead, we are well positioned to benefit from broadening andmore synchronized global economic growth due to our geographic reach, excellentproduct portfolio, and advanced customer technologies, McGarry said. We expectminimal abatement in the first half of the year to the high level of rawmaterial inflation that the coatings industry is experiencing. We will continueto work with our customers to address the inflationary environment and expectto realize additional selling price increases in 2018. Finally, we continue tohave strong financial flexibility and are committed to deploy a minimum of $2.4billion of cash in 2018 on acquisitions and share repurchases as part of ourpreviously communicated target to deploy $3.5 billion in 2017 and 2018combined,” McGarry concluded.

    截至2017年末，PPG的现金和短期投资总额共计约15亿美元。目前PPG的股票回购授权预算中仍剩余36亿美元，其中包括12月PPG董事会通过的25亿美元授权。

    The company reported year-end 2017 cash and short-terminvestments of approximately $1.5 billion. Also, PPG had $3.6 billion remainingon its current share repurchase authorizations at year-end 2017, including a $2.5 billion authorization approved by PPG’s Board of Directors in December.

    2017年全年业绩一览
    Full-Year 2017 Financial Results

    2017年全年持续经营业务净销售额为148亿美元，同比增长超过3%。有利的汇率因素贡献销售额5500万美元，影响幅度近1%。其中，内生销售额增幅为1.5%，收购业务销售额增长1%以上。

    Full-year 2017 reported net sales from continuing operationswere approximately $14.8 billion, up more than 3 percent, versus the prioryear, including favorable foreign currency translation  of less than 1percent, or approximately $55 million. Organic sales growth of 1.5 percent versus the prior year was supplemented by acquisition-related sales growth of more than 1 percent.
 
    2017年全年持续经营营业实现净利润14亿美元，相当于摊薄每股收益5.46美元。2017年全年持续经营业务调整后摊薄每股收益为5.87美元，同比增长近4%。调整后净利润中剔除了税后净支出1.05亿美元，约合每股0.41美元，其中包括：美国最新的“减税与就业法案”相关的净支出9700万美元、养老金结算费用3800万美元，资产减值费用700万美元，收购相关成本600万美元，同时出售墨西哥普拉卡（Plaka）墙板业务获得2400万美元收益，某法律诉讼相关获益1100万美元，以及出售非营运资产获得投资收益800万美元。2017年，不利的汇率因素影响税前利润达700万美元。全年持续经营业务的有效税率为28.8%，调整后有效税率为24.4%。

    The company’s 2017 full-year reported net income from continuing operations was$1.4 billion, or $5.46 per diluted share. Full-year 2017 adjusted earnings perdiluted share from continuing operations was $5.87 per diluted share,representing an increase of nearly 4 percent year-over-year. Adjusted netincome excludes net after-tax charges totaling $105 million, or $0.41 perdiluted share. These net after-tax charges include: $97 million net chargerelated to the new U.S. Tax Cuts and Jobs Act legislation; $38 million forpension settlement charges; $7 million for asset write-downs; and $6 millionfor transaction-related costs, partially offset by a $24 million gain from thesale of the Mexican Plaka wallboard business; an $11 million benefit from alegal settlement, and an $8 million gain from the sale of a non-operatingasset. In 2017, foreign currency translation unfavorably impacted pre-taxincome by $7 million. The effective tax rate from continuing operations was 28.8 percent for 2017 and the adjusted effective tax rate from continuing operations was 24.4 percent for 2017.
 
    2016年全年持续经营业务实现净利润5.47亿美元，相当于摊薄每股收益2.05美元。全年持续经营业务调整后摊薄每股收益5.67美元，其中剔除了9.59亿美元的税后支出，相当于每股3.62美元，包括养老金结算费用6.16亿美元，与匹兹堡石棉信托结算资金相关的税费支出1.51亿美元，业务重组相关费用1.44亿美元，环境储备金费用增加5100万美元，资产减值费用1700万美元，收购相关成本500万美元，以及提前偿还债务溢价500万美元，而出售某联营企业权益带来净投资收益3000万美元。2016年持续经营业务有效税率为27.6%，调整后有效税率为24.6%。

    The company’s 2016 full-year reported net income from continuing operations was $547 million, or $2.05 per diluted share. Full-year 2016 adjusted earnings perdiluted share from continuing operations was $5.67 per diluted share. Adjustednet income excludes net after-tax charges totaling $959 million, or $3.62 perdiluted share. These net after-tax charges include: $616 million for pension settlement charges; $151 million for a net tax charge related to asbestos settlement funding; $144 million for business restructuring; $51 million chargefor increases to legacy environmental reserves; $17 million for assetwrite-downs; $5 million for transaction-related costs; and $5 million for apremium on the early retirement of debt, partially offset by a $30 million netgain on the disposals of ownership interests in business affiliates. Theeffective tax rate from continuing operations was 27.6 percent for 2016 and theadjusted effective tax rate from continuing operations was 24.6 percent for 2016.

    PPG（纽约证交所代码: PPG）始终致力于为客户开发并提供值得信赖的油漆、涂料和材料产品已逾130年。秉持奉献与创新精神，PPG帮助客户应对各类严峻挑战，共同推动行业进步。PPG公司总部设在美国匹兹堡市，其运营和研发机构遍布全球70多个国家，2017年公司全球净销售额达148亿美元。PPG为建筑、消费品、工业、交通运输等领域及其售后市场的客户提供高附加值产品和服务。更多讯息，敬请浏览www.ppg.com。

    At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 130 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $14.8 billion in 2017. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com. 

责任编辑：李谨之