PPG公布2019年第二季度财报” 134249″

    PPG reports second quarter 2019 financial results
    PPG公布2019年第二季度财报

    ●Net sales of $4 billion, which is nearly 3% lower versus prior year; up about 1% in constant currencies
    ●Reported earnings per diluted share from continuing operations of $1.13 and adjusted earnings per diluted share from continuing operations of $1.85
    ●Continued operating margin recovery driven by further selling price realization and cost management
    ●Improvement in operating cash flow of about $350 million year-to-date; continued strong financial flexibility with approximately $1 billion of cash and short-term investments at quarter-end
    ●实现净销售额约40亿美元，较上年同期下降将近3%；按汇率不变的情况计算，上升1%左右
    ●持续经营业务实现摊薄每股收益1.13美元；调整后的持续经营业务摊薄每股收益为1.85美元
    ●通过进一步提高销售价格和成本管理措施，推动利润率持续实现同比上升
    ●经营性现金流同比增加约3.5亿美元；财务弹性持续稳定，季末现金与短期投资约为10亿美元

    PPG reported second quarter 2019 net sales of approximately $4 billion, down nearly 3% versus the prior year. Net sales in constant currencies were about 1% higher than the prior year driven by higher selling prices of more than 2%. Sales volumes were down about 4% versus the prior year in aggregate, including about 1.5% stemming from the previously announced U.S. architectural coatings customer-assortment changes. Unfavorable foreign currency translation impacted net sales by more than 3%, or about $130 million, and acquisition-related sales, net of divestitures, added more than 2% to sales growth.
    PPG 近日公布2019年第二季度财报，持续经营业务实现净销售额近40亿美元，较上年同期下降将近3%。按汇率不变的情况计算，净销售额较上年同期上升约1%，主要受销售均价同比提高逾2%所推动。销售总量较上年同期下降约4%，其中，之前公布的美国建筑涂料业务客户的分类变化导致销量下降了1.5%。汇兑损失对净销售额产生不利影响，影响幅度超过3%，约为1.3亿美元。收购相关业务（剔除已剥离业务）贡献销售额增长超过2%。

    Second quarter 2019 reported net income from continuing operations was $270 million, or $1.13 per diluted share. Adjusted net income from continuing operations was $441 million, or $1.85 per diluted share. Adjusted figures exclude an after-tax business restructuring charge of $133 million and other adjustments totaling $38 million, or 56 cents and 16 cents per diluted share, respectively. Second quarter 2018 reported net income from continuing operations was $371 million, or $1.51 per diluted share. Second quarter 2018 adjusted net income from continuing operations was $468 million, or $1.90 per diluted share. For the second quarter 2019, the reported and adjusted effective tax rates were about 24% – higher than the second quarter 2018 reported and adjusted effective tax rates of approximately 22%. Detailed reconciliations of the reported to adjusted figures are included below.
    2019年第二季度，持续经营业务实现净利润2.7亿美元，相当于摊薄每股1.13美元，而持续经营业务调整后净利润为4.41亿美元，相当于摊薄每股1.85美元。调整后的业绩数字已剔除业务重组相关的税后费用1.33亿美元（相当于摊薄每股56美分）以及其他收入调整共计3800万美元（相当于摊薄每股16美分）。2018年第二季度，持续经营业务实现净利润3.71亿美元，相当于摊薄每股1.51美元。2018年第二季度持续经营业务调整后净利润为4.68亿美元，相当于摊薄每股1.9美元。2019年第二季度调整前和调整后的有效税率约为24%，高于2018年第二季度。2018年第二季度调整前和调整后的有效税率约为22%。调整前和调整后的业绩详细信息请见下文。

    “We remain committed to recovering our operating margins and in the quarter delivered higher gross profit and segment operating margins compared to the prior year. This is despite weak global industrial production which impacted all major regions and several of our end-use markets including our general industrial and automotive OEM coatings businesses,” said Michael H. McGarry, PPG chairman and chief executive officer. “We continued to benefit from solid growth in several of our businesses, including aerospace and protective and marine coatings.
    “我们持续致力于利润率逐步复苏的相关措施。在本季度中，尽管全球工业生产疲软影响到了各大业务区域以及包括通用工业涂料和汽车原始设备制造商（OEM）涂料业务在内的几个终端市场，毛利率和各大业务部门利润率均较上年同期有所提高。” PPG公司董事长兼首席执行官Michael McGarry 表示：“我们持续收益于航空涂料和工业防护及船舶涂料等多项业务稳定增长态势。”

    “We were able to manage through the more challenging business environment with improved selling prices and continued, strong cost management,” said McGarry. “In reflection of the economic backdrop and to further strengthen our cost position, we announced and began to implement a new cost management program in the second quarter, and we expect the program to deliver $125 million of savings upon completion. Also, we are quickly integrating our recent acquisitions of SEM, Whitford and Hemmelrath, with each exceeding early expectations.
    “借助产品价格上调和积极成本管理等措施，我们在日益严峻的经营环境中仍然取得了比较理想的业绩效果。” McGarry说道：“为了更好地应对复杂经济形势带来的挑战、进一步增强成本优势，我们在第二季度公布并启动了一项全新的成本管理计划。预计该计划完成时将可以帮助我们节约1.25亿美元。此外，我们也快速完成了SEM、华福（Whitford）和海默拉特（Hemmelrath）的收购后整合工作。每一家公司的整合计划进展都超出了我们的最初预期。”

    “As we look ahead to the third quarter, we expect industry demand in many of our businesses to remain sluggish. We expect the momentum of our margin recovery to continue as we work with our customers and suppliers to further offset the multi-year raw material cost inflation we have experienced. We will also remain focused on aggressively managing our businesses, including achieving our target of fully offsetting the earnings impact from the prior year architectural coatings customer assortment changes. Lastly, we continue to have strong financial flexibility and will remain disciplined in our cash deployment with a focus on long-term shareholder value creation.“
    展望第三季度，我们预期多个业务领域的行业需求仍会存在低迷现象。我们将与客户和供应商开展密切合作，全力降低原材料价格不断走高带来的不利影响。因此，本季度的利润率有望保持持续复苏势头。此外，我们仍将对各项业务进行积极管理，包括实现全面抵消上年度建筑涂料业务客户分类变化对收益产生消极影响这一目标。最后，我们将继续保持强劲的财务弹性水平，严格推行现金部署方针，重点关注长期为股东价值创造。”

    “We currently expect third quarter earnings per diluted share to be in the range of $1.57 to $1.67,” McGarry added. “We reaffirm our full year 2019 adjusted earnings-per-share growth of 7% to 10% and expect full-year sales growth of a low-single-digit percentage, both excluding currency translation impacts.”
    “目前，我们预期第三季度摊薄每股收益大约将在1.57美元至1.67美元之间。” McGarry补充道：“我们重申对2019年的全年业绩预期——排除汇率变化等客观影响，调整后的每股收益增长率在7%-10%左右，销售额则保持低个位数增长率。”

    Second Quarter 2019 Reportable Segment Financial Results 
    2019年第二季度各业务部门业绩表现

    ●Performance Coatings segment second quarter net sales were about $2.4 billion, down about $65 million, or nearly 3%, versus the prior year. Sales in constant currencies were even with the prior year quarter. Acquisition-related sales were approximately $15 million, primarily from the SEM acquisition. Segment volumes were lower by about 3%, including the prior year architectural customer-assortment changes, which reduced segment sales by more than 2%, or about $60 million, year-over-year. Unfavorable foreign currency translation lowered net sales by about $70 million, or nearly 3%.
    ●Aerospace coatings sales volumes grew by a high-single-digit percentage in the quarter and are up a low double-digit percentage for the first six months of the year. Growth continues across all major technology platforms. Organic sales for automotive refinish declined by a low-single-digit percentage due to lower collision claim activity in 2019 and in comparison to strong sales volumes in the prior year quarter. Aggregate organic sales in the protective and marine coatings business increased by a high-single-digit percentage, with positive contributions from both segments. Year-over-year organic sales in architectural coatings – Americas and Asia-Pacific declined a mid-single-digit percentage, with differences by channel and region. In the U.S. and Canada, company-owned architectural coatings same-store sales were relatively flat as weather affected demand. Aggregate year-over-year volumes in the DIY national retail and independent dealer channels declined significantly driven by the customer-assortment changes, which reached the one-year anniversary at the end of the second quarter. Architectural EMEA and Latin American coatings organic sales grew by a low-single-digit percentage led by higher selling prices.
    ●Segment income for the second quarter was $425 million, down $3 million, or about 1%, year-over-year, including unfavorable foreign currency translation impacts of about $10 million. Segment income benefited from higher selling prices, continued cost management and restructuring initiatives, offset by the impact of lower sales volumes.
    ●功能涂料业务第二季度实现净销售额约24亿美元，较上年减少6500万美元，同比下降将近3%，按汇率不变的情况计算，销售额与上年同期持平。收购相关业务提升销售额约1500万美元，主要得益于对SEM的收购活动。由于上年度建筑涂料业务客户分类变化的影响，今年第二季度销量降低3%左右，从而导致销售额同比下降超过2%，较上年同期减少约6000万美元。不利的汇率因素也对净销售额产生了负面影响，影响金额为7000万美元，同比下降接近3%。

    ●航空涂料业务销量在本季度中取得了高个位数增长，从而实现了今年上半年销量低两位数增长。各大重要技术平台依然保持稳步增长。与上年同期强劲的销量增长相比，由于2019年的碰撞索赔事故减少，汽车修补漆销售额出现低个位数下滑。工业防护及船舶涂料业务的总销量实现了高个位数增长，两项业务均对这一增长有积极贡献。美洲和亚太地区建筑涂料销量较上年同期出现中个位数下滑，各渠道和地区表现参差不齐。由于气候原因影响了市场需求，美国和加拿大公司自营建筑涂料门店的同店销售额与上年同期相对持平。由于客户分类变化，全国零售（DIY）客户和独立经销商渠道的总销量较上年同期大幅度下滑。截至第二季度末，客户分类变化推行已满一周年。欧洲、中东和非洲（EMEA地区）以及拉丁美洲的建筑涂料销量出现低个位数增长，主要受到产品价格上调的推动。

    ●第二季度功能涂料业务实现净利润4.25亿美元，较上年同期减少300万美元，降幅约为1%。其中，汇兑损失对净利润产生不利影响，影响金额约为1000万美元。销售价格提高、成本管控持续推行以及组织架构调整等措施推动了净利润提升，同时抵消了销量下滑带来的负面影响。

    ●Industrial Coatings segment second quarter net sales were about $1.6 billion, down about $40 million, or about 2%, versus the prior-year period. Higher selling prices of 2% and acquisition sales of nearly 5% partially offset lower sales volumes of 5%. Acquisition-related sales were approximately $75 million driven by Whitford and Hemmelrath. Unfavorable foreign currency translation lowered sales by about $60 million, or about 4%, versus the prior year.
    ●Automotive OEM coatings net sales volumes decreased by a high-single-digit percentage year-over-year, consistent with lower global automotive industry production rates including notably lower demand in China and Europe. Automotive OEM selling prices were higher in each major region. Industrial coatings sales volumes decreased in most major sub-segments versus the prior year reflecting lower global industrial production demand. Packaging coatings organic sales decreased by a low single-digit percentage year-over-year in comparison to above-market growth in the prior year stemming from technology-based customer conversions.
    ●Segment income for the second quarter was $235 million, up $12 million, or about 5%, year-over-year, including unfavorable foreign currency translation impacts of about $10 million. Segment income benefited from higher selling prices and strong cost management partially offset by the impact of lower sales volumes related.

    ●工业领域涂料业务第二季度净销售额约为16亿美元，较上年同期减少近4000万美元，同比降幅为2%。2%的产品调价以及将近5%的收购业务相关销售额在一定程度上抵消了销量下滑5%左右带来的不利影响。得益于对华福和海默拉特的收购活动，收购相关业务对销售额贡献约为7500万美元。不利的汇率因素对净销售额产生了负面影响，影响金额为6000万美元，同比下降将近4%。

    ●汽车原始设备制造商（OEM）涂料净销量较上年同期出现高个位数下滑，主要受到全球汽车产量下降的影响。另外，中国和欧洲市场汽车需求量明显下降也是一个不利因素。汽车原始设备制造商（OEM）涂料在各大业务区的产品售价均有提高。多个细分业务领域的工业涂料业务销量均较上年同期有所下降，主要受到全球工业产量需求疲软的影响。与上年同期的高速增长势头相比，由于专注于应用技术的客户群体出现变化，包装涂料销量出现低个位数下滑。

    ●第二季度工业领域涂料业务净利润为2.35亿美元，同比增加1200万美元，增幅约5%，其中包括汇兑损失带来的不利影响，影响金额约为1000万美元。尽管产品价格上调和积极成本管理在一定程度上受到销量下降带来的不利影响，但第二季度工业领域涂料业务净利润的增加依然收益于此。

    All businesses continue to aggressively manage costs and execute previously announced cost- savings initiatives. These actions delivered nearly $20 million of savings in the second quarter, consistent with company targets. Second quarter corporate expenses were about $45 million and are expected to be $45 to $50 million in the third quarter.

    所有业务部门仍将继续积极推行成本管控措施、严格执行之前公布的成本节约计划。这些举措在第二季度节约了将近2000万美元的成本，达到公司预期目标。此外，第二季度的整体营业费用约4500万美元，第三季度预计约为4500万美元至5000万美元。

    来源:PPG

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