PPG's annual sales reached US $15.8 billion in the fourth quarter, reaching US $3.2 billion.
PPG Industrial Company's sales in the fourth quarter hit another record, reaching US $3.2 billion, more than 3% of the same period last year. Net income in the fourth quarter was $71million, equivalent to 0. 5% per share. 43 dollars. In the fourth quarter of 2007, the sales volume was $3.1 billion, and the net income was $200million, equivalent to $1 per share. 21 dollars
net income in the fourth quarter of 2008 has deducted $3million after tax profit, which is equivalent to 0 per share. US $02, reflecting the net reduction in corporate debt under the asbestos liquidation agreement in May 2002, which is pending final judgment. Net income in the fourth quarter of 2007 deducted $1million of after tax expenses, equivalent to 0 per share. $01 for the settlement agreement
"there is no doubt that the fourth quarter was challenging. Like many other companies, PPG's business volume in several industrial end-user markets fell sharply due to the rapid downturn in the global economy." Charles E, chairman and CEO of PPG. Mr. bunch said, "The industrial coating market and the glass market have been hit the most. Both departments reported turnover in the fourth quarter. It is not only an indispensable basic production link for a large number of industrial and agricultural products, but also a loss. However, the rest of the business departments (these departments account for 70% of the company's sales volume) Still achieved solid results. In the face of the continuous deterioration of the global economy, in the fourth quarter, we continued to implement a series of actions to reduce the costs of all business departments. These actions are new measures in addition to the restructuring project started last September. "
bunch also evaluated the performance of PPG in the whole year. "Despite the rapid rise in the prices of energy and raw materials and the significant reduction in customer demand, we have still achieved solid revenue. The cash income from operating business is about $1.4 billion, nearly 40% higher than that of the same period last year. This year, we closed with $1 billion in cash income, an increase of $500million over 2007. This provides PPG with full financial flexibility, which is quite important in today's severe business climate. Although the market The environment is bad, and our performance fully proves the success of our stronger business structure combination and strategic direction. "
"an equally important point is that our company is constantly transforming. I have worked in PPG for more than 30 years. I believe our achievements in this field this year are unparalleled in any of the past 30 years," bunch continued. "In 2008, our biggest achievement should be the successful acquisition of Sima carlon. The income brought by this acquisition is far beyond our imagination. The 50% increase in our paint sales and the increase in annual cash income are largely due to this acquisition."
looking forward to 2009, bunch said, "On the whole, the strategic progress we implemented in 2008, including stronger and more stable cash generating capacity, will bring more revenue in 2009. This has become more important. As market demand will continue to weaken, it is expected that the situation facing the leading quarter and even the first half of 2009 will be more severe than the fourth quarter of 2008. This year, we will continue to evaluate further cost reduction measures, including progress One step restructuring and related cost saving programs. "
finally, bunch said that PPG has always been proud of its fine tradition of returning shareholders, including increasing year-end dividends. The previous dividend increase was proposed on October 17th, 2008. "PPG's product business transformation, strong cash flow and long-term prudent fiscal policy enable the company to continue to repay shareholders in the future."
the sales of performance coatings market in the fourth quarter of 2008 increased by US $85million, an increase of 8% over the same period last year. The increase in sales was due to the acquisition business (mainly the Sima carlon protection and marine coating business) and the price rise of all business departments. The trading volume of this market has declined, especially in the automotive touch up paint business in the building coating market in the Americas and Asia, and the weak foreign exchange also affected the trading volume. Price increase, acquisition and cost control effectively offset the adverse effects of low trading volume and inflation, and the Department's profits were basically flat
the sales of industrial coatings market fell by 1% in the fourth quarter. US $6.6 billion, a year-on-year decrease of 18%, mainly due to the decline in the trading volume of automotive coatings and industrial coatings, reflecting the serious decline in global demand. Fatigue -- the soft foreign exchange of the deputy factory director also affected the increase of sales to a certain extent. The purchase and price increase of symakron industrial coatings partially offset the above declining factors. The profit of this department decreased by 1. US $1.7 billion, to a large extent, is adversely affected by low trading volume, and the rise in prices and the decline in production costs can only partially offset the impact of inflation on profits. The Department is accelerating the restructuring measures proposed in September 2008, and has also taken corresponding cost reduction measures in the fourth quarter
the architectural coatings market in Europe, the Middle East and Africa represents the largest business unit acquired from symakron. The sales volume of the Department in the fourth quarter was 4. US $1.4 billion, the Department's revenue and expenditure balance (according to the seasonal changes in previous years, the fourth quarter is usually the lowest period of the Department's revenue). Segment profit includes $25million in non cash quarterly depreciation and quarterly amortization of acquired intangible assets
the sales of optical and special materials market in this quarter decreased by $4million, a year-on-year decrease of 2%. The optical products business has realized the growth of unit number ratio, and the market trading volume of all regions has increased. Due to the weak market demand of automobile end-users, the sales volume of silicon products decreased, and the severity of excess coal production capacity decreased by 20%. The Department's profit decreased by $13million, a year-on-year decrease of 28%, mainly due to the decline in silicon trading volume and the increase in marketing expenses to promote the growth of optical products business
the sales volume of general chemical market in this quarter increased by US $31million, an increase of 8% year-on-year, mainly due to the increase in sales prices, which partially offset the adverse impact of low trading volume. The sluggish US industry led to a decline in demand in this market. Department profit increased by $35million as the negative impact of low trading volume was fully offset by higher prices
compared with the same period last year, the sales volume of the glass market decreased by 2. US $7.6 billion, mainly due to the divestiture of the automotive glass and service business, which was completed in September 2008. Other factors leading to the decline in sales include the reduction of construction projects, the reduction of industrial demand and the weakness of the currency. The increase in sales prices only slightly offset the above adverse effects. The Department's profit decreased by $40million due to the decline in trading volume, dividends and other income, the decline in the protection of testing machine models, and the stripping of the automotive glass business, which took away part of the profit value
the sales volume of the stripped automotive glass business in the fourth quarter of 2007 was 2. US $300million, pre tax profit of US $5million and after tax profit of US $3million, equivalent to 0 per share. $02
to sum up, the total sales in 2008 was US $15.8 billion. Net income 5. US $3.8 billion, equivalent to 3 per share. 25 dollars. According to China paint, the announced net income includes 1. The after tax fee of $100million is equivalent to 0 per share. $67 for business restructuring; US $89 million, equivalent to 0 per share. US $54, for one-time expenses related to the acquisition of symakron in January 2008; US $11million, equivalent to 0 per share. US $07, reflecting the recovery of depreciation expenses, which were suspended when the automotive glass business department was classified as a closed department; US $12million, equivalent to 0 per share. $07, mainly the result of welfare changes, including accelerated dividends (this is one of the negotiation contents when selling the auto glass business); US $2million, equivalent to 0 per share. US $01, reflecting the net increase in the company's debt for the year under the asbestos settlement agreement. Net income also includes an after tax income of $3million, equivalent to 0 per share. US $02, from the sale of automotive glass business. The adjusted net income was 7. US $5.9 billion, equivalent to 4 per share. $59, details are as follows
in 2007, the total sales volume was 12.2 billion US dollars. Net income 8. US $3.4 billion, equivalent to 5 per share. $03, including net income from operating segment 8. US $5.6 billion, equivalent to 5 per share. 16 dollars, the net sales loss excluding tax of the closed department is 22 million dollars, equivalent to 0 per share. 13 dollars. The reported net income of the operating division includes $4million in after tax expenses, equivalent to 0 per share. US $03, representing acquisition related costs; US $11million, equivalent to 0 per share. US $06, related to non cash losses taken away by the cancellation of several auto glass business benefit plans; US $15million, equivalent to 0 per share. $09 for asbestos settlement agreement. The reported turnover loss of the closed sector includes a $19million after tax charge, equivalent to 0 per share. 11 US dollars, representing the loss of turnover of glass in the precision chemical business. The adjusted net income of the operating department was 8. US $8.6 billion, equivalent to 5 per share. $34
Copyright © 2011 JIN SHI