PPG announced that its fourth quarter and full year earnings per share hit a record high
in the fourth quarter of 2011, it achieved sales of $3.5 billion, and the total annual sales in 2011 reached $14.9 billion
in the fourth quarter, its earnings per share was $1.39, a record high, an increase of 12% compared with the same period in 2010
the annual earnings per share was $6.87, reaching a record high
the number of repurchased shares in this quarter reached 2.7 million, In 2011, a total of 10.2 million shares were repurchased.
as of the end of 2011, the total cash and short-term investment amounted to $1.5 billion.
the return on capital in 2011 was 16.6%
on February 2, 2012, Pittsburgh - PPG industries (NYSE: PPG) recently announced that its net sales in the fourth quarter of 2011 were $3.5 billion, an increase of 4% over the same period last year. Fourth quarter net profit increased to $216 million, equivalent to diluted earnings per share of $1.39. In the fourth quarter of 2010, net sales were $3.4 billion and net profit was $205 million, equivalent to diluted earnings per share of $1.24
PPG achieved a total sales of 14.9 billion US dollars in 2011, an increase of 11% from 13.4 billion US dollars in 2010; In 2011, the annual net profit reached $1.1 billion, equivalent to diluted earnings per share of $6.87, while in 2010, the net profit was $769 million, equivalent to diluted earnings per share of $4.63. The adjusted net profit for the whole year of 2010 was $854 million, equivalent to diluted earnings per share of $5.14. The effective tax rate of the company's annual profits was 25% in 2011 and 26% in 2010
"through strong global business performance, positive cost control measures, and effective cash deployment strategy, PPG's profits in each quarter of this year have reached new highs." Charles E., chairman and CEO of PPG industries, said through the insurance compensation policy of the first (set) major technical equipment. "With such excellent performance, PPG's EPS in 2011 reached the highest level ever."
"despite the weak global economic growth in the fourth quarter, we still achieved good performance." Bunch said. "Over the past year, the global economic recovery has been difficult, the prices of raw materials have continued to rise, and the construction market in developed areas that adhere to the sustainable development path of intensive, energy-saving and ecological has become a major and urgent task area is still depressed. However, the advantages of PPG product portfolio in terms of geography and end users still bring great help to our business."
bunch pointed out that the sales volume in the fourth quarter was basically the same as that in the same period last year, because some customers reduced their inventories out of concern about economic uncertainty and took a cautious wait-and-see attitude towards orders. This situation is most obvious in Europe, where the overall sales volume fell by 1% year-on-year. In addition, PPG's bulk chemical business was also greatly affected
however, bunch said that the global demand of some end markets of PPG increased in the fourth quarter, including aviation, automobile manufacturing and some general industrial markets. He also added that the increase in PPG market share has also played a positive role in increasing demand
"we continued to raise product prices in the fourth quarter to further mitigate the impact of soaring raw material costs. Although many raw material prices have begun to stabilize, we plan to continue to raise product prices in 2012 to offset the impact of the previous rise in raw material costs." Bunch revealed
"in 2011, we strengthened our cash deployment, focused on improving profits, and followed the tradition of returning cash to shareholders." Bunch said. "In the fourth quarter, we repurchased 2.7 million shares of the company, and the total number of repurchased shares in 2011 exceeded 10million. In addition, we increased our dividend again, so far PPG has increased its annual dividend for 40 consecutive years." It is reported that PPG recently announced that through dividends and share repurchases, the company returned a total of $1.2 billion to shareholders in 2011, equivalent to 85% of its operating cash profit in 2011. The announcement also said that by the end of 2011, the company's total cash and short-term investments were about $1.5 billion
looking ahead, bunch expects that the first quarter of 2012 will be similar to the fourth quarter of 2011, showing uneven growth among regions and industries. "We believe that the European region will still face the greatest challenges." He pointed out, "we expect that the U.S. economic recovery will be slightly strengthened thanks to the reduction of the global cost level of the industrial industry after the decline of regional natural gas prices. In addition, the overall growth rate of emerging markets will still be faster than that of developed regions, but the growth rate will slow down compared with the past, and the uncertainty will increase.
" therefore, considering the uncertain market prospect, we will be more proactive and proactive in managing our business. " Bunch concluded, "with the starting point of improving profits and giving back to shareholders, we will continue to take a cautious attitude to reasonably deploy the company's abundant cash flow, and plan to have a cash balance of less than $1billion by the end of 2012."
in the fourth quarter, the sales volume of the high-performance coating business was $1.1 billion, and the non slip surface increased by $34million compared with the same period last year. Each independent business raised the product price, while the overall sales volume of the business fell by 2% year-on-year. Among them, the sales of aviation coatings continued to maintain strong growth. Affected by customer inventory control and the weak European economy, the sales of automotive touch up paint products fell slightly. Due to the stable sales volume and the rising price, the sales volume of architectural coatings in the U.S. market has increased, and the sales volume of its own stores has achieved a high single digit growth. Dragged down by the decline in Chinese demand, the sales of architectural coatings in emerging markets fell in medium to high single digits. The sales volume of marine coatings also fell in the middle single digits due to the reduction of ship production. On the whole, due to the decline of industrial activity, the inflation rate is faster than the price increase, and the soaring cost, the performance of ships and building coatings has declined. Affected by this, the overall profit of the high-performance coating business decreased by US $30million compared with the same period last year. Among them, the increase in costs was mainly due to the year-on-year increase in claims from ship customers, and the increase in sales and marketing costs of architectural coatings
the sales of industrial coatings business increased by US $70million over the same period last year, reaching US $1billion, an increase of 7% year-on-year. In the fourth quarter, the increase of global automobile production, the growth of some general industrial end markets and the expansion of PPG's market share contributed to the increase of product sales by 4% and the expansion of PPG's market share. Thanks to the continuous rise in sales and selling prices, and the impact of the company's strict cost control offset the continuous rise in raw material costs, the overall profit of the industrial coating business in the fourth quarter reached US $106 million, an increase of US $27million over the same period last year
although the fourth quarter is a traditional off-season for the construction coating market in Europe, the Middle East and Africa (EMEA), the sales of this business in this quarter was $449 million, an increase of $23million over the same period last year, an increase of 5% year-on-year, including the negative impact of foreign currency translation. Although the sales volume of retail and DIY stores fell in the quarter, due to the expansion of market share, the overall sales volume of the business still achieved a low single digit growth, with an overall profit of $8million, an increase of $6million year-on-year
in the fourth quarter, the sales volume of optical products and special materials business was $259million, a year-on-year decrease of $9million or 3%. The negative impact of floods in Thailand on customers and supply chains is the main reason for the decline in sales of optical products. In addition, the flood also affected the production of PPG optical materials, so the company announced force majeure clauses for some products this quarter. Thanks to the continuous growth of the end market, the sales volume of silica increased slightly. Excluding insurance compensation, the floods in Thailand still had a great negative impact. The overall profit of optical products and special materials business in the fourth quarter was $53million, a year-on-year decrease of $4million
the sales volume of bulk chemicals business in this quarter was $398million, an increase of $22million compared with the same period last year. Although the average selling price of this business increased in the fourth quarter, the sales volume fell significantly due to the sharp decline in the demand of the chlorine industry and the fact that customers generally began to control inventory. Due to the reduction of sales volume and the decline of relevant capacity utilization, the overall profit of the business in the fourth quarter was $63million, a decrease of $10million compared with the same period last year
the sales volume of glass business in the fourth quarter was US $256million, a decrease of US $2million compared with the same period last year, a year-on-year decrease of 1%. Due to the weak demand in Europe, the sales volume of glass fiber fell from the strong level in 2010. The overall profit of this business in this quarter was $19million, a decrease of $10million compared with the same period last year. The reasons for the decline in performance mainly include the reduction in sales, the decline in capacity utilization, and the reduction in licensing and equity profits. For example, PPG's joint venture in the electronics industry had a poor performance this quarter
as mentioned above, the effective tax rate of PPG Industrial Company in 2011 was 25%, lower than the previously estimated 26%. The lower tax rate, coupled with the favorable impact of tax audit settlement, contributed 19 cents to the fourth quarter earnings per share, of which 9 cents came from the retroactive adjustment of the monthly tax rate reduction and 8 cents from the favorable tax audit settlement. The reduction of effective tax rate is mainly due to the implementation of tax planning measures, which are expected to continue in 2012. In the fourth quarter of 2010, the contribution of favorable tax rate impact to earnings per share was about 9 cents, of which 1 cent came from the statutory tax rate adjustment and 6 cents came from the retroactive adjustment of tax rate reduction since the previous three quarters. PPG currently estimates that the effective tax rate on pre tax profits for the whole year of 2012 is 25%
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