PPG公布2019年第二季度財報” 134249″

    PPG reports second quarter 2019 financial results
    PPG公布2019年第二季度財報

    ●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
    ●實現淨銷售額約40億(yi) 美元，較上年同期下降將近3%；按匯率不變的情況計算，上升1%左右
    ●持續經營業(ye) 務實現攤薄每股收益1.13美元；調整後的持續經營業(ye) 務攤薄每股收益為(wei) 1.85美元
    ●通過進一步提高銷售價(jia) 格和成本管理措施，推動利潤率持續實現同比上升
    ●經營性現金流同比增加約3.5億(yi) 美元；財務彈性持續穩定，季末現金與(yu) 短期投資約為(wei) 10億(yi) 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年第二季度財報，持續經營業(ye) 務實現淨銷售額近40億(yi) 美元，較上年同期下降將近3%。按匯率不變的情況計算，淨銷售額較上年同期上升約1%，主要受銷售均價(jia) 同比提高逾2%所推動。銷售總量較上年同期下降約4%，其中，之前公布的美國建築塗料業(ye) 務客戶的分類變化導致銷量下降了1.5%。匯兌(dui) 損失對淨銷售額產(chan) 生不利影響，影響幅度超過3%，約為(wei) 1.3億(yi) 美元。收購相關(guan) 業(ye) 務（剔除已剝離業(ye) 務）貢獻銷售額增長超過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，持續經營業(ye) 務實現淨利潤2.7億(yi) 美元，相當於(yu) 攤薄每股1.13美元，而持續經營業(ye) 務調整後淨利潤為(wei) 4.41億(yi) 美元，相當於(yu) 攤薄每股1.85美元。調整後的業(ye) 績數字已剔除業(ye) 務重組相關(guan) 的稅後費用1.33億(yi) 美元（相當於(yu) 攤薄每股56美分）以及其他收入調整共計3800萬(wan) 美元（相當於(yu) 攤薄每股16美分）。2018年第二季度，持續經營業(ye) 務實現淨利潤3.71億(yi) 美元，相當於(yu) 攤薄每股1.51美元。2018年第二季度持續經營業(ye) 務調整後淨利潤為(wei) 4.68億(yi) 美元，相當於(yu) 攤薄每股1.9美元。2019年第二季度調整前和調整後的有效稅率約為(wei) 24%，高於(yu) 2018年第二季度。2018年第二季度調整前和調整後的有效稅率約為(wei) 22%。調整前和調整後的業(ye) 績詳細信息請見下文。

    “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.
    “我們(men) 持續致力於(yu) 利潤率逐步複蘇的相關(guan) 措施。在本季度中，盡管全球工業(ye) 生產(chan) 疲軟影響到了各大業(ye) 務區域以及包括通用工業(ye) 塗料和汽車原始設備製造商（OEM）塗料業(ye) 務在內(nei) 的幾個(ge) 終端市場，毛利率和各大業(ye) 務部門利潤率均較上年同期有所提高。” PPG公司董事長兼首席執行官Michael McGarry 表示：“我們(men) 持續收益於(yu) 航空塗料和工業(ye) 防護及船舶塗料等多項業(ye) 務穩定增長態勢。”

    “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.
    “借助產(chan) 品價(jia) 格上調和積極成本管理等措施，我們(men) 在日益嚴(yan) 峻的經營環境中仍然取得了比較理想的業(ye) 績效果。” McGarry說道：“為(wei) 了更好地應對複雜經濟形勢帶來的挑戰、進一步增強成本優(you) 勢，我們(men) 在第二季度公布並啟動了一項全新的成本管理計劃。預計該計劃完成時將可以幫助我們(men) 節約1.25億(yi) 美元。此外，我們(men) 也快速完成了SEM、華福（Whitford）和海默拉特（Hemmelrath）的收購後整合工作。每一家公司的整合計劃進展都超出了我們(men) 的最初預期。”

    “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，我們(men) 預期多個(ge) 業(ye) 務領域的行業(ye) 需求仍會(hui) 存在低迷現象。我們(men) 將與(yu) 客戶和供應商開展密切合作，全力降低神秘彩金随机派发最高赠送價(jia) 格不斷走高帶來的不利影響。因此，本季度的利潤率有望保持持續複蘇勢頭。此外，我們(men) 仍將對各項業(ye) 務進行積極管理，包括實現全麵抵消上年度建築塗料業(ye) 務客戶分類變化對收益產(chan) 生消極影響這一目標。最後，我們(men) 將繼續保持強勁的財務彈性水平，嚴(yan) 格推行現金部署方針，重點關(guan) 注長期為(wei) 股東(dong) 價(jia) 值創造。”

    “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，我們(men) 預期第三季度攤薄每股收益大約將在1.57美元至1.67美元之間。” McGarry補充道：“我們(men) 重申對2019年的全年業(ye) 績預期——排除匯率變化等客觀影響，調整後的每股收益增長率在7%-10%左右，銷售額則保持低個(ge) 位數增長率。”

    Second Quarter 2019 Reportable Segment Financial Results 
    2019年第二季度各業(ye) 務部門業(ye) 績表現

    ●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.
    ●功能塗料業(ye) 務第二季度實現淨銷售額約24億(yi) 美元，較上年減少6500萬(wan) 美元，同比下降將近3%，按匯率不變的情況計算，銷售額與(yu) 上年同期持平。收購相關(guan) 業(ye) 務提升銷售額約1500萬(wan) 美元，主要得益於(yu) 對SEM的收購活動。由於(yu) 上年度建築塗料業(ye) 務客戶分類變化的影響，今年第二季度銷量降低3%左右，從(cong) 而導致銷售額同比下降超過2%，較上年同期減少約6000萬(wan) 美元。不利的匯率因素也對淨銷售額產(chan) 生了負麵影響，影響金額為(wei) 7000萬(wan) 美元，同比下降接近3%。

    ●航空塗料業(ye) 務銷量在本季度中取得了高個(ge) 位數增長，從(cong) 而實現了今年上半年銷量低兩(liang) 位數增長。各大重要技術平台依然保持穩步增長。與(yu) 上年同期強勁的銷量增長相比，由於(yu) 2019年的碰撞索賠事故減少，汽車修補漆銷售額出現低個(ge) 位數下滑。工業(ye) 防護及船舶塗料業(ye) 務的總銷量實現了高個(ge) 位數增長，兩(liang) 項業(ye) 務均對這一增長有積極貢獻。美洲和亞(ya) 太地區建築塗料銷量較上年同期出現中個(ge) 位數下滑，各渠道和地區表現參差不齊。由於(yu) 氣候原因影響了市場需求，美國和加拿大公司自營建築塗料門店的同店銷售額與(yu) 上年同期相對持平。由於(yu) 客戶分類變化，全國零售（DIY）客戶和獨立經銷商渠道的總銷量較上年同期大幅度下滑。截至第二季度末，客戶分類變化推行已滿一周年。歐洲、中東(dong) 和非洲（EMEA地區）以及拉丁美洲的建築塗料銷量出現低個(ge) 位數增長，主要受到產(chan) 品價(jia) 格上調的推動。

    ●第二季度功能塗料業(ye) 務實現淨利潤4.25億(yi) 美元，較上年同期減少300萬(wan) 美元，降幅約為(wei) 1%。其中，匯兌(dui) 損失對淨利潤產(chan) 生不利影響，影響金額約為(wei) 1000萬(wan) 美元。銷售價(jia) 格提高、成本管控持續推行以及組織架構調整等措施推動了淨利潤提升，同時抵消了銷量下滑帶來的負麵影響。

    ●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.

    ●工業(ye) 領域塗料業(ye) 務第二季度淨銷售額約為(wei) 16億(yi) 美元，較上年同期減少近4000萬(wan) 美元，同比降幅為(wei) 2%。2%的產(chan) 品調價(jia) 以及將近5%的收購業(ye) 務相關(guan) 銷售額在一定程度上抵消了銷量下滑5%左右帶來的不利影響。得益於(yu) 對華福和海默拉特的收購活動，收購相關(guan) 業(ye) 務對銷售額貢獻約為(wei) 7500萬(wan) 美元。不利的匯率因素對淨銷售額產(chan) 生了負麵影響，影響金額為(wei) 6000萬(wan) 美元，同比下降將近4%。

    ●汽車原始設備製造商（OEM）塗料淨銷量較上年同期出現高個(ge) 位數下滑，主要受到全球汽車產(chan) 量下降的影響。另外，中國和歐洲市場汽車需求量明顯下降也是一個(ge) 不利因素。汽車原始設備製造商（OEM）塗料在各大業(ye) 務區的產(chan) 品售價(jia) 均有提高。多個(ge) 細分業(ye) 務領域的工業(ye) 塗料業(ye) 務銷量均較上年同期有所下降，主要受到全球工業(ye) 產(chan) 量需求疲軟的影響。與(yu) 上年同期的高速增長勢頭相比，由於(yu) 專(zhuan) 注於(yu) 應用技術的客戶群體(ti) 出現變化，包裝塗料銷量出現低個(ge) 位數下滑。

    ●第二季度工業(ye) 領域塗料業(ye) 務淨利潤為(wei) 2.35億(yi) 美元，同比增加1200萬(wan) 美元，增幅約5%，其中包括匯兌(dui) 損失帶來的不利影響，影響金額約為(wei) 1000萬(wan) 美元。盡管產(chan) 品價(jia) 格上調和積極成本管理在一定程度上受到銷量下降帶來的不利影響，但第二季度工業(ye) 領域塗料業(ye) 務淨利潤的增加依然收益於(yu) 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.

    所有業(ye) 務部門仍將繼續積極推行成本管控措施、嚴(yan) 格執行之前公布的成本節約計劃。這些舉(ju) 措在第二季度節約了將近2000萬(wan) 美元的成本，達到公司預期目標。此外，第二季度的整體(ti) 營業(ye) 費用約4500萬(wan) 美元，第三季度預計約為(wei) 4500萬(wan) 美元至5000萬(wan) 美元。

    來源:PPG

責任編輯：毛新寰

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