April 19, 2018 / 2:15 PM / a month ago

BRIEF-PPG Industries Q1 Reports Earnings Per Share Of $1.38 From Continuing Operations

April 19 (Reuters) - PPG Industries Inc:

* Q1 EARNINGS PER SHARE $1.38 FROM CONTINUING OPERATIONS

* Q1 EARNINGS PER SHARE VIEW $1.39 — THOMSON REUTERS I/B/E/S

* QTRLY NET SALES OF APPROXIMATELY $3.8 BILLION, UP NEARLY 9 PERCENT VERSUS PRIOR YEAR

* Q1 ADJUSTED EARNINGS PER SHARE $1.39 FROM CONTINUING OPERATIONS

* COMMITMENT REMAINS TO DEPLOY AT LEAST $2.4 BILLION ON ACQUISITIONS AND SHARE REPURCHASES IN 2018

* RESTRUCTURING ACTIONS ARE EXPECTED TO PROVIDE COST SAVINGS BETWEEN $50 MILLION AND $55 MILLION IN 2018

* REMAINS ON TRACK TO REALIZE ANNUALIZED SAVINGS OF $120 MILLION BY 2019

* Q1 REVENUE VIEW $3.71 BILLION — THOMSON REUTERS I/B/E/S

* CORPORATE EXPENSES ARE EXPECTED TO BE BETWEEN $175 AND $190 MILLION FOR FULL YEAR 2018

* BEGUN EXTENSIVE REVIEW OF COST STRUCTURE THAT WE BELIEVE WILL IDENTIFY AND DRIVE ADDITIONAL COST SAVINGS OPPORTUNITIES

* PPG INDUSTRIES - IN QUARTER, EXPERIENCED FURTHER RAW MATERIAL INFLATION AND HIGHER LOGISTICS COSTS ACROSS ALL BUSINESSES

* PPG - RECEIVED REPORT THROUGH CONCERNING POTENTIAL VIOLATIONS OF ACCOUNTING POLICIES & PROCEDURES REGARDING FAILURE TO ACCRUE SOME SPECIFIED EXPENSES IN Q1

* PPG INDUSTRIES - BASED ON PRELIMINARY REVIEW, IDENTIFIED ABOUT $1.4 MILLION OF EXPENSE THAT SHOULD HAVE BEEN ACCRUED IN Q1

* PPG - AUDIT COMMITTEE OF BOARD IS OVERSEEING INVESTIGATION OF MATTERS WITH ASSISTANCE OF OUTSIDE COUNSEL

* PPG INDUSTRIES - REPORT ALSO ALLEGES THERE MAY HAVE BEEN OTHER UNSPECIFIED EXPENSES, POTENTIALLY UP TO $5 MILLION, THAT WERE IMPROPERLY NOT ACCRUED IN Q1

* Q1 REVENUE VIEW $3.71 BILLION — THOMSON REUTERS I/B/E/S

* PPG INDUSTRIES - DURING QUARTER, EXPERIENCED FURTHER RAW MATERIAL INFLATION & HIGHER LOGISTICS COSTS ACROSS ALL OF CO’S BUSINESSES Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below