PPG公布2018年第四季度和全年財報
PPG Reports Fourth Quarter and Full-Year 2018 Financial Results
2018年第四季度持續經營業務實現凈銷售額約36億美元，以恒定貨幣結算的銷售額同比攀升約2%
第四季度持續經營業務實現攤薄每股收益1.07美元，調整后攤薄每股收益1.15美元
得益于銷售均價提高以及積極的成本管控，利潤率同比增速繼續復蘇
近期宣布三大重要收購項目，并繼續進行股票回購，完成戰略性現金部署目標
Fourth quarter net sales of approximately $3.6 billion, up about 2 percent versus prior year in constant currencies
Fourth quarter reported earnings per diluted share from continuing operations of $1.07 and adjusted earnings per diluted share from continuing operations of $1.15
Further progress made toward operating margin recovery on a year-over-year basis led by additional selling price realization and cost management
Achieved strategic cash deployment target including three recently announced acquisitions and further share repurchases
近日，PPG公布2018年第四季度財報，持續經營業務實現凈銷售額約36億美元，較去年同期下滑1%。以恒定貨幣結算的銷售額同比攀升約2%，主要得益于銷售均價同比提高超過2%。第四季度整體銷量較上年同期下滑1%。匯兌損失拖累凈銷售額約1.1億美元，影響幅度達3%。收購業務(剔除已剝離業務)貢獻銷售增長不到1%。
PPG recently reported fourth quarter 2018 net sales of approximately $3.6 billion, down 1 percent versus the prior year. Net sales in constant currencies grew about 2 percent year-over-year aided by higher selling prices of more than 2 percent. Sales volumes were down 1 percent versus the prior year in aggregate. Unfavorable foreign currency translation impacted net sales by approximately 3 percent, or about $110 million, and acquisition-related sales, net of divestitures, added less than 1 percent to sales growth.
2018年第四季度，持續經營業務實現凈利潤2.56億美元，相當于攤薄每股收益1.07美元。持續經營業務調整后凈利潤達2.71億美元，相當于攤薄每股收益1.15美元。2017年第四季度，持續經營業務的凈利潤為1.48億美元，相當于每股0.58美元，調整后凈利潤為3.05億美元，相當于每股1.19美元。2018年第四季度有效稅率為24%，調整后稅率約26%。
Fourth quarter 2018 reported net income from continuing operations was $256 million, or $1.07 per diluted share. Adjusted net income from continuing operations was $271 million, or $1.15 per diluted share. Fourth quarter 2017 reported net income from continuing operations was $148 million, or 58 cents per diluted share. Adjusted net income from continuing operations was $305 million, or $1.19 per diluted share. For the fourth quarter 2018, the effective tax rate was about 24 percent and the adjusted effective tax rate was about 26 percent.
PPG公司董事長兼首席執行官Michael H. McGarry表示：“第四季度，我們以當地貨幣結算的凈銷售額增長約2%，主要動力來自銷售價格連續七個季度上漲。本季度我們繼續努力使經營利潤率恢復到去年水平，售價的提升加上持續的成本管控在一定程度上緩和了輸入成本上漲帶來的壓力。然而，全球經濟增長放緩以及某些終端市場需求下滑對我們的銷售額增長帶來了一定負面影響。
“In the fourth quarter, we delivered net sales growth in local currencies of about 2 percent, led by higher selling prices marking seven consecutive quarters of improved pricing,” said Michael H. McGarry, PPG chairman and chief executive officer. “These price increases, along with our ongoing cost management efforts, remain focused on offsetting continued input cost inflation, as we made further progress on recovering our operating margins toward prior-year levels. Also impacting our sales were softening global economic growth and demand declines in certain end-use markets.
“2018年一整年，整個涂料行業都面臨著原材料和物流成本逐季攀升的壓力。盡管如此，我們仍實現了全年調整后每股盈余的增長。除了調高產品價格外，我們還積極調整公司成本結構，全年削減成本約8000萬美元，達到此前成本縮減目標區間的上緣。從戰略角度而言，PPG過去一年中宣布了六項收購，包括近期的SEM、Whitford和Hemmelrath收購項目。
“For the full year, we delivered adjusted earnings per diluted share growth despite significant and persistent raw material and logistics cost inflation, which impacted the entire coatings industry and rose sequentially throughout much of the year. In addition to achieving higher pricing, we aggressively managed our cost structure delivering about $80 million of full-year cost savings, reaching the top-end of our target. Strategically, during the past year, we announced six acquisitions, including recent announcements of SEM, Whitford and Hemmelrath.
“我們的經營現金流仍然強勁，全年主營業務產生現金流約15億美元，與2017年持平。此外，我們還繼續保持向股東返還現金的傳統，2018年通過股票回購和分紅向股東返還共計22億美元。”McGarry指出。
“Our cash flow from operations remained strong, totaling about $1.5 billion for the year, which is consistent with 2017. We also continued our legacy of returning cash to shareholders, with $2.2 billion returned in 2018 through share repurchases and dividends,” McGarry continued.
“展望未來，我們仍然有信心在戰略和財務方面處于有利地位，但預計2019年全球經濟前景的不確定性將上升。 2018年上半年成本上升帶來的翹尾效應，加之十分不利的匯兌因素和銷量小幅下滑，可能影響PPG在2019年上半年的業績表現。因此，我們目前預計第一季度公司將實現每股攤薄收益1.18-1.23美元。我們將繼續專注于提升業績，并將在單獨的新聞稿中提供詳細的2019年全年業績預測和財務目標。”McGarry總結道。
“As we look ahead, while we remain confident we are well-positioned strategically and financially, we enter 2019 with more global economic uncertainty. The carryover impact from the first-half 2018 cost inflation, significantly unfavorable year-over-year foreign currency translation and modestly lower sales volumes will impact our performance in the first half of 2019. As a result, we currently expect first quarter earnings per diluted share to be in the range of $1.18 to $1.23. We are focused on delivering increased financial results and will be providing certain detailed information regarding our full year 2019 forecast and financial targets in a separate communication,” McGarry concluded.
公司全年實現經營活動現金流15億美元。2018年PPG共計回購超過17億美元的股票，并派發4.5億美元的紅利。凈資本支出總計約4.1億美元。截至2018年末，公司賬面總負債約為50億美元，現金和短期投資約10億美元。截至年末此前董事會授權的股票回購資金仍剩余18億美元。
The company reported full-year cash from operations of about $1.5 billion. For the year, the company completed more than $1.7 billion of share repurchases and paid about $450 million in dividends. Net capital expenditures totaled about $410 million. The company ended the year with approximately $5 billion of gross debt, and about $1.0 billion of cash and short-term investments. The company had $1.8 billion remaining on its current share repurchase authorizations at year-end 2018.
2018年第四季度各業務部門業績一覽
Fourth Quarter 2018 Reportable Segment Financial Results
高性能涂料業務第四季度實現凈銷售額21億美元，較上年同期增加1600萬美元，同比增長近1%。以恒定貨幣結算的銷售額增加超過3%，主要得益于銷售價格上漲。收購相關業務貢獻銷售額約1500萬美元，其中包括近期對汽車修補漆生產商SEM的收購。本季度銷量與上年同期基本持平，全國零售(DIY)客戶分類的調整拖累高性能涂料業務整體銷售額約4000萬美元，影響幅度達2%左右。不利的匯率因素對凈銷售額帶來約5500萬美元的負面影響，影響幅度近3%。
得益于各主要市場對PPG高技術含量產品的需求持續強勁，航空涂料銷量增幅超過10%。汽車修補漆業務的內生銷售額基本持平，主要由于美國客戶去庫存帶來的負面影響抵消了其他市場的增長。工業防護及船舶涂料總銷量實現高個位數增長，各終端市場銷量均有回升。美洲和亞太地區建筑涂料內生銷售額較上年同期出現低個位數下滑，各渠道和地區表現參差不齊。其中，美國和加拿大自營門店的同店銷售額實現低個位數增長，而全國零售(DIY)客戶和獨立經銷商渠道由于受到客戶分類調整的負面影響，總銷量較上年同期顯著下滑。拉丁美洲的建筑涂料銷量實現中等個位數增長，其中墨西哥市場銷量增長顯著。歐洲、中東和非洲建筑涂料銷售額較上年同期出現中等個位數增長，得益于銷量和銷售價格雙雙提高。
盡管匯兌損失拖累凈利潤約500萬美元，但高性能涂料業務第四季度實現凈利潤2.61億美元，較上年同期增加200萬美元。凈利潤復蘇的主要動力來自于售價攀升和積極的成本管控，抵消了銷量降低以及原材料價格和物流成本上漲的影響。
工業涂料業務第四季度凈銷售額約為15億美元，較上年同期減少5300萬美元，同比下滑超過3%，其中銷售均價同比攀升約2%，在一定程度上抵消了銷量下滑2%的負面影響。匯兌損失拖累銷售額約5500萬美元，影響幅度超過3%。
由于中國和歐洲汽車市場需求疲軟，汽車原始設備制造商(OEM)涂料銷量較上年同期下滑約5%，與全球汽車產量增速一致。工業涂料和特種涂料及材料銷量同比實現低個位數增長，其中美國和加拿大市場銷量穩步提高，抵消了亞太市場低迷的影響。包裝涂料銷量在去年高基數的基礎上進一步實現低個位數增長。
第四季度工業涂料業務實現凈利潤1.87億美元，同比減少2700萬美元，降幅約13%，其中不利的匯率因素拖累凈利潤約500萬美元。凈利潤下滑主要由于原材料和物流成本持續攀升，且全球汽車產量增長放緩，而銷售價格上漲和積極的成本管控在一定程度上抵消了以上因素的負面影響。
Performance Coatings segment fourth quarter net sales were $2.1 billion, up $16 million, or nearly 1 percent, versus the prior year. Sales in constant currencies increased by more than 3 percent driven by higher selling prices. Acquisition-related sales were approximately $15 million, including the acquisition of automotive refinish products manufacturer SEM. Segment volumes were flat including the previously announced customer assortment changes in the national retail do-it-yourself (DIY) channel which reduced segment sales by approximately two percent, or about $40 million year-over-year. Unfavorable foreign currency translation lowered net sales by about $55 million, or nearly 3 percent.
Aerospace coatings net sales volumes grew by over 10 percent as a result of strong industry demand and continued strong customer demand in each major region for PPG’s technology advantaged products. Organic sales for automotive refinish coatings were flat as unfavorable impacts from customer inventory destocking in the U.S. were offset by growth in other regions. Aggregate protective and marine coatings sales volumes increased by a high-single-digit percentage, with positive contributions from both end-use markets. Architectural coatings – Americas and Asia-Pacific organic sales declined a low-single-digit percentage year-over-year, with differences by channel and region. In the U.S. and Canada, company-owned architectural stores grew same store sales by a low-single-digit percentage. Aggregate volumes in the DIY retail accounts and independent dealer channel declined significantly versus the prior year, driven by the customer assortment changes. Latin American architectural coatings organic sales volumes grew by a mid-single-digit percentage, led by Mexico. Architectural coatings – EMEA organic sales volumes increased by a mid-single-digit percentage with contributions from both selling price increases and volume growth.
Segment income for the fourth quarter was $261 million, $2 million higher than the prior year fourth quarter despite unfavorable foreign currency translation impacts of about $5 million. Segment income was aided by improving selling prices and cost management, offset by raw material and logistics cost inflation and the impact from lower sales volumes.
Industrial Coatings segment fourth quarter net sales were about $1.5 billion, down $53 million, or more than 3 percent, versus the prior-year period. Higher selling prices of about 2 percent offset lower sales volumes of about 2 percent. Unfavorable foreign currency translation lowered sales by about $55 million, or more than 3 percent, versus the prior year.
Automotive original equipment manufacturer (OEM) coatings sales volumes decreased by about 5 percent year-over-year, consistent with lower global automotive industry production rates and driven by decreased automotive industry demand in both China and Europe. Industrial coatings and specialty coatings and materials sales volumes increased by a low-single-digit percentage versus the prior year, as solid sales volume growth was achieved in the U.S. and Canada offset by softer demand in Asia-Pacific. Packaging coatings sales volumes also increased a low-single-digit percentage year-over-year, adding to strong growth in the prior year.
Segment income for the fourth quarter was $187 million, down $27 million, or about 13 percent, year-over-year, including unfavorable foreign currency translation impacts of about $5 million. Segment income was also impacted by continuing raw material and logistics cost inflation and the sales impact of softening global automotive OEM industry production rates, which were partially offset by improving selling prices and aggressive cost management.
2018年全年業績一覽
Full-Year 2018 Financial Results
2018年全年，持續經營業務實現凈銷售額約154億美元，同比攀升約4%，其中匯兌收益貢獻約1.05億美元，相當于1%左右。原有業務銷售額實現內生增長3%，收購業務銷售額同比攀升近1%。
公司全年持續經營業務實現凈利潤13億美元，相當于攤薄每股收益5.40美元;2017年凈利潤14億美元(攤薄每股收益5.31美元)。持續經營業務調整后攤薄每股收益為5.92美元，2017年為5.86美元。持續經營業務2018年有效稅率約為21%，調整后有效稅率約為22%;2017年有效稅率為31%，調整后有效稅率為24%。公司預計2019年全球有效稅率區間為23-25%。
Full-year 2018 reported net sales from continuing operations were approximately $15.4 billion, up about 4 percent, versus the prior year, including net favorable foreign currency translation of less than 1 percent, or approximately $105 million. Organic sales growth of about 3 percent versus the prior year was supplemented by acquisition-related sales of nearly 1 percent.
The company’s 2018 full-year reported net income from continuing operations was $1.3 billion, or $5.40 per diluted share, versus $1.4 billion, or $5.31 per diluted share, in 2017. Full-year 2018 adjusted earnings per diluted share from continuing operations was $5.92 per diluted share compared to $5.86 per diluted share in 2017. The effective tax rate from continuing operations was about 21 percent for 2018, versus 31 percent for 2017, and the adjusted effective tax rate from continuing operations was about 22 percent for 2018, versus about 24 percent for 2017. The company’s global effective tax rate is expected to be in the range of 23-to-25 percent for the year 2019.