PPG Reports Third Quarter 2018 Financial Results
-
Reported net sales of approximately $3.8 billion, up 1 percent versus
the prior year and up 3 percent in constant currencies
-
Reported earnings per diluted share from continuing operations of $1.51
-
Adjusted earnings per diluted share from continuing operations of $1.45
-
Continued to implement higher selling prices and execute restructuring
actions, which partially offset persistent raw material and elevating
logistics cost inflation
-
Share repurchases of $250 million in the third quarter and $1.3
billion year to date
-
Fourth quarter cash deployment target of $1 billion for acquisitions
and share repurchases
PITTSBURGH--(BUSINESS WIRE)--
PPG (NYSE:PPG) today reported third quarter 2018 net sales of about $3.8
billion, up 1 percent versus the prior year. Net sales in constant
currencies grew more than 3 percent year-over-year aided by higher
selling prices of more than 2 percent. Sales volumes were flat versus
the prior year in aggregate, with volume growth of about 2 percent
offset by lower U.S. architectural coatings volumes due to previously
announced customer assortment changes. Unfavorable foreign currency
translation impacted net sales by more than 2 percent, or $83 million.
Third quarter 2018 net income from continuing operations was $368
million, or $1.51 per diluted share. Third quarter 2018 adjusted net
income from continuing operations was $353 million, or $1.45 per diluted
share. The reported and adjusted effective tax rates for the quarter
were approximately 17.5 and 20.5 percent, respectively. Adjusted net
income and the effective tax rate exclude certain items that are
detailed in the reconciliation of the reported to adjusted figures table
below.
Third quarter 2017 reported and adjusted net income from continuing
operations was $393 million, or $1.52 per diluted share. The reported
and adjusted effective tax rate for the quarter was about 24 percent.
“We delivered strong net sales growth in local currencies of more than 3
percent,” said Michael McGarry, PPG chairman and chief executive
officer. “This growth was driven by higher selling prices and continued
strong volume growth from several PPG business units, including
aerospace and general industrial coatings. Our selling prices have
improved for six consecutive quarters, and we have additional pricing
actions underway. In addition, we continue to take aggressive steps to
recover our operating margins, including acceleration of restructuring
actions and disciplined cost management.
“As we look ahead, we expect normal business seasonality in the fourth
quarter and anticipate overall global economic growth will remain
positive. We experienced increasing industrial production volatility and
inconsistency in emerging region growth rates as the third quarter
progressed, and we expect that to continue. As a result of these
economic trends, we expect generally consistent quarterly PPG sales
trends sequentially in the fourth quarter. Our fourth quarter earnings
per diluted share guidance remains in the range of $1.03 to $1.13,”
McGarry said.
“Finally, we continued to deploy cash with nearly $1.3 billion of share
repurchases during the first nine months of 2018, including
approximately $250 million in the third quarter. Our acquisition
pipeline remains active. We expect deployment on acquisitions and share
repurchases in the fourth quarter to total approximately $1 billion,
which will increase our balance sheet leverage while still providing
financial flexibility heading into 2019. We remain focused on executing
our strategy, which we believe will drive further shareholder value
creation,” McGarry concluded.
Third Quarter 2018 Reportable Segment Financial Results
-
Performance Coatings segment third quarter net sales were
approximately $2.3 billion, flat versus the prior year. Sales in
constant currencies increased by more than 2 percent driven by higher
selling prices, partly offset by slightly lower sales volumes.
Unfavorable foreign currency translation lowered net sales by about
$45 million, or about 2 percent.
Aerospace coatings sales
volumes grew a low-teen-digit percentage due to continued strong
customer demand for PPG products in each major region. Automotive
refinish coatings organic sales declined by a mid-single-digit
percentage stemming from a change in customer order patterns, as
several U.S. and European customers have high inventory levels due to
lower end-use market demand. Aggregate protective and marine coatings
sales volumes increased by a mid-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, same store sales in
company-owned architectural stores grew by a high-single-digit
percentage. Aggregate volumes in the national do-it-yourself (DIY)
retail accounts and independent dealer channels declined significantly
versus the prior year, driven by the unfavorable impact from the
previously announced customer assortment changes in the U.S.
architectural coatings business. Latin American architectural coatings
sales volumes grew by a mid-single-digit percentage led by Mexico.
Architectural coatings – EMEA sales volumes declined a
low-single-digit percentage, in line with regional demand.
Segment
income for the third quarter was $331 million, 9 percent lower than
the third quarter 2017, including unfavorable foreign currency
translation impact of about $5 million. Segment income decreased due
to the impact from lower sales volumes and higher raw material and
logistics costs, partially offset by improving selling prices and
restructuring-related cost savings.
-
Industrial Coatings segment third quarter net sales were about $1.5
billion, up $42 million, or nearly 3 percent, versus the prior year.
Year-over-year sales volumes increased by nearly 2 percent, and
selling prices increased by more than 1 percent. Acquisition-related
sales were approximately $30 million, an increase of about 2 percent
compared to the prior year. Unfavorable foreign currency translation
decreased sales by about $40 million, or about 3 percent.
Automotive
original equipment manufacturer (OEM) coatings sales volumes were
flat, slightly better than overall global automotive OEM industry
builds. General industrial coatings sales volumes posted solid growth
with above-market growth in Europe and Latin America. Packaging
coatings sales volumes grew by a mid-single-digit percentage
year-over-year, with above-industry growth rates stemming from
continued customer adoption of new PPG technologies.
Segment
income for the third quarter was $169 million, down $56 million, or 25
percent, year-over-year, including unfavorable foreign currency
translation impact of about $5 million. Segment income was lower due
to significant raw material and logistics cost inflation, which was
partly offset by higher selling prices and the impact of increased
sales volumes.
Third quarter corporate expenses decreased from the prior year due to
lower incentive compensation expense and lower post-employment benefit
costs. The full year adjusted effective tax rate on continuing
operations is expected to be in the range of 23 to 24 percent.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints,
coatings and materials that our customers have trusted for 135 years.
Through dedication and creativity, we solve our customers’ biggest
challenges, collaborating closely to find the right path forward. With
headquarters in Pittsburgh, we operate and innovate in more than 70
countries and reported net sales of $14.7 billion in 2017. We serve
customers in construction, consumer products, industrial and
transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Additional Information
PPG will provide detailed commentary regarding its financial
performance, including presentation-slide content, on the PPG
Investor Center at www.ppg.com at 1 p.m. ET today, October 18. The
company will hold a conference call to review its third quarter 2018
financial performance today at 2 p.m. ET. Participants can pre-register
for the conference by navigating tohttp://dpregister.com/10124409to register. The conference call also will be available in
listen-only mode via Internet broadcast from the PPG
Investor Center at www.ppg.com (Windows Media Player). A telephone
replay will be available today, October 18, beginning at approximately
4:30 p.m. ET, through November 1 at 11:59 p.m. ET. The dial-in numbers
for the replay are: in the United States, 877-344-7529; international,
+1-412-317-0088; passcode 10124409. A Web replay also will be available
on the PPG
Investor Center at www.ppg.com, beginning at approximately 4:30 p.m.
ET today, October 18, 2018, through October 17, 2019.
Forward-Looking Statements
Statements continued herein relating to matters that are not historical
facts are forward-looking statements reflecting PPG’s current view with
respect to future events and financial performance. These matters within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
involve risks and uncertainties that may affect PPG Industries’
operations, as discussed in the company’s filings with the Securities
and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of
the Exchange Act, and the rules and regulations promulgated thereunder.
Accordingly, many factors could cause actual results to differ
materially from the forward-looking statements contained herein. Such
factors include global economic conditions, increasing price and product
competition by foreign and domestic competitors, fluctuations in cost
and availability of raw materials, the ability to achieve selling price
increases, the ability to recover margins, customer inventory levels,
the ability to maintain favorable supplier relationships and
arrangements, the timing of realization of anticipated cost savings from
restructuring initiatives, the ability to identify additional cost
savings opportunities, difficulties in integrating acquired businesses
and achieving expected synergies therefrom, economic and political
conditions in international markets, the ability to penetrate existing,
developing and emerging foreign and domestic markets, foreign exchange
rates and fluctuations in such rates, fluctuations in tax rates, the
impact of future legislation, the impact of environmental regulations,
unexpected business disruptions, the unpredictability of existing and
possible future litigation, including asbestos litigation, and
governmental investigations. Such factors also include risks related to
the impact of the restatement disclosed in our amended 2017 Annual
Report on Form 10-K/A, including the impact on PPG’s reputation and
commercial contracts, our ability to successfully remediate the material
weakness in our internal control over financial reporting disclosed in
our amended Annual Report on Form 10-K/A within the time periods and in
the manner currently anticipated, the effectiveness of our internal
control over financial reporting, including the identification of
additional control deficiencies and further expenditures related to our
restatement. However, it is not possible to predict or identify all such
factors. Consequently, while the list of factors presented here and in
our amended Annual Report on Form 10-K/A are considered representative,
no such list should be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of forward-looking
statements. Consequences of material differences in results compared
with those anticipated in the forward-looking statements could include,
among other things, lower sales or earnings, business disruption,
operational problems, financial loss, legal liability to third parties
and similar risks, any of which could have a material adverse effect on
PPG’s consolidated financial condition, results of operations or
liquidity. All information in this release speaks only as of October 18,
2018, and any distribution of this release after that date is not
intended and will not be construed as updating or confirming such
information. PPG undertakes no obligation to update any forward-looking
statement, except as otherwise required by applicable law.
Regulation G Reconciliation
PPG believes investors’ understanding of the Company’s operating
performance is enhanced by the disclosure of net income, earnings per
diluted share and the effective tax rate adjusted for certain charges.
PPG’s management considers this information useful in providing insight
into the Company’s ongoing operating performance because it excludes the
impact of items that cannot reasonably be expected to recur on a
quarterly basis or that are not attributable to our primary operations.
Net income, earnings per diluted share and the effective tax rate
adjusted for these items are not recognized financial measures
determined in accordance with U.S. generally accepted accounting
principles (U.S. GAAP) and should not be considered a substitute for net
income, earnings per diluted share, the effective tax rate or other
financial measures as computed in accordance with U.S. GAAP. In
addition, adjusted net income, earnings per diluted share and the
effective tax rate may not be comparable to similarly titled measures as
reported by other companies.
|
|
Regulation G Reconciliation - Net Income and Earnings per
Diluted Share |
($ in millions, except per-share amounts)
|
|
|
| Third Quarter
2018 |
| Third Quarter
2017 |
|
|
| $ |
| EPS |
| $ |
| EPS |
|
Reported income from continuing operations, net of income tax
(attributable to PPG)
|
|
$
|
368
| |
|
$
|
1.51
| |
|
$
|
393
| |
|
$
|
1.52
|
|
Costs related to a customer assortment change
| |
3
| | |
0.01
| | |
—
| | |
—
|
|
Release of business restructuring reserves
| |
(10)
| | |
(0.04)
| | |
—
| | |
—
|
|
Accelerated depreciation from restructuring actions
| |
3
| | |
0.01
| | |
—
| | |
—
|
|
Accounting investigation costs
| |
2
| | |
0.01
| | |
—
| | |
—
|
|
Tax benefit related to U.S. Tax Cuts and Jobs Act
| |
(13)
|
|
|
(0.05)
| | |
—
|
| |
—
|
|
Adjusted net income from continuing operations, excluding
nonrecurring items
|
|
$
|
353
|
|
|
$
|
1.45
|
|
|
$
|
393
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
| Third Quarter
2018 |
| Third Quarter
2017 |
|
|
| Income
Before
Income
Taxes |
| Tax
Expense |
| Effective
Tax Rate |
| Income
Before
Income
Taxes |
| Tax
Expense |
| Effective
Tax Rate |
|
Effective tax rate, continuing operations
|
|
$
|
451
| |
|
$
|
79
| |
|
17.5
|
%
|
|
$
|
523
| |
|
$
|
124
| |
|
23.7
|
%
|
|
Costs related to a customer assortment change
| |
4
| | |
1
| | |
24.3
|
%
| |
—
| | |
—
| | |
—
| |
|
Release of business restructuring reserves
| |
(12)
| | |
(2)
| | |
16.9
|
%
| |
—
| | |
—
| | |
—
| |
|
Accelerated depreciation from restructuring actions
| |
4
| | |
1
| | |
23.3
|
%
| |
—
| | |
—
| | |
—
| |
|
Accounting investigation costs
| |
2
| | |
—
| | |
24.3
|
%
| |
—
| | |
—
| | |
—
| |
|
Tax benefit related to U.S. Tax Cuts and Jobs Act
| |
—
|
|
|
13
|
| |
N/A
| | |
—
| | |
—
| | |
—
|
|
|
Adjusted effective tax rate, continuing operations, excluding
nonrecurring items
|
|
$
|
449
|
|
|
$
|
92
|
|
|
20.5
|
%
|
|
$
|
523
|
|
|
$
|
124
|
|
|
23.7
|
%
|
| | | | | | | | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| |
| PPG INDUSTRIES, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) |
|
(All amounts in millions except per-share data)
|
|
|
|
| | |
Three Months Ended
| |
Nine Months Ended
|
| | | | |
September 30
| |
September 30
|
| | | | | 2018 | | 2017 | | 2018 | | 2017 |
| | | | | | | As Restated | | | | As Restated |
|
Net sales
| |
$
|
3,817
| | |
$
|
3,776
| | |
$
|
11,729
| | |
$
|
11,066
| |
|
Cost of sales, exclusive of depreciation and amortization
| | |
2,253
| | | |
2,104
| | | |
6,813
| | | |
6,089
| |
|
Selling, general and administrative
| | |
867
| | | |
894
| | | |
2,718
| | | |
2,645
| |
|
Research and development - net
| | |
110
| | | |
114
| | | |
336
| | | |
335
| |
|
Depreciation
| | |
89
| | | |
85
| | | |
267
| | | |
245
| |
|
Amortization
| | |
33
| | | |
32
| | | |
103
| | | |
95
| |
|
Interest expense
| | |
31
| | | |
27
| | | |
88
| | | |
78
| |
|
Interest income
| | |
(6
|
)
| | |
(5
|
)
| | |
(18
|
)
| | |
(13
|
)
|
|
Business restructuring
| | |
(12
|
)
| | |
-
| | | |
71
| | | |
-
| |
|
Pension settlement charge
| | |
-
| | | |
-
| | | |
-
| | | |
22
| |
|
Other charges (income) - net (Note A)
|
|
|
1
|
|
|
|
2
|
|
|
|
-
|
|
|
|
(58
|
)
|
|
Income from continuing operations before income taxes
| | |
451
| | | |
523
| | | |
1,351
| | | |
1,628
| |
|
Income tax expense
|
|
|
79
|
|
|
|
124
|
|
|
|
270
|
|
|
|
391
|
|
|
Income from continuing operations, net of income taxes
| | |
372
| | | |
399
| | | |
1,081
| | | |
1,237
| |
|
Income from discontinued operations, net of income taxes
|
|
|
10
|
|
|
|
217
|
|
|
|
16
|
|
|
|
222
|
|
|
Net income attributable to controlling and noncontrolling interests
| | |
382
| | | |
616
| | | |
1,097
| | | |
1,459
| |
|
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
(4
|
)
|
|
|
(6
|
)
|
|
|
(14
|
)
|
|
|
(16
|
)
|
|
Net income (attributable to PPG)
|
|
$
|
378
|
|
|
$
|
610
|
|
|
$
|
1,083
|
|
|
$
|
1,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to PPG:
|
|
|
|
|
|
|
|
|
| | |
Income from continuing operations, net of income tax
| |
$
|
368
| | |
$
|
393
| | |
$
|
1,067
| | |
$
|
1,221
| |
|
|
|
|
Income from discontinued operations, net of income tax
|
|
|
10
|
|
|
|
217
|
|
|
|
16
|
|
|
|
222
|
|
|
Net income (attributable to PPG)
|
|
$
|
378
|
|
|
$
|
610
|
|
|
$
|
1,083
|
|
|
$
|
1,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share (attributable to PPG)
|
|
|
|
|
|
|
|
|
| | |
Income from continuing operations, net of income tax
| |
$
|
1.52
| | |
$
|
1.53
| | |
$
|
4.34
| | |
$
|
4.75
| |
|
|
|
|
Income from discontinued operations, net of income tax
|
|
|
0.04
|
|
|
|
0.85
|
|
|
|
0.07
|
|
|
|
0.86
|
|
|
Net income (attributable to PPG)
|
|
$
|
1.56
|
|
|
$
|
2.38
|
|
|
$
|
4.41
|
|
|
$
|
5.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share (attributable to PPG) - assuming dilution
|
|
|
|
|
|
|
|
|
| | |
Income from continuing operations, net of income tax
| |
$
|
1.51
| | |
$
|
1.52
| | |
$
|
4.32
| | |
$
|
4.72
| |
|
|
|
|
Income from discontinued operations, net of income tax
|
|
|
0.04
|
|
|
|
0.84
|
|
|
|
0.06
|
|
|
|
0.86
|
|
|
Net income (attributable to PPG)
|
|
$
|
1.55
|
|
|
$
|
2.36
|
|
|
$
|
4.38
|
|
|
$
|
5.58
|
|
| | | | | | | | | | |
|
|
Average shares outstanding
|
|
|
242.2
|
|
|
|
256.4
|
|
|
|
245.8
|
|
|
|
257.0
|
|
| | | | | | | | | | |
|
|
Average shares outstanding - assuming dilution
|
|
|
243.6
|
|
|
|
258.2
|
|
|
|
247.3
|
|
|
|
258.8
|
|
| | | | | | | | | | | | | | | |
|
|
| |
| |
| |
| PPG INDUSTRIES, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEET HIGHLIGHTS (unaudited) |
|
($ in millions)
|
|
|
|
| | |
September 30
| |
December 31
| |
September 30
|
| | | | | 2018 | | 2017 | | 2017 |
| | | | | | | | | As Restated |
|
Current assets:
| | | | | | |
| | |
Cash and cash equivalents
| |
$
|
1,103
| |
$
|
1,436
| |
$
|
2,287
|
| | |
Short-term investments
| | |
57
| | |
55
| | |
41
|
| | |
Receivables - net
| | |
3,217
| | |
2,903
| | |
3,155
|
| | |
Inventories
| | |
1,962
| | |
1,730
| | |
1,805
|
| | |
Other
| |
|
402
|
|
|
353
|
|
|
350
|
| | |
Total current assets
| |
$
|
6,741
|
|
$
|
6,477
|
|
$
|
7,638
|
|
Current liabilities:
| | | | | | |
| | |
Short-term debt and current portion of long-term debt
| |
$
|
15
| |
$
|
12
| |
$
|
616
|
| | |
Accounts payable and accrued liabilities
| | |
3,806
| | |
3,781
| | |
3,900
|
| | |
Restructuring reserves
| |
|
112
|
|
|
102
|
|
|
107
|
| | |
Total current liabilities
| |
$
|
3,933
|
|
$
|
3,895
|
|
$
|
4,623
|
| | | | |
|
|
|
|
|
|
Long-term debt
| |
$
|
5,023
|
|
$
|
4,134
|
|
$
|
4,089
|
| | | | | | | | |
|
| | | | | | | | |
|
| | | | | | | | |
|
| PPG OPERATING METRICS (unaudited) |
|
($ in millions)
|
| | | | |
September 30
| |
December 31
| |
September 30
|
| | | | | 2018 | | 2017 | | 2017 |
| | | | | | | | | As Restated |
| | |
Operating Working Capital (a)
| |
$
|
2,593
| |
$
|
2,071
| |
$
|
2,414
|
| | |
As a percent of quarter sales, annualized
| | |
17.0%
| | |
14.1%
| | |
16.0%
|
|
(a)
|
|
Operating working capital includes: (1) receivables from customers,
net of allowance for doubtful accounts, (2) FIFO inventories and (3)
trade liabilities.
|
| |
|
|
| |
| |
| |
| |
| PPG INDUSTRIES, INC. AND SUBSIDIARIES |
| CONSOLIDATED BUSINESS SEGMENT INFORMATION (unaudited) |
|
($ in millions)
|
|
| | |
Three Months Ended
| |
Nine Months Ended
|
| | |
September 30
| |
September 30
|
| | | 2018 | | 2017 | | 2018 | | 2017 |
| | | | | As Restated | | | | As Restated |
|
Net sales
| | | | | | | | |
|
Performance Coatings
| |
$
|
2,289
| | |
$
|
2,290
| | |
$
|
6,947
| | |
$
|
6,606
| |
|
Industrial Coatings
| |
|
1,528
|
|
|
|
1,486
|
|
|
|
4,782
|
|
|
|
4,460
|
|
|
Total
| |
$
|
3,817
|
|
|
$
|
3,776
|
|
|
$
|
11,729
|
|
|
$
|
11,066
|
|
|
Segment income
| | | | | | | | |
|
Performance Coatings
| |
$
|
331
| | |
$
|
365
| | |
$
|
1,039
| | |
$
|
1,054
| |
|
Industrial Coatings
| |
|
169
|
|
|
|
225
|
|
|
|
631
|
|
|
|
765
|
|
|
Total
| |
$
|
500
| | |
$
|
590
| | |
$
|
1,670
| | |
$
|
1,819
| |
|
Items not allocated to segments
| | | | | | | | |
|
Corporate
| | |
(26
|
)
| | |
(46
|
)
| | |
(92
|
)
| | |
(134
|
)
|
|
Interest expense, net of interest income
| | |
(25
|
)
| | |
(22
|
)
| | |
(70
|
)
| | |
(65
|
)
|
|
Legacy (Note A)
| | |
-
| | | |
1
| | | |
5
| | | |
(4
|
)
|
|
Business restructuring
| | |
12
| | | |
-
| | | |
(71
|
)
| | |
-
| |
|
Accelerated depreciation related to restructuring actions
| | |
(4
|
)
| | |
-
| | | |
(9
|
)
| | |
-
| |
|
Accounting investigation costs
| | |
(2
|
)
| | |
-
| | | |
(11
|
)
| | |
-
| |
|
Costs related to customer assortment change
| | |
(4
|
)
| | |
-
| | | |
(18
|
)
| | |
-
| |
|
Legacy legal settlements
| | |
-
| | | |
-
| | | |
(10
|
)
| | |
18
| |
|
Impairment of a non-manufacturing asset
| | |
-
| | | |
-
| | | |
(9
|
)
| | |
-
| |
|
Environmental remediation charges
| | |
-
| | | |
-
| | | |
(34
|
)
| | |
-
| |
|
Gain on sale of Mexican Plaka business
| | |
-
| | | |
-
| | | |
-
| | | |
25
| |
|
Transaction-related costs
| | |
-
| | | |
-
| | | |
-
| | | |
(9
|
)
|
|
Pension settlement charge
| |
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(22
|
)
|
|
Income before income taxes
|
|
$
|
451
|
|
|
$
|
523
|
|
|
$
|
1,351
|
|
|
$
|
1,628
|
|
|
Note A:
|
|
|
Legacy items include current costs related to former operations of
the Company, including pension and other postretirement benefit
costs, certain charges and recoveries for legal matters and
environmental remediation costs, and certain other charges and
income which are not associated with PPG's current business
portfolio.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181018005243/en/
PPG Media:
Mark Silvey
Corporate Communications
+1-412-434-3046
silvey@ppg.com
or
PPG
Investors:
John Bruno
Investor Relations
+1-412-434-3466
jbruno@ppg.com
investor.ppg.com
Source: PPG