FONT-SIZE Plus   Neg

PPG Industries Sees Q1 Adj. EPS Of $1.75 - $1.80 - Quick Facts

PPG Industries Inc. (PPG) said it would report nonrecurring charges in the first quarter 2012 related to business restructuring, environmental remediation and acquisition-related expenses. Therefore, first-quarter 2012 earnings per share is expected to be in the range of 2 to 7 cents, while adjusted earnings per share before the nonrecurring charges are estimated to be between $1.75 and $1.80.

For the first quarter, PPG would report an after-tax charge of some $164 million, or $1.06 per share, related to business restructuring actions, the majority of which would occur in Europe. The pretax restructuring charge of $208 million includes cash costs of nearly $160 million and about $48 million related to the net write-off of certain assets and other non-cash items. Of the approximate $160 million of cash costs about 80 percent would be spent in 2012, with the remainder to be spent in 2013.

PPG Chairman and Chief Execuitive noted that the restructuring actions would impact about 2,000 employees, mainly in PPG's global architectural coatings businesses, and in other PPG businesses and administrative functions in Europe, where some actions would be implemented following consultation with applicable works councils. When completed, PPG projects that these restructuring actions should result in annualized, pretax savings of about $140 million, with 2012 partial-year savings of between $40 million and $50 million.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Microsoft's (MSFT) office assistant Cortana for iOS beta has arrived, but only 2000 people will be able to test the virtual assistant. Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016.
comments powered by Disqus
Trade PPG now with 
Follow RTT