logo
Share SHARE
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

Editors Pick
The recent week marked the lull before the storm, with very few market moving economic numbers released during the week. However, the economic news flow picks up pace in the upcoming week, offering glimpses into every vehicle of economic growth, ranging from consumers to private sector activity to housing.... Life expectancy at birth in the U.S. is already lower than most other developed nations and is now projected to fall further behind by 2030, according to a new study. It also suggests that by 2030, national female life expectancy in South Korea could break the 90 year barrier. Department store chain J.C. Penney Co. Inc. on Friday reported a turnaround to profit in the fourth quarter as a slight decline in sales was more than offset by lower expenses. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues slightly missed their estimates. Earlier today, J.C. Penny announced a plan to optimize its national retail operations.
comments powered by Disqus
Follow RTT