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PPG Announces New Restructuring Program Targeting $85 Mln In Annual Savings

PPG (PPG) announced Thursday a new restructuring program to further offset cost inflation, targeting about $85 million in annual cost savings.

It also repurchased shares totaling about $460 million in the second quarter, which led to total share repurchases of $1.1 billion in the first half of 2018.

The company said its acquisition pipeline remains active and expects to continue earnings-accretive cash deployment in the second half of 2018. It is committed to deploy a total of $2.4 billion in 2018 on acquisitions and share repurchases as it remains focused on shareholder value creation.

For the second quarter, the company reported earnings per share from continuing operations declined to $1.51 from $1.92 in the prior-year quarter. Adjusted earnings per share from continuing operations of $1.90, compared to $1.80 in the prior year, including benefit of lower tax rate. Net sales of grew 9 percent to about $4.1 billion from last year.

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