PPG发布2019年财务指南
PPG Announces Full-Year 2019 Financial Guidance
近日，PPG公布了2019年部分运营和财务目标。为实现这些目标，公司将推出一系列战略举措，为股东创造更大价值，并有望推动今年及以后的业绩增长。公司董事会和管理团队将齐心协力，致力于为股东创造价值，推动战略目标的实现。
PPG recently announced certain targets for 2019. The operational and financialmetrics are supported by PPG’s strategic initiatives to enhance shareholdervalue, and are expected to drive performance this year and beyond. The Boardand management team are strongly aligned and accountable for shareholder valuecreation and are committed to achieving these targets.
预计2019年全年以恒定货币结算的销售额同比增长3-5%(含近期宣布的收购项目)
预计调整后每股收益同比增长(剔除汇兑损益)7-10%，主要动力来自于公司继续与客户合作，提高创新产品的售价，并将逐步使营业利润率向成本攀升前的水平复苏
绩效考核将与创造股东价值紧密结合，继续以每股收益增长10%作为长期激励方案中与利润相关的指标
实现至少7000万美元的成本缩减，已反映于每股收益目标中
延续过去47年的传统，向董事会提议增加年度分红
2019年第二季度末前，完成对建筑和工业涂料业务合并或拆分是否会提升股东价值的战略评估
继续加强公司治理结构，进一步支持董事会和管理层，通过修改公司章程和相关政策来取消分级董事会和超多数投票权。 PPG过去曾向股东提出过这些议案，但今年将采取更多措施，并聘请代理律师，希望获得通过提案所需的80%普通股股东同意。
Sales growth of 3 to 5 percent in constant currencies including recently announced acquisitions
Adjusted earnings per share growth, excluding currency translation impacts, of 7 to 10 percent, including improvement toward pre-inflationary operating margins as we continue to work with customers to receive appropriate value for our innovative products
Strong alignment with shareholder value creation by maintaining 10 percent EPS growth as the earnings-related metric for variable long-term incentive compensation
Deliver at least $70 million in cost savings, which are reflected in the EPS target
Recommend an increase in the annual per share dividend to our Board of Directors, consistent with the past 47 years
Complete the strategic review of the business portfolio regarding the shareholder value associated with the combination or separation of the architectural and industrial coatings businesses by the end of the second quarter 2019
Continued Board and management support to enhance governance structure by proposing to amend Articles of Incorporation and Bylaws eliminating the classified board and removing supermajority voting. PPG has made these shareholder proposals in the past, but will take an extra step this year and engage a proxy solicitor in an effort to achieve the required approval of 80 percent of the outstanding shares of common stock.
PPG公司董事长兼首席执行官Michael H. McGarry表示：“这些目标反映了PPG的运营宗旨，即为客户提供创新产品、推动卓越运营和回馈股东。7-10%的每股收益增长目标切合实际，具有可操作性，并反映了当前的宏观经济环境。我们的长期薪酬激励中与盈利相关的指标仍将维持不变，即每股收益同比增长10%，确保与创造股东价值的目标一致。”
“These targets areconsistent with our hallmarks of delivering innovative products to ourcustomers, driving operational excellence and rewarding shareholders,” saidMichael H. McGarry, PPG chairman and CEO. “The 7 to 10 percent EPS growthtarget is specific, actionable and reflective of the current macroeconomic environment.We will maintain a minimum of 10 percent EPS growth as our earnings-relatedmetric for our variable long-term incentive compensation, ensuring very strongalignment with shareholder value creation.
“过去几个月来，PPG与许多股东进行了积极的沟通。近日宣布的财务目标是PPG战略规划的结果，响应了广大股东的意见，并表现出公司对长期发展前景和卓越运营的信心。
“Over the last severalmonths, PPG has actively engaged with many of our shareholders. The targets andobjectives announced recently resulted from PPG’s planning process, areresponsive to a broad set of shareholder feedback and demonstrate confidence inthe Company’s long-term prospects and operational excellence.
“PPG在战略和财务方面仍处于良好地位。我们拥有一支优秀的管理团队，差异化的行业经验、遍布世界的运营网络以及一流的创新产品。公司董事会和管理层致力于为股东创造价值。我们非常感谢所有股东给予的反馈和建设性意见，并将在今年随后时间进一步提供关于公司运营的更新数据。”McGarry总结道。
“PPG remainswell-positioned strategically and financially. We have an outstanding team anddifferentiated industry expertise, a broad geographic footprint and robustworld-class product innovation. The Board and management remain deeplycommitted to shareholder value creation. We are very appreciative of the inputand constructive dialogue that we have with all of our shareholders and lookforward to providing further updates throughout the year,” concluded McGarry.