PPG公布2018年第四季度和全年财报
PPG Reports Fourth Quarter and Full-Year 2018 Financial Results
2018年第四季度持续经营业务实现净销售额约36亿美元，以恒定货币结算的销售额同比攀升约2%
第四季度持续经营业务实现摊薄每股收益1.07美元，调整后摊薄每股收益1.15美元
得益于销售均价提高以及积极的成本管控，利润率同比增速继续复苏
近期宣布三大重要收购项目，并继续进行股票回购，完成战略性现金部署目标
Fourth quarter net sales of approximately $3.6 billion, up about 2 percent versus prior year in constant currencies
Fourth quarter reported earnings per diluted share from continuing operations of $1.07 and adjusted earnings per diluted share from continuing operations of $1.15
Further progress made toward operating margin recovery on a year-over-year basis led by additional selling price realization and cost management
Achieved strategic cash deployment target including three recently announced acquisitions and further share repurchases
近日，PPG公布2018年第四季度财报，持续经营业务实现净销售额约36亿美元，较去年同期下滑1%。以恒定货币结算的销售额同比攀升约2%，主要得益于销售均价同比提高超过2%。第四季度整体销量较上年同期下滑1%。汇兑损失拖累净销售额约1.1亿美元，影响幅度达3%。收购业务(剔除已剥离业务)贡献销售增长不到1%。
PPG recently reported fourth quarter 2018 net sales of approximately $3.6 billion, down 1 percent versus the prior year. Net sales in constant currencies grew about 2 percent year-over-year aided by higher selling prices of more than 2 percent. Sales volumes were down 1 percent versus the prior year in aggregate. Unfavorable foreign currency translation impacted net sales by approximately 3 percent, or about $110 million, and acquisition-related sales, net of divestitures, added less than 1 percent to sales growth.
2018年第四季度，持续经营业务实现净利润2.56亿美元，相当于摊薄每股收益1.07美元。持续经营业务调整后净利润达2.71亿美元，相当于摊薄每股收益1.15美元。2017年第四季度，持续经营业务的净利润为1.48亿美元，相当于每股0.58美元，调整后净利润为3.05亿美元，相当于每股1.19美元。2018年第四季度有效税率为24%，调整后税率约26%。
Fourth quarter 2018 reported net income from continuing operations was $256 million, or $1.07 per diluted share. Adjusted net income from continuing operations was $271 million, or $1.15 per diluted share. Fourth quarter 2017 reported net income from continuing operations was $148 million, or 58 cents per diluted share. Adjusted net income from continuing operations was $305 million, or $1.19 per diluted share. For the fourth quarter 2018, the effective tax rate was about 24 percent and the adjusted effective tax rate was about 26 percent.
PPG公司董事长兼首席执行官Michael H. McGarry表示：“第四季度，我们以当地货币结算的净销售额增长约2%，主要动力来自销售价格连续七个季度上涨。本季度我们继续努力使经营利润率恢复到去年水平，售价的提升加上持续的成本管控在一定程度上缓和了输入成本上涨带来的压力。然而，全球经济增长放缓以及某些终端市场需求下滑对我们的销售额增长带来了一定负面影响。
“In the fourth quarter, we delivered net sales growth in local currencies of about 2 percent, led by higher selling prices marking seven consecutive quarters of improved pricing,” said Michael H. McGarry, PPG chairman and chief executive officer. “These price increases, along with our ongoing cost management efforts, remain focused on offsetting continued input cost inflation, as we made further progress on recovering our operating margins toward prior-year levels. Also impacting our sales were softening global economic growth and demand declines in certain end-use markets.
“2018年一整年，整个涂料行业都面临着原材料和物流成本逐季攀升的压力。尽管如此，我们仍实现了全年调整后每股盈余的增长。除了调高产品价格外，我们还积极调整公司成本结构，全年削减成本约8000万美元，达到此前成本缩减目标区间的上缘。从战略角度而言，PPG过去一年中宣布了六项收购，包括近期的SEM、Whitford和Hemmelrath收购项目。
“For the full year, we delivered adjusted earnings per diluted share growth despite significant and persistent raw material and logistics cost inflation, which impacted the entire coatings industry and rose sequentially throughout much of the year. In addition to achieving higher pricing, we aggressively managed our cost structure delivering about $80 million of full-year cost savings, reaching the top-end of our target. Strategically, during the past year, we announced six acquisitions, including recent announcements of SEM, Whitford and Hemmelrath.
“我们的经营现金流仍然强劲，全年主营业务产生现金流约15亿美元，与2017年持平。此外，我们还继续保持向股东返还现金的传统，2018年通过股票回购和分红向股东返还共计22亿美元。”McGarry指出。
“Our cash flow from operations remained strong, totaling about $1.5 billion for the year, which is consistent with 2017. We also continued our legacy of returning cash to shareholders, with $2.2 billion returned in 2018 through share repurchases and dividends,” McGarry continued.
“展望未来，我们仍然有信心在战略和财务方面处于有利地位，但预计2019年全球经济前景的不确定性将上升。 2018年上半年成本上升带来的翘尾效应，加之十分不利的汇兑因素和销量小幅下滑，可能影响PPG在2019年上半年的业绩表现。因此，我们目前预计第一季度公司将实现每股摊薄收益1.18-1.23美元。我们将继续专注于提升业绩，并将在单独的新闻稿中提供详细的2019年全年业绩预测和财务目标。”McGarry总结道。
“As we look ahead, while we remain confident we are well-positioned strategically and financially, we enter 2019 with more global economic uncertainty. The carryover impact from the first-half 2018 cost inflation, significantly unfavorable year-over-year foreign currency translation and modestly lower sales volumes will impact our performance in the first half of 2019. As a result, we currently expect first quarter earnings per diluted share to be in the range of $1.18 to $1.23. We are focused on delivering increased financial results and will be providing certain detailed information regarding our full year 2019 forecast and financial targets in a separate communication,” McGarry concluded.
公司全年实现经营活动现金流15亿美元。2018年PPG共计回购超过17亿美元的股票，并派发4.5亿美元的红利。净资本支出总计约4.1亿美元。截至2018年末，公司账面总负债约为50亿美元，现金和短期投资约10亿美元。截至年末此前董事会授权的股票回购资金仍剩余18亿美元。
The company reported full-year cash from operations of about $1.5 billion. For the year, the company completed more than $1.7 billion of share repurchases and paid about $450 million in dividends. Net capital expenditures totaled about $410 million. The company ended the year with approximately $5 billion of gross debt, and about $1.0 billion of cash and short-term investments. The company had $1.8 billion remaining on its current share repurchase authorizations at year-end 2018.
2018年第四季度各业务部门业绩一览
Fourth Quarter 2018 Reportable Segment Financial Results
高性能涂料业务第四季度实现净销售额21亿美元，较上年同期增加1600万美元，同比增长近1%。以恒定货币结算的销售额增加超过3%，主要得益于销售价格上涨。收购相关业务贡献销售额约1500万美元，其中包括近期对汽车修补漆生产商SEM的收购。本季度销量与上年同期基本持平，全国零售(DIY)客户分类的调整拖累高性能涂料业务整体销售额约4000万美元，影响幅度达2%左右。不利的汇率因素对净销售额带来约5500万美元的负面影响，影响幅度近3%。
得益于各主要市场对PPG高技术含量产品的需求持续强劲，航空涂料销量增幅超过10%。汽车修补漆业务的内生销售额基本持平，主要由于美国客户去库存带来的负面影响抵消了其他市场的增长。工业防护及船舶涂料总销量实现高个位数增长，各终端市场销量均有回升。美洲和亚太地区建筑涂料内生销售额较上年同期出现低个位数下滑，各渠道和地区表现参差不齐。其中，美国和加拿大自营门店的同店销售额实现低个位数增长，而全国零售(DIY)客户和独立经销商渠道由于受到客户分类调整的负面影响，总销量较上年同期显著下滑。拉丁美洲的建筑涂料销量实现中等个位数增长，其中墨西哥市场销量增长显著。欧洲、中东和非洲建筑涂料销售额较上年同期出现中等个位数增长，得益于销量和销售价格双双提高。
尽管汇兑损失拖累净利润约500万美元，但高性能涂料业务第四季度实现净利润2.61亿美元，较上年同期增加200万美元。净利润复苏的主要动力来自于售价攀升和积极的成本管控，抵消了销量降低以及原材料价格和物流成本上涨的影响。
工业涂料业务第四季度净销售额约为15亿美元，较上年同期减少5300万美元，同比下滑超过3%，其中销售均价同比攀升约2%，在一定程度上抵消了销量下滑2%的负面影响。汇兑损失拖累销售额约5500万美元，影响幅度超过3%。
由于中国和欧洲汽车市场需求疲软，汽车原始设备制造商(OEM)涂料销量较上年同期下滑约5%，与全球汽车产量增速一致。工业涂料和特种涂料及材料销量同比实现低个位数增长，其中美国和加拿大市场销量稳步提高，抵消了亚太市场低迷的影响。包装涂料销量在去年高基数的基础上进一步实现低个位数增长。
第四季度工业涂料业务实现净利润1.87亿美元，同比减少2700万美元，降幅约13%，其中不利的汇率因素拖累净利润约500万美元。净利润下滑主要由于原材料和物流成本持续攀升，且全球汽车产量增长放缓，而销售价格上涨和积极的成本管控在一定程度上抵消了以上因素的负面影响。
Performance Coatings segment fourth quarter net sales were $2.1 billion, up $16 million, or nearly 1 percent, versus the prior year. Sales in constant currencies increased by more than 3 percent driven by higher selling prices. Acquisition-related sales were approximately $15 million, including the acquisition of automotive refinish products manufacturer SEM. Segment volumes were flat including the previously announced customer assortment changes in the national retail do-it-yourself (DIY) channel which reduced segment sales by approximately two percent, or about $40 million year-over-year. Unfavorable foreign currency translation lowered net sales by about $55 million, or nearly 3 percent.
Aerospace coatings net sales volumes grew by over 10 percent as a result of strong industry demand and continued strong customer demand in each major region for PPG’s technology advantaged products. Organic sales for automotive refinish coatings were flat as unfavorable impacts from customer inventory destocking in the U.S. were offset by growth in other regions. Aggregate protective and marine coatings sales volumes increased by a high-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, company-owned architectural stores grew same store sales by a low-single-digit percentage. Aggregate volumes in the DIY retail accounts and independent dealer channel declined significantly versus the prior year, driven by the customer assortment changes. Latin American architectural coatings organic sales volumes grew by a mid-single-digit percentage, led by Mexico. Architectural coatings – EMEA organic sales volumes increased by a mid-single-digit percentage with contributions from both selling price increases and volume growth.
Segment income for the fourth quarter was $261 million, $2 million higher than the prior year fourth quarter despite unfavorable foreign currency translation impacts of about $5 million. Segment income was aided by improving selling prices and cost management, offset by raw material and logistics cost inflation and the impact from lower sales volumes.
Industrial Coatings segment fourth quarter net sales were about $1.5 billion, down $53 million, or more than 3 percent, versus the prior-year period. Higher selling prices of about 2 percent offset lower sales volumes of about 2 percent. Unfavorable foreign currency translation lowered sales by about $55 million, or more than 3 percent, versus the prior year.
Automotive original equipment manufacturer (OEM) coatings sales volumes decreased by about 5 percent year-over-year, consistent with lower global automotive industry production rates and driven by decreased automotive industry demand in both China and Europe. Industrial coatings and specialty coatings and materials sales volumes increased by a low-single-digit percentage versus the prior year, as solid sales volume growth was achieved in the U.S. and Canada offset by softer demand in Asia-Pacific. Packaging coatings sales volumes also increased a low-single-digit percentage year-over-year, adding to strong growth in the prior year.
Segment income for the fourth quarter was $187 million, down $27 million, or about 13 percent, year-over-year, including unfavorable foreign currency translation impacts of about $5 million. Segment income was also impacted by continuing raw material and logistics cost inflation and the sales impact of softening global automotive OEM industry production rates, which were partially offset by improving selling prices and aggressive cost management.
2018年全年业绩一览
Full-Year 2018 Financial Results
2018年全年，持续经营业务实现净销售额约154亿美元，同比攀升约4%，其中汇兑收益贡献约1.05亿美元，相当于1%左右。原有业务销售额实现内生增长3%，收购业务销售额同比攀升近1%。
公司全年持续经营业务实现净利润13亿美元，相当于摊薄每股收益5.40美元;2017年净利润14亿美元(摊薄每股收益5.31美元)。持续经营业务调整后摊薄每股收益为5.92美元，2017年为5.86美元。持续经营业务2018年有效税率约为21%，调整后有效税率约为22%;2017年有效税率为31%，调整后有效税率为24%。公司预计2019年全球有效税率区间为23-25%。
Full-year 2018 reported net sales from continuing operations were approximately $15.4 billion, up about 4 percent, versus the prior year, including net favorable foreign currency translation of less than 1 percent, or approximately $105 million. Organic sales growth of about 3 percent versus the prior year was supplemented by acquisition-related sales of nearly 1 percent.
The company’s 2018 full-year reported net income from continuing operations was $1.3 billion, or $5.40 per diluted share, versus $1.4 billion, or $5.31 per diluted share, in 2017. Full-year 2018 adjusted earnings per diluted share from continuing operations was $5.92 per diluted share compared to $5.86 per diluted share in 2017. The effective tax rate from continuing operations was about 21 percent for 2018, versus 31 percent for 2017, and the adjusted effective tax rate from continuing operations was about 22 percent for 2018, versus about 24 percent for 2017. The company’s global effective tax rate is expected to be in the range of 23-to-25 percent for the year 2019.