Views: 2 Author: Site Editor Publish Time: 2019-02-25 Origin: Site
Source: China National Chemical News January 31, 2019
According to the financial report released by PPG of Sinochem New Network last week, net sales of continuing operations in 2018 reached about 15.4 billion U.S. dollars, up about 4% year-on-year; net profit of continuing operations reached 1.3 billion U.S. dollars, equivalent to diluted earnings per share 5.40 US dollars; the adjusted diluted earnings per share for continuing operations is US$ 5.92; the adjusted effective tax rate for continuing operations is approximately 22%. The company expects the effective tax rate range for 2019 to be 23% to 25%.
In 2018, the entire coatings industry is under pressure to increase raw material and logistics costs quarter by quarter. Despite this, PPG achieved full-year adjusted earnings per share growth. In addition to raising product prices, the company has also actively adjusted its cost structure, cutting costs by approximately $80 million throughout the year. From a strategic perspective, PPG announced six acquisitions in the past year, including the recent acquisitions of SEM, Whitford and Hemmelrath. Michael H. McGarry, Chairman and Chief Executive Officer of PPG, said, \"Looking forward, we are confident that the company is in a strategic and financial position.\"