On April 22, 2014, PPG Industrial Corporation announced the first quarter of 2014 financial report. The company’s net sales for the quarter reached US$3.6 billion, an increase of 17% year-on-year. In the first quarter of this year, PPG’s continuing operating business net profit was US$277 million, equivalent to a diluted earnings per share of US$1.97. Excluding acquisition-related costs of US$2 million (equivalent to a diluted US dollar per share), adjusted net income for continuing operations was US$279 million in the first quarter, equivalent to a diluted earnings per share of US$1.98. PPG Chairman and CEO Charles E. Bunch said: "In the first quarter of this year, our global sales volume increased by 5% over the same period of last year, which is the highest level in the past three years. Moreover, our growth rate in all regions has accelerated. Among them, the European market sales increased by 5% year-on-year, mainly benefiting from the gradual recovery of the European economy.From the business sector perspective, the business sectors headed by automotive OEM coatings and aviation all achieved different degrees of growth.We are in these end markets. The strong performance also continues to exceed the global level." "The first quarter results were excellent thanks to the leverage to effectively improve market demand and aggressive cost reduction measures. In addition, our cash deployment projects in the past few years are continuing to promote the company's earnings growth, and acquisitions have also been realized. As a result of the cost synergy objective, the adjusted earnings per share from continuing operations in the first quarter increased by more than 40% from the same period of the previous year, and profitability in all regions increased. Our profit in the first quarter also fully compensated the Profits that have been lost due to the recent spin-off of business, added Bunch. Looking ahead, Bunch points out, “We expect global business will continue to grow steadily, but the performance of various regions and end markets may be uneven. PPG continues to play a balanced paint product structure in all regions and end markets. This provides us with a wide range of development opportunities and minimizes the impact of single business fluctuations.In addition, PPG currently maintains ample cash flow, and will continue to look for stable investment opportunities, cash allocation will focus on acquisitions and stocks Areas such as buybacks that can drive profitable growth." PPG also recently announced that as of the end of the first quarter of 2014, the company’s total cash and short-term investments amounted to approximately US$3 billion, including US$1.735 billion in revenue from the recent spin-off. In addition, PPG also announced that it had repurchased 1.1 million shares worth 200 million U.S. dollars this quarter.
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