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Health Care : Biotechnology | Small Cap Growth
Company profile

MiMedx Group, Inc. is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company's Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories. Its biomaterial platform technologies include AmnioFix, EpiFix, OrthoFlo, Physio, AlloBurn, and CollaFix. AmnioFix and EpiFix are its tissue technologies processed from human amniotic membrane derived from donated placentas. OrthoFlo is amniotic fluid-derived allograft for homologous use. Physio is a bone grafting material consists of bone tissue with no added carrier. CollaFix, its new brand, is its collagen fiber technology designed to mimic the natural composition, structure and mechanical properties of musculoskeletal tissues in order to augment their repair.

Closing Price
$6.40
Day's Change
0.05 (0.79%)
Bid
--
Ask
--
B/A Size
--
Day's High
6.64
Day's Low
6.35
Volume
(Light)
Volume:
43,698

10-day average volume:
73,332
43,698

PPG Reports Second Quarter 2020 Financial Results

4:15 pm ET July 16, 2020 (BusinessWire) Print

PPG (NYSE:PPG) today reported second quarter 2020 net sales of $3.0 billion, down approximately 25% versus the prior year. Selling prices increased by nearly 2%. Sales volumes were down 24% versus the prior year. The lower sales volumes reflect the negative economic impacts of the COVID-19 pandemic. Unfavorable foreign currency translation impacted net sales by more than 3%, or about $135 million, and acquisition-related sales, net of divestitures, added less than 1% to sales growth.

Second quarter 2020 reported net income from continuing operations was $99 million, or $0.42 per diluted share, and adjusted net income was $235 million, or $0.99 per diluted share. Adjusted net income excludes business restructuring charges of $128 million after-tax, or $0.54 per diluted share, and certain other adjustments detailed in the reconciliation below. Second quarter 2019 reported net income from continuing operations was $270 million, or $1.13 per diluted share, and adjusted net income was $441 million, or $1.85 per diluted share. For the second quarter 2020, the reported and adjusted effective tax rates were about 23% and 25%, respectively. The adjusted effective rate was higher than expected due to the mix of earnings by country. The second quarter 2019 reported and adjusted effective tax rates were approximately 24%. Reconciliations of the reported to adjusted figures are included below.

"We delivered solid operating results in the second quarter, especially considering the significant declines in economic activity in most of the world due to the COVID-19 pandemic. The strongest performance came from our global architectural coatings businesses, which was driven by increased do-it-yourself (DIY) demand of PPG paint products in all major regions," said Michael H. McGarry, PPG chairman and chief executive officer. "During the quarter, several of our businesses in China, including automotive original equipment manufacturer (OEM) coatings, general industrial coatings, and protective and marine coatings, achieved higher sales volumes year-over-year supported by a recovery in Chinese economic activity. Year-over-year demand was lower across most businesses in other major global regions, but our sequential monthly sales volumes improved in each region during the quarter.

"Our quick and decisive actions at the outset of the pandemic helped to mitigate the earnings impact from the lower demand. Our aggregate segment margins were about 13%, which is a significant improvement versus the depths of the prior recession in 2008/2009 when we experienced similar volume declines, and is measurable proof of the structural cost savings that we have delivered over the past several years. In the quarter, we delivered about $170 million of cost savings from various interim initiatives and more than $20 million of incremental structural savings from business restructuring programs. In June, we initiated a new restructuring program targeting up to $170 million of annualized structural cost savings. In addition, aided by strong working capital management, during the quarter we generated nearly $500 million of cash from operations, similar to second quarter 2019 levels. We also continued our legacy of rewarding shareholders with a 6% quarterly dividend increase, reflecting the resiliency of our business model and capability to generate strong and consistent cash flow.

"As the pandemic continues, our focus remains on the protection of our employees and providing excellent support to our customers with the essential products and services they need to resume and ramp-up their operations," McGarry added. "Looking ahead, we expect overall economic activity to continue to recover, although at a varied pace across end-use markets and regions given the uncertainty around the ongoing effects of the pandemic. We anticipate positive overall global architectural coatings demand trends to continue, with some moderation from the elevated DIY demand experienced in the second quarter. We expect continued, solid recovery patterns in automotive OEM and general industrial coatings demand in the U.S. and Europe, but still below 2019 levels. Automotive refinish and aerospace coatings sales are expected to be lower until travel and vehicle traffic density return toward more normal levels. Discretionary cost management will continue, particularly in those businesses with longer recovery timelines. We have continued to improve our overall liquidity and will prudently manage cash and our balance sheet.

"Finally, I am very proud and pleased with how our global team is managing through this challenging time, and we are on the path to emerge from this crisis as an even stronger company," McGarry concluded.

Second Quarter 2020 Reportable Segment Financial Results

Performance Coatings segment second quarter net sales were about $2.1 billion, down approximately $360 million, or 15%, versus the prior year. Net sales in constant currencies decreased by about 11%. Selling prices increased by nearly 3%, and acquisition-related sales added nearly 1%, or about $20 million, primarily from the Dexmet, Texstars and ICR acquisitions. These gains were more than offset by lower sales volumes of about 15%, or about $360 million, primarily related to the COVID-19 pandemic. Finally, sales were impacted by unfavorable foreign currency translation of about 4%, or about $85 million. Aerospace coatings sales volumes were down about 30% impacted by lower commercial OEM and after-market activity, partially offset by consistent military demand. Net sales for automotive refinish coatings improved sequentially each month but declined about 35% for the quarter, as higher selling prices were more than offset by lower volumes reflecting the sharp decline in global miles driven and traffic density. Year-over-year net sales, excluding the impact of currency and acquisitions (organic sales), in the architectural coatings - Americas and Asia-Pacific were down slightly, with differences by channel and region. DIY architectural coatings sales volumes were sharply higher in all major regions. Organic sales in the trade/professional channel were mixed, including the unfavorable impact of retail store shutdowns in the U.S., Canada and Mexico, lower residential interior paint activity and decreased overall commercial painting demand. Architectural coatings - Europe, Middle East and Africa (EMEA) organic sales decreased by a low-single-digit percentage, as the impact from mandated retail store closures in the first half of the quarter was nearly offset by very strong and broad-based growth in June as countries re-opened their economies. Sales volumes in protective and marine coatings were down a mid-single-digit percentage and were lower in all major regions except Asia-Pacific due to growth in China. Segment income for the second quarter was $362 million, down about $65 million, or 15%, year-over-year, including unfavorable foreign currency translation impacts of approximately $10 million. Segment income was impacted by lower sales volumes related to the pandemic, partially offset by cost-mitigation efforts, higher selling prices, and restructuring initiatives. Segment margins matched the prior year second quarter despite sales volumes declining 15%. Industrial Coatings segment second quarter net sales were about $950 million, down nearly $650 million, or about 40%, versus the prior-year period. Sales volumes declined by 38%, as a result of the sharp demand decline stemming from the COVID-19 pandemic. Selling prices were modestly higher in the quarter. Unfavorable foreign currency translation lowered net sales by about $50 million, or 3%, versus the prior year. Automotive OEM coatings sales volumes decreased by nearly 50% year-over-year due to the significant curtailment in global automotive industry production, especially in the first six weeks of the quarter when production declined about 80% in the U.S. and Europe. Global auto production improved during the quarter with China production nearly matching the prior year's quarterly level, and North American and European production solidly improving in June. Sales volumes for the industrial coatings business were down about 35% in the second quarter due to very weak demand trends in April and May, but also finished with a strong sequential monthly improvement in June. Packaging coatings organic sales increased a low-single-digit percentage year-over-year, as strong U.S. demand was offset by softer Asian demand, including certain customer facility shutdowns due to the pandemic. Segment income for the second quarter was $34 million, down about $200 million, or approximately 85%, year-over-year, including an unfavorable foreign currency translation impact of $7 million. Segment income was primarily impacted by lower sales volumes due to customer shutdowns related to the pandemic, partially offset by aggressive cost-mitigation actions, restructuring cost savings, and modestly higher selling prices.

The company ended the second quarter with net debt of $4.0 billion, approximately $475 million lower year-over-year. This includes gross debt of $6.3 billion, up $800 million year-over-year, and nearly $2.3 billion of cash and short-term investments, up $1.3 billion versus the prior-year quarter. The company's $2.2 billion revolving credit facility is currently undrawn.

In addition, today the company reported:

Third quarter aggregate sales volumes are anticipated to be down 8% to 15%, differing by business and region. The wide range is due to ongoing uncertainty over the demand impacts of the pandemic in various major global regions. Total restructuring savings are expected to be $60 to $70 million in the second half of 2020, including benefits from the program approved during the second quarter. Corporate expenses were about $50 million in the second quarter and are expected to be $50 to $55 million in the third quarter. Net interest expense is expected to be $32 to $36 million in the third quarter, including the higher year-over-year debt balance. The company's global ongoing effective tax rate is expected to be in the range of 23% to 25% for the third quarter of 2020.

PPG: WE PROTECT AND BEAUTIFY THE WORLD(TM)

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers' biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.1 billion in 2019. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

Additional Information

PPG will provide detailed commentary regarding its financial performance, including presentation-slide content, on the PPG Investor Center at www.ppg.com at 5 p.m. ET today, July 16. The company will hold a conference call to review its second quarter 2020 financial performance tomorrow, July 17, at 8 a.m. ET. Participants can pre-register for the conference by navigating to http://dpregister.com/10145698. The conference call also will be available in listen-only mode via Internet broadcast from the PPG Investor Center at www.ppg.com (Windows Media Player). A telephone replay will be available tomorrow, July 17, beginning at approximately 10:30 a.m. ET, through July 31 at 11:59 p.m. ET. The dial-in numbers for the replay are: in the United States, 877-344-7529; international, +1-412-317-0088; passcode 10145698. A Web replay also will be available on the PPG Investor Center at www.ppg.com, beginning at approximately 10:30 a.m. ET tomorrow, through July 16, 2021.

Forward-Looking Statements

Statements continued herein relating to matters that are not historical facts are forward-looking statements reflecting PPG's current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG Industries' operations, as discussed in the company's filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the forward-looking statements contained herein. Such factors include statements related to the expected effects on our business of the COVID-19 pandemic, global economic conditions, increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials, the ability to achieve selling price increases, the ability to recover margins, customer inventory levels, the ability to maintain favorable supplier relationships and arrangements, the timing of realization of anticipated cost savings from restructuring initiatives, the ability to identify additional cost savings opportunities, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, the unpredictability of existing and possible future litigation, including asbestos litigation, and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and in our 2019 Annual Report on Form 10-K and the first quarter 2020 quarterly report on Form 10-Q are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG's consolidated financial condition, results of operations or liquidity.

All information in this release speaks only as of July 16, 2020, and any distribution of this release after that date is not intended and will not be construed as updating or confirming such information. PPG Industries undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.

Regulation G Reconciliation

PPG believes investors' understanding of the company's performance is enhanced by the disclosure of net income, earnings per diluted share from continuing operations and PPG's effective tax rate adjusted for certain items. PPG's management considers this information useful in providing insight into the company's ongoing performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations. Net income, earnings per diluted share from continuing operations and the effective tax rate adjusted for these items are not recognized financial measures determined in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and should not be considered a substitute for net income, earnings per diluted share, the effective tax rate or other financial measures as computed in accordance with U.S. GAAP. In addition, adjusted net income, adjusted earnings per diluted share and the adjusted effective tax rate may not be comparable to similarly titled measures as reported by other companies.

Regulation G Reconciliation - Net Income and Earnings per Diluted Share

($ in millions, except per-share amounts)

                                                   Second Quarter                                                            Second Quarter
                                                                           2020                                                                                         2019
--------------------------------------------------- ------------------------------------------------                        ----------------------------------------------------------------------------------------
                                        $             EPS(a)                         $                                  EPS(a)
--------------------------------------------------- -------------- -------------------- --------------                      ----------------------------------  -------------------- ----------------------------------
Reported net income from continuing operations                 $99            $0.42             $270              $1.13  
                                                                 5             0.02   --     --  
    Debt extinguishment charge
                                                               128             0.54              138               0.58  
    Business restructuring-related costs, net(b)
                                                                 3             0.01               23               0.10  
    Environmental remediation charges, net
                                                    --   --                8               0.03  
    Acquisition-related costs
                                                    --   --                2               0.01  
    Costs associated with accounting investigations
                                                    -------------- -------------------- --------------                      -------------- -------------------- -------------------- --------------
                                                                                             Second Quarter                                                                                                                          Second Quarter
                                                                                                                     2020                                                                                                                                                       2019
--------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------                             ------------------------------------------------------------------------------------------------------------------------------
                                                Income                                  Tax                        Effective                      Income                                  Tax                        Effective
                                                                   Before                                                   Expense                                         Tax Rate                                          Before                                                   Expense                                         Tax Rate
                                                                   Income                                                                                                                                                     Income
                                                                    Taxes                                                                                                                                                      Taxes
--------------------------------------------------- ----------------------------------  -------------------- ----------------------------------  -------------------- ------------------                       ----------------------------------  -------------------- ----------------------------------  -------------------- ------------------
Effective tax rate, continuing operations                     $126                $29               23.0 %                $363                $86               23.7 %
                                                                 7                  2               24.3 %      --     --     -- %
    Debt extinguishment charge
                                                               173                 45               26.5 %                 182                 44               24.2 %
    Business restructuring-related costs, net(b)
                                                                 4                  1               24.3 %                  30                  7               24.3 %
    Environmental remediation charges
                                                    --     --     -- %                  10                  2               23.8 %
    Acquisition-related costs
                                                    --     --     -- %                   3                  1               24.3 %
    Costs associated with accounting investigations
                                                    -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- ----                      -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- ----
(a)   Earnings per diluted share is calculated based on unrounded numbers. Figures in the table may not recalculate due to rounding.
PPG INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(All amounts in millions except per-share data)
                           Three Months Ended                            Three Months Ended                                                    Three Months Ended                                                                                                        Six Months Ended
                                 June 30                                       June 30                                                               June 30                                                                                                                  June 30
                                  2020                                          2020                               2020                                               2019                                               2020                                               2019
----------------------------------------------------------------------- -------------------- ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
Net sales                                                                                  $                    $  3,015                      $                    $  4,024                      $                    $  6,392                      $                    $  7,648  
Cost of sales, exclusive of depreciation and amortization                    1,703        2,288        3,611        4,361  
Selling, general and administrative                                            766          934        1,671        1,823  
Depreciation                                                                    91           91          184          177  
Amortization                                                                    32           35           68           67  
Research and development, net                                                   86          111          187          216  
Interest expense                                                                41           35           73           66  
Interest income                                                                 (5                    )         (7                    )        (14                    )        (13                    )
Business restructuring, net                                                    165          176          172          173  
Other charges/(income), net                                                     10           (2                    )         (5                    )         (4                    )
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Income before income taxes                                                                 $                    $    126                      $                    $    363                      $                    $    445                      $                    $    782  
Income tax expense                                                              29           86          100          188  
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Income from continuing operations                                               97          277          345          594  
Income from discontinued operations, net of tax                                  3            2            3            2  
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Net income attributable to the controlling and noncontrolling interests        100          279          348          596  
    Net loss/(income) attributable to noncontrolling interests                   2           (7                    )         (3                    )        (12                    )
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Net income (attributable to PPG)                                                           $                    $    102                      $                    $    272                      $                    $    345                      $                    $    584  
======================================================================= ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                        
----------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
Amounts attributable to PPG:
-----------------------------------------------------------------------
    Income from continuing operations, net of tax                                          $                    $     99                      $                    $    270                      $                    $    342                      $                    $    582  
    Income from discontinued operations, net of tax                              3            2            3            2  
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Net income (attributable to PPG)                                                           $                    $    102                      $                    $    272                      $                    $    345                      $                    $    584  
======================================================================= ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                        
----------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
Earnings per common share (attributable to PPG)
-----------------------------------------------------------------------
    Income from continuing operations, net of tax                                          $                    $   0.42                      $                    $   1.14                      $                    $   1.45                      $                    $   2.46  
    Income from discontinued operations, net of tax                           0.01         0.01         0.01         0.01  
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Net income (attributable to PPG)                                                           $                    $   0.43                      $                    $   1.15                      $                    $   1.46                      $                    $   2.47  
======================================================================= ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                        
----------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
Earnings per common share (attributable to PPG) - assuming dilution
-----------------------------------------------------------------------
    Income from continuing operations, net of tax                                          $                    $   0.42                      $                    $   1.13                      $                    $   1.44                      $                    $   2.44  
    Income from discontinued operations, net of tax                           0.01         0.01         0.01         0.01  
----------------------------------------------------------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Net income (attributable to PPG)                                                           $                    $   0.43                      $                    $   1.14                      $                    $   1.45                      $                    $   2.45  
======================================================================= ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                        
Average shares outstanding                                                   236.6        236.9        236.6        236.8  
======================================================================= ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                        
PPG INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET HIGHLIGHTS (unaudited)
($ in millions)
                          June 30                                June 30                    June 30                         December 31                         June 30
                           2020                                   2020                       2020                              2019                              2019
--------------------------------------------------------- -------------------- ------------------------------                       ------------------------------                       ------------------------------
Current assets:
    Cash and cash equivalents                                                $                    $      2,252                    $                    $      1,216                    $                    $        963
    Short-term investments                                            45             57             53
    Receivables, net                                               2,673          2,756          3,332
    Inventories                                                    1,706          1,710          1,945
    Other current assets                                             401            431            414
                                                          -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
        Total current assets                                                 $                    $      7,077                    $                    $      6,170                    $                    $      6,707
                                                          ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
                                                                        
Current liabilities:
    Short-term debt and current portion of long-term debt                    $                    $      1,688                    $                    $        513                    $                    $        654
    Accounts payable and accrued liabilities                       3,055          3,496          3,746
    Current portion of operating lease liabilities                   171            170            167
    Restructuring reserves                                           320            196            139
                                                          -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
        Total current liabilities                                            $                    $      5,234                    $                    $      4,375                    $                    $      4,706
                                                          ==================== ==================== ========== ==================== ==================== ========== ==================== ==================== ==========
                                                                        
--------------------------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
PPG OPERATING METRICS (unaudited)
($ in millions)
                  June 30                                   June 30                        June 30                            June 30                                         December 31                                         June 30
                   2020                                      2020                           2020                               2020                                              2019                                              2019
----------------------------------------- ----------------------------------------- -------------------- ---------------------------------------------                        ---------------------------------------------                        ---------------------------------------------
Operating Working Capital (a)             Operating Working Capital (a)                                $                    $ 2,383                      $                    $ 2,215                      $                    $ 2,780  
As a percent of quarter sales, annualized As a percent of quarter sales, annualized      19.8                    %      15.1                    %      17.3                    %
PPG INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BUSINESS SEGMENT INFORMATION (unaudited)
($ in millions)
                         Three Months Ended                          Three Months Ended                                                    Three Months Ended                                                                                                        Six Months Ended
                               June 30                                     June 30                                                               June 30                                                                                                                  June 30
                                2020                                        2020                               2020                                               2019                                               2020                                               2019
------------------------------------------------------------------- -------------------- ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------                        ----------------------------------------------
Net sales
    Performance Coatings                                                               $                    $  2,069                      $                    $  2,430                      $                    $  4,077                      $                    $  4,538  
    Industrial Coatings                                                    946        1,594        2,315        3,110  
                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
        Total                                                                          $                    $  3,015                      $                    $  4,024                      $                    $  6,392                      $                    $  7,648  
                                                                    ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ====== ====================
                                                                                                                                                    
Segment income
    Performance Coatings                                                               $                    $    362                      $                    $    425                      $                    $    634                      $                    $    722  
    Industrial Coatings                                                     34          235          215          453  
                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
        Total                                                                          $                    $    396                      $                    $    660                      $                    $    849                      $                    $  1,175  
                                                                                                                                                    
Items not allocated to segments
    Corporate                                                              (50                    )        (44                    )       (110                    )        (91                    )
    Interest expense, net of interest income                               (36 )                           (28 )                           (59 )                           (53 )
    Business restructuring-related costs, net (Note A)                    (173 )                          (182 )                          (186 )                          (185 )
    Environmental remediation charges                                       (4 )                           (30 )                           (12 )                           (40 )
    Debt extinguishment charge                                              (7 )                             -           (7 )                             -  
    Increase in allowance for doubtful accounts related to COVID-19          -            -          (30 )                             -  
    Acquisition-related costs                                                -          (10 )                             -          (17 )
    Costs associated with accounting investigations                          -           (3 )                             -           (7 )
                                                                    -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Note A:

CATEGORY Corporate CATEGORY Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20200716006020/en/

SOURCE: PPG

PPG Media:
Mark Silvey
Corporate Communications
+1-412-434-3046
silvey@ppg.com
PPG Investors: 
John Bruno
Investor Relations
+1-412-434-3466
jbruno@ppg.com 
investor.ppg.com
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