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PPG posts strong Q4 sales

BY HBSDealer Staff

PPG, the paint and coatings manufacturer, reported fourth quarter 2017 net sales of approximately $3.7 billion, up nearly 8% from 2016 net sales of $3.4 billion.

For the full-year 2017, PPG posted net sales from continuing operations of approximately $14.8 billion, up more than 3%, versus sales of $14.3 billion in 2016. 

PPG also reported a fourth quarter net income from continuing operations of $184 million, nearly double a net income from continuing operations of $91 million in the fourth quarter 2016. The company’s 2017 full-year reported net income from continuing operations was $1.4 billion, soaring compared to a net income of $547 million in 2016.

Sales in PPG’s performance coatings segment, including consumer house paint, automotive refinishes, and aerospace products, were $2.1 billion during the quarter, up 7% over the prior year. Industrial coatings sales grew 8% to $1.6 billion for the quarter.

“In the fourth quarter, we delivered solid and balanced sales growth in each major region, and both reporting segments achieved at least 2% sales volume growth,” said Michael McGarry, PPG chairman and CEO.

The Pittsburgh-based company also reported that it will spend at least $2.4 billion on acquisitions and share repurchases in 2018.

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Starts step back in December

BY HBSDealer Staff

The year of residential construction ended with a dud in December. Housing starts slipped to a seasonally adjusted annual rate of 1,192,000 — down 8.2% from the revised November estimate.

Single-family starts in December were at a pace of 836,000 — down 11.8% from the revised November figure. Single-family building permits were up 1.8%.

Compared to a year ago, December’s rate of total starts were down 6.0%. And for those looking for bright spots from a dreary report, single-family starts increased 3.5% year-over-year.

Despite the variety of declines contained in Thursday morning’s report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the preliminary 12-month total for 2017 housing starts — not the rate, but the actual number — rose to 1,202,000. That’s 2.4% above the 2016 figure of 1,173,800.

On a regional basis, the government data showed the following for December’s SAAR:

Year over year change

  • Northeast — down 1.1%
  • Midwest — down 19.8%
  • South — up 2.8%
  • West — up 12.0%

Monthly change

  • Northeast — down 4.3%
  • Midwest — down 2.2%
  • South — down 14.2%
  • West — down 0.9%

View the Census data here.

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HBSDealer Stock Watch: Stout finish for Wednesday

BY HBSDealer Staff

It was a solid Wednesday end-of-day for companies on the HBSDealer Stock Watch, particularly in building materials, with BXC rising 11.09%, BLDR up 2.89%, and USG up 1.73%.

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