PPG Announces Earnings Guidance, Plans to Cut 2,000 Employees
PITTSBURGH – In reporting its earnings guidance for the first quarter of 2012, PPG Industries announced plans to reduce its workforce by 2,000 employees. The planned cuts are a result of sluggish demand in Europe. Excluding nonrecurring charges related to the workforce reduction, environmental remediation and acquisition-related expenses, the company expects first-quarter earnings per share to exceed those of the first quarter of 2011.
The company will report nonrecurring charges in the first quarter 2012 related to business restructuring, environmental remediation and acquisition-related expenses. As a result, the company expects first quarter 2012 earnings per diluted share in the range of 2 to 7 cents. Adjusted earnings per diluted share for the quarter, excluding the nonrecurring charges, are expected to be between $1.75 and $1.80. This compares with reported earnings per diluted share of $1.40 in the first quarter 2011. There were no nonrecurring charges in the first quarter 2011.