PPG Industries Sees FY19 Adj. EPS Growth Of 7% To 10% - Quick Facts

(RTTNews) - PPG Industries Inc. (PPG) on Thursday announced its financial outlook for fiscal 2019.

For fiscal 2019, PPG forecast sales growth of 3 to 5 percent in constant currencies, including recently announced acquisitions, and adjusted earnings per share growth, excluding currency translation impacts, of 7 to 10 percent.

Other targets for 2019 announced by the company include its strong alignment with shareholder value creation by maintaining 10 percent earnings per share growth as the earnings-related metric for variable long-term incentive compensation, and to deliver cost savings of at least $70 million.

The company also intends to recommend an increase in the annual per share dividend to its board of directors, and complete the strategic review of the business portfolio.

Further, PPG plans to achieve continued Board and management support to enhance governance structure by proposing to amend Articles of Incorporation and Bylaws eliminating the classified board and removing supermajority voting.

Michael McGarry, PPG chairman and CEO, said, "The 7 to 10 percent EPS growth target is specific, actionable and reflective of the current macroeconomic environment. We will maintain a minimum of 10 percent EPS growth as our earnings-related metric for our variable long-term incentive compensation, ensuring very strong alignment with shareholder value creation."