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PPG Industries (PPG) Michael H. McGarry on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 21, 2016 2:00 pm ET

Executives

Scott Minder - Director-Investor Relations

Michael H. McGarry - President and Chief Executive Officer

Vincent J. Morales - Vice President-Investor Relations and Treasurer

Frank S. Sklarsky - Chief Financial Officer & Executive Vice President

Analysts

Frank J. Mitsch - Wells Fargo Securities LLC

Mehul M. Dalia - Robert W. Baird & Co., Inc. (Broker)

Christopher S. Parkinson - Credit Suisse Securities (NYSE:USA) LLC (Broker)

David I. Begleiter - Deutsche Bank Securities, Inc.

Robert Andrew Koort - Goldman Sachs & Co.

Jeffrey J. Zekauskas - JPMorgan Securities LLC

Duffy Fischer - Barclays Capital, Inc.

Vincent Stephen Andrews - Morgan Stanley & Co. LLC

Don Carson - Susquehanna Financial Group LLLP

P.J. Juvekar - Citigroup Global Markets, Inc. (Broker)

John Roberts - UBS Securities LLC

James Sheehan - SunTrust Robinson Humphrey, Inc.

Arun Viswanathan - RBC Capital Markets LLC

Michael Joseph Harrison - Seaport Global Securities LLC

Nils-Bertil Wallin - CLSA Americas LLC

Laurence Alexander - Jefferies LLC

Ivan M. Marcuse - KeyBanc Capital Markets, Inc.

Operator

Good afternoon and welcome to the PPG First Quarter 2016 Earnings Conference Call.

My name is Andrew and I will be your conference specialist today. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

I would now like to turn the conference over to Mr. Scott Minder, Director, Investor Relations. Please go ahead.

Scott Minder - Director-Investor Relations

Thank you, Andrew. Good afternoon. This is Scott Minder, Director of Investor Relations. We appreciate your interest in PPG Industries and welcome you to this teleconference to review PPG's first quarter 2016 financial results.

Joining me on the call from PPG are Michael McGarry, President and Chief Executive Officer; Frank Sklarsky, Executive Vice President and Chief Financial Officer; and Vince Morales, Vice President, Investor Relations and Treasurer.

Our comments relate to the financial information released on Thursday, April 21, 2016. I will remind everyone that we posted detailed commentary and accompanying presentation slides on the Investor Center of our website, ppg.com. The slides are also available on the webcast site for this call and provide additional support to the opening comments Michael will make momentarily. Following Michael's perspective on the company results for the quarter, we will move to a Q&A session.

Both the prepared commentary and the discussion during this call may contain forward-looking statements reflecting the company's current view of future events and their potential effect on PPG's operating and financial performance. These statements involve uncertainties and risks, which may cause actual results to differ. The company is under no obligation to provide subsequent updates to these forward-looking statements.

This presentation also contains certain non-GAAP financial measures. The company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information, please refer to PPG's filings with the SEC.

Now, let me introduce PPG President and Chief Executive Officer, Michael McGarry.

Michael H. McGarry - President and Chief Executive Officer

Thank you, Scott, and good afternoon, everyone. I want to thank you for your continued interest in PPG. Today, we reported first quarter 2016 financial results. We achieved first quarter net sales of $3.7 billion and record adjusted earnings per diluted share of $1.31. Overall, we continue to deliver strong financial results as evidenced by our adjusted earnings per diluted share growth in the quarter, which increased 11% versus the record established in the prior year. We achieved these results despite ongoing unfavorable foreign currency translation and continued uneven global economic and market conditions.