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PPG Industries, Inc. (NYSE:PPG) Q1 2018 Anhesis Appointment Alarm April 19, 2018 2:00 PM ET

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Executives

John Bruno – Director, IR

Michael McGarry – Chairman & CEO

Vincent Morales – SVP & CFO

Analysts

Ghansham Panjabi – Robert W. Baird & Co.

Christopher Parkinson – Crédit Suisse AG

John McNulty – BMO Basic Markets

John Roberts – UBS Advance Bank

Daniel Jester – Citigroup

Kevin McCarthy – Vertical Research Partners

Frank Mitsch – Wells Fargo Securities

David Begleiter – Deutsche Bank AG

Christopher Evans – Goldman Sachs Group

Jeffrey Zekauskas – JPMorgan Chase & Co.

Dmitry Silversteyn – Longbow Research

Patrick Fischer – Barclays Bank PLC

Laurence Alexander – Jefferies

Vincent Andrews – Morgan Stanley

Michael Sison – KeyBanc Basic Markets

Arun Viswanathan – RBC Basic Markets

Donald Carson – Susquehanna Banking Group

Ian Bennett – Bank of America Merrill Lynch

Michael Harrison – Seaport All-around Securities

James Sheehan – SunTrust Robinson Humphrey

Operator

Good afternoon, and acceptable to the PPG Industries Aboriginal Division 2018 Anhesis Appointment Call. My name is Jamie, and I will be your appointment specialist today. [Operator Instructions]. Amuse additionally note, today’s accident is actuality recorded. At this time, I’d like to about-face the appointment alarm over to John Bruno, Director of Broker Relations. Sir, amuse go ahead.

John Bruno

Thank you, Jamie. Acceptable afternoon, everyone. We acknowledge your connected absorption in PPG and acceptable you to our aboriginal ision 2018 banking after-effects appointment call. Joining me on the alarm from PPG are Michael McGarry, Chairman and Chief Executive Ofr; and Vince Morales, Senior Vice President and Chief Banking Ofr. Our comments chronicle to the banking advice appear on Thursday, April 19, 2018.

I will admonish anybody that we accept acquaint abundant annotation and accompanying presentation slides on the Investors centermost of our website, ppg.com. The slides are additionally accessible on the webcast armpit for this alarm and accommodate added abutment to the aperture comments Michael will accomplish srtly. Afterward Michael’s angle on the company’s after-effects for the quarter, we will move to a Q&A session. Both the able annotation and altercation during this alarm may accommodate advanced statements, absorption the company’s accepted appearance of approaching contest and their abeyant aftereffect on PPG’s operating and banking achievement These statements absorb uncertainties and risk, which may account complete after-effects to differ. The aggregation is beneath no obligation to accommodate afterwards updates of these advanced statements.

This presentation additionally contains ertive non-GAAP banking measures. The aggregation has provided, in the addendum of the presentation materials, which are accessible on our website, reconciliations of these non-GAAP banking measures to the best anon commensurable GAAP banking measures. For added information, amuse accredit to PPG’s filings with the SEC.

Now let me acquaint PPG Chairman and CEO, Michael McGarry.

Michael McGarry

Thank you, John, and acceptable afternoon, everyone. Today, we appear aboriginal ision 2018 banking results. For the aboriginal quarter, our net sales were about $3.8 billion and our acclimatized anhesis per adulterated allotment from continuing operations were $1.39. This represents an EPS advance amount of about 4% for the quarter. The anhesis advance we accomplished was admitting continuing an animated raw actual aggrandizement during the quarter, which we partially countered with affairs amount improvements and able amount management.

In addition, we abide to account from our advancing banknote deployment fo on anhesis accretion. For the aboriginal quarter, our appear net sales were up about 9% while our sales in bounded currencies added about 3%. Supporting the college bounded bill sales were added affairs prices of about 2%, appearance the fourth beeline ision of advance over the above-mentioned afterwards quarter. Absolute sales aculated added modestly, but were abnormally impacted by beneath aircraft canicule in the aboriginal ision 2017, lower European architectural coatings volumes due to acrid winter acclimate that acquired several canicule of abundance closures during the ision and lower U.S. architectural DIY coatings sales volumes.

In addition, we anesthetized on some business this ision as we pursued college affairs prices and accept prioritized allowance recovery. Foreign bill adaptation was favorable as several key currencies adequate adjoin the dollar, with sales agreeably impacted by about $200 actor and pretax ets agreeably impacted by about $25 million. We apprehend a hardly beneath favorable appulse in the added quarter. Attractive at some of the business trends in the aboriginal quarter, our Automated Coatings articulation delivered solid amoebic sales advance of about 2%, which included a 200 abject point advance in affairs amount from the antecedent quarter. Amoebic sales volumes at packaging coatings were up mid-single chiffre allotment as the acceptance of our INNOVEL autogenous can coatings articles connected and affairs prices increases were achieved.

We additionally abide to abound sales aculated in accepted automated and specialty coatings and materials, carrying our ninth afterwards ision of aloft bazaar advance rate, apprenticed by able sales advance in the Europe and Latin American regions. In addition, the accepted automated affairs prices acquired notable absorption in the quarter. Automotive OEM coatings sales volumes were collapsed connected with the all-around industry automotive builds. We continueD to beat the bazaar in Latin America due to new business we actomed in above-mentioned years. In China, our sales volumes were abundantly lower and in band with the all-embracing industry, which was accepted afterward the December cessation of the tax subsidy that was advanced accessible in the country.

We advanced China automotive builds advance both for the industry and PPG to advance in the added quarter. In the Achievement Coatings segment, aeroe coatings had aerial single-di allotment aculated advance led by above-industry achievement in U.S. and Asia Pacific regions. Automotive refinish grew amoebic sales by mid-single-di allotment accurate by above-market achievement in Europe. Architectural EMEA sales volumes were bottomward in the quarter, as I mentioned, impacted by beneath aircraft canicule and acrid winter weather. This business has progressed their affairs amount initiatives alive to adverse raw actual aggrandizement during the quarter.

Sales grew a solid mid-single chiffre in Latin America with contributions from our Mexican PPG-Comex business, Brazil and Central America. During the quarter, we opened an added 45 food in Mexico and Central America. Sales volumes in architectural coatings Americas and Asia Pacific were collapsed and sales amoebic advance in the U.S. and Canada company-owned food were account by lower DIY and complete banker arrangement sales volumes. Our company-owned food delivered their arch annual advance in over 4 years on an acclimatized day basis. Our PPG around-the-clock articles abide to be added to added Home Depot food and had acceptable in-consumer cull through the quarter.

Protective and abyssal coatings sales volumes were up — alibi me, were collapsed compared to aftermost year with solid careful coatings sales apprenticed by Asia, account by abstinent weakness in our aculated abyssal coatings sales volumes. Shipbuilding orders in Asia abide to increase, advocacy the affairs of a accretion in the abyssal coatings in aboriginal 2019. This will activate to add 8 acrylic sales volumes afterwards this year. From a bounded perspective, sales volumes advance was the accomplished in Latin America apprenticed by a bazaar outperformance in the Automated Coatings articulation and able architectural coatings sales volumes. Sales volumes were hardly lower year-over-year in Europe. A solid mid-single-di allotment access in the Automated Coatings articulation was account by lower sales in the architectural coatings EMEA segment.

We advanced that the automated business will abide to bear advance in the added ision as bounded automated embly continues to abide favorable for a broader, connected bread-and-er recovery. Sales volumes were collapsed in the U.S. and Canada in the aboriginal quarter. Able sales volumes in our aeroe coatings business and solid amoebic sales advance in automotive refinish, accepted automated and packaging coatings were account by lower automotive OEM sales volumes, including the abatement in bounded industry automotive uction.

Sales in the Asia Pacific arena were collapsed with above-mentioned year as we accomplished softer appeal in China as our barter had a best abeyance afterwards the Chinese New Year. We apprehend stronger sales in China during the added quarter, led by college automotive OEM demand. Sales volumes in India grew by low boyod chiffre allotment with broad-based contributions above abounding businesses. From an anhesis perspective, our aboriginal ision acclimatized anhesis per adulterated allotment of $1.39 was added than 4% advance against the above-mentioned year. Our anhesis were impacted by animated raw actual aggrandizement in the aboriginal ision that while impacting best of our businesses had a acute appulse on the business on our Automated Coatings segment.

In the aboriginal allotment of the quarter, adhesive resins, which is a key ascribe for automotive OEM and packaging coatings, added by added than 40% due to embly curtailments in China. In addition, animated oil prices impacted solid abject raw abstracts and aen costs. In aggregate, raw actual aggrandizement was about a mid-single-di allotment access in the quarter, which is on top of raw actual aggrandizement we incurred in the aboriginal ision 2017. We apprehend raw actual aggrandizement to abide in the added ision of 2018, but apprehend increases to accepted aggrandizement levels to moderate.

During the aboriginal quarter, affairs amount initiatives acquired drive with our best cogent afterwards advance aback the accepted aeon of raw actual aggrandizement sed a year ago. Noteworthy are the ets accomplished in our Automated Coatings segment, which accomplished 200 abject credibility of afterwards improvement. We are continuing to ignment with our barter on added affairs amount initiatives foed on offsetting this iduous raw actual inflation. In addition, we are autritative added advance in our efforts on raw actual adeptness with added accepted as we advance through the year.

In accession to affairs amount initiatives, we are partially mitigating raw actual aggrandizement through continuing amount management. We bargain selling, accepted and autritative amount by about 140 abject credibility compared to aftermost year, including acceptable advance from our business restructuring actions. We accept aloft our targeted restructuring aculation now to amid $50 actor and $55 actor in 2018 from our above-mentioned guidance.

In addition, anhesis per allotment benefited from an advancing banknote deployment actions. This includes the appulse of our repurchase of $600 actor of PPG b in the aboriginal quarter. In the quarter, boilerplate adulterated shares outstanding were 3% lower against the aboriginal ision 2017. Our able tax amount was 23.5% in the aboriginal quarter, which is lower than the 24.9% amount from the aboriginal ision 2017. The abridgement mostly relates to the tax ameliorate legislation that was implemented at the alpha of 2018. We are still aning a abounding year tax amount amid 23% and 24%.

As we accessory ahead, we still apprehend connected complete drive in all-embracing all-around bread-and-er growth. We are carefully ecology and evaluating the achievability and bifurcation of new tariffs. Currently, we do not see a cogent complete appulse to our company, but any aation to chargeless barter would be concerning. Specific to our business, we still apprehend bigger advance in apartment ss in the U.S. during 2018. We accept the U.S. bounded automotive industry builds will be almost collapsed year-over-year. In Latin America, we advanced connected bread-and-er amplification of South America, in accurate for Brazil. Advance ante in Asia are accepted to abide about connected with 2017 with connected automated embly advance in China. We apprehend stronger automotive body advance ante in the added ision based on lower account levels and easier above-mentioned year comparisons. We apprehend bread-and-er amplification to abide in India afterwards a able aboriginal quarter.

Economic advance in Europe is accepted to continue, but abide orted by subregion and country. Favorable end-use bazaar trends are accepted to continue, decidedly in automotive OEM coatings as industry body advance ante are accepted to abide positive. We will abide to administer all elements of our business aural our ascendancy to ensure that we abide advancing behindhand of bread-and-er conditions. We will abide to inate on our 2016 restructuring affairs foed on abbreviation our all-embracing amount structure. As we appear this morning, we will be ablution our awful rated Olympics stain articles in the Home Depot during the added quarter. Olympic has been America’s best trusted stain cast aback 1938. We’re actual aflame to aggrandize our accord with the arch do-it-for-yourself banker in the world. We will ignment carefully with the Home Depot to optimize its success.

As mentioned in our anhesis columnist absolution based on a change in chump array that we accomplished in the aboriginal quarter, we are added evaluating our amount anatomy and will be alive to and inate on any opportunities to abate cost, which is what you’d apprehend from PPG. While we do this, we will not abandon our efforts and investments to abide our advance initiatives, including targeting ertive advance spending in the added ision with affairs to absorb an added $5 million.

Finally, we abide in a position of backbone as we ured the aboriginal ision with over $1.4 billion in banknote and concise investments, which accommodate us with cogent banking flexibility. We abide committed to arrange a minimum of $2.4 billion of banknote in 2018 on acquisitions and allotment repurchases as allotment of our advanced appear ambition to arrange a minimum of $3.5 billion in 2017 and 2018 combined. Our accretion action charcoal active. We plan to abide to repurchase shares in the added quarter.

This concludes our able remarks. Already again, we acknowledge your absorption in PPG. And now Jamie, would you amuse accessible the band for questions?

Question-and-Answer Session

Operator

[Operator Instructions]. And our aboriginal catechism today comes from Ghansham Panjabi from R.W. Baird.

Ghansham Panjabi

I guess, aboriginal catechism on Arctic American affliction food and the mid-single-di access during the aboriginal quarter. How does that anatomize out amid volumes and price? And aloof actomed the advancing weakness in complete banker approach in the allotment about-face in the me advance channel, w are you cerebration about your abundance footprint, I guess, added broadly in agreement of incremental investments there?

Michael McGarry

Well, we had nice volumes and we had complete price, is the way I would alarm that. We opened seven new food in the aboriginal quarter, and that was despite, as you know, acclimate in the arctic abide to be awfully arduous as we bankrupt the ages of March. So I was absolutely admiring with our abundance performance.

Ghansham Panjabi

Okay. And I guess, added catechism as it relates to your comments on raw materials. I advanced you said mid-single-di access in the aboriginal ision and some akin of anhesis as the year unfolds. But awkward oil prices are up absolutely a bit. The curtailments in China accept been in place. I guess, what’s giving you aplomb that you will alpha to see that anhesis as the year unfolds on the amount side?

Michael McGarry

We still advanced mid-single-di increases. We will accept increases in the added ision and continuing. I advanced what we see, aboriginal of all, certainly, oil is up decidedly year-over-year. So that’s not action to change. Propylene is up in all the three regions, and that’s up sequentially as well. Ethylene is the one affair that is down. So I guess, I’m aggravating to put it in angle that Q4 was a actual ample number, Q1 was a actual ample cardinal and we’re action to abide to see cogent numbers, but maybe not to the exact aforementioned cogent access that we saw in Q4 and Q1.

Operator

Our aing catechism comes from Christopher Parkinson from Credit Suisse.

Christopher Parkinson

When we advanced about the Automated Coatings articulation accurately volumes, can you aloof booty us for a quick walk-through to your comments on accepted automated packaging against your apprehension for auto, not in the aboriginal quarter, but w you see ’18 evolving and into ’19? And afresh additionally aloof what’s the best way for all of us to advanced about your adeptness to accomplish amount in the segment, already again, by end bazaar against aftermost year?

Michael McGarry

Well, let’s alpha with amount because I advanced that’s a absolutely complete story. We had amount in every distinct of our businesses afterwards exception. We additionally see amount advancing in the added ision as able-bodied in every distinct one of our businesses. So the absorption has bigger decidedly because. As we accept said, we’re prioritizing amount over volume. And that bulletin is acutely actomed by the complete aggregation in PPG. Aback you breach it bottomward into the orted sub segments of industrials, so I’ll booty the Automated Coatings first. Heavy-duty accessories continues to accomplish well. Electronic abstracts is a positive. Coil is a positive. Transportation is a positive. Our blanket casework business, because of all the wins they had in Mexico, they’re accomplishing well. So the one breadth of negative, of course, is wood. China is alive from bodies painting in the uses to painting in the factories, and that has as a change in — breadth it’s accident in the exchange as far as the approach that the artefact is actuality sold. So that’s the one negative. Aback you accessory at packaging, that’s been a connected success adventure for us.

Our new INNOVEL technology has been absolutely actomed and we’re absolutely admiring about that. OEM coatings, again, you accept to breach that bottomward into regions. So the U.S., we went into the year cerebration the U.S. volumes would be hardly down. As you saw, March SAAR was actual able at about $17.5 million. The one admonition would be Europe alike admitting we see Europe actuality up, allotment in Europe were added abundantly down. Year-to-date, they’re flat. But we still are actual optimistic. We advanced it’ll be up apparently 3% in Europe. And Latin America will be strong, as you know, added our allotment accretion in Mexico. And afresh I was admiring aback I looked at China. For March, inventories are in actual acceptable appearance there. Banker account and the lots are in acceptable shape. The OEM inventories are in acceptable shape. And March sales were absolutely up about 3%. So I advanced that’s action to be good. Of course, India had an outstanding month.

Vincent Morales

And if I could add, Chris, the expectations in China for the aboriginal ision were modest, as Michael mentioned in the able remarks. We were advancing off a tax allurement that we accept pulled some business in the 2017. So we were afresh admiring with March dispatch up after, again, a abrupt pause.

Christopher Parkinson

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That’s helpful. Can you additionally do a quick walk-through of your EMEA architectural business, accurately airing through in Europe. I’m bold France is still weak. But what about the Benelux, U.K. and Central Eastern Europe on a afterwards basis? Aloof any comments on advance and the advancing mural would be helpful.

Michael McGarry

Yes, so the Benelux did appealing well. Got to remember, Benelux is a bazaar that has a lot of exoteric painting. So the actuality that we had such boxy acclimate in March is allotment of what abject that down. But aback you accessory at the basal excess of our tomers, it’s still absolutely good. Retail Europe is by far the bigger concern. Retail Europe is bottomward aerial distinct dis. I’m abiding you’ve credible some of the letters from some of the ociation in that e. We did get a little alert on the U.K. We saw some aboriginal signs of Brexit, but it’s adamantine to anatomize out the Brexit against the actuality that they had snow in England, which never happened. So I advanced that’s allotment of our concern. Aback you accessory at some of the Eastern European countries accomplishing pretty, what I would — I’d say blind in there, they were added impacted by acclimate than anybody else. And afresh you appear aback to France as a country, our barter business did actual well, actually, in the aboriginal quarter, but it was account by the weakness in retail. So no accretion yet for France as a country, but we are in appealing acceptable appearance as far as the business.

Operator

Our aing catechism comes from John McNulty from BMO Basic Markets.

John McNulty

With attention to the volumes, you had adumbrated there was some burden about apprait breadth you were walking abroad aback they weren’t demography the pricing. I guess, could you bright w abundant of the aculated appulse that was in the quarter?

Vincent Morales

Yes, John, this is Vince. Again, in several of our businesses, we saw bordering aculated that we had, we anion we’ve had appointed or had appointed that with a lower price, went to somebody else. It’s not quantifiable, but we absolutely anecdotally and qualitatively saw that appear in several of our businesses.

John McNulty

Got it. And afresh aloof as a follow-up. Your aculated and bequest line. I advanced their aboriginal adviser had been for $220 actor to $240 actor of affectionate of an amount this year. And I guess, you’ve revised it to a $175 actor to $190 million. I guess, what are the above takeaways on that, that are — that it’s accepting it as low as it is? I apperceive you had been alive on amount acid all along. So that was — I would imagine, that was partially in the aboriginal guide. So, I guess, what’s the big change there?

Vincent Morales

The two bigger things that accept bargain that cardinal aback we can accommodate any guidance. Cardinal one, we did accept a revised actuarial advice from our alimony plan. I think, as you know, John, we’ve done a lot of ignment over the accomplished three or four years to advice immunize our alimony plan and as actuarial information, which we do actomed periodically, but we actomed it afterwards our aboriginal guidance. And it was a big factor. And also, we fabricated some structural changes to our retiree bloom care, OPEB programs, that are rolling through. That’s a pay-as-you-go process.

Operator

Our aing catechism comes from John Roberts from UBS.

John Roberts

Could you allocution about the ambit of amount increases that you accomplished sequentially? I’m academic packaging coatings was up the best actomed the adhesive bearings and conceivably the increases were basal in weaker areas like European Deco or U.S. DIY?

Vincent Morales

John, we about don’t get into accommodation by business. We did accommodate in the able abstracts the advice by segment, which is our acceptable adver protocol. So I’d ask you to aloof accredit to that.

John Roberts

And afresh I anion aftermost ision was a almanac annual repurchase amount for the aggregation and now this ision is 50% higher. How do we advanced about the clip of acknowledgment as you complete the banknote deployment targets?

Vincent Morales

Well, I advanced as we’ve said abounding times in the past, we don’t accommodate our clip or blazon of banknote deployment from quarter-to-quarter. We use a aggregation of factors to actuate what we’re action to do with our cash, and tse accommodate our accretion pipeline. And so we still are committed to the $2.4 billion for this year on both acquisitions and allotment repurchases and we’ll account that, but we won’t accord the accent by ision or type.

Operator

And our aing catechism comes from P.J. Juvekar from Citi.

Daniel Jester

It’s Dan Jester on for P.J. So if I accessory at the calefaction map in your advance deck, it seems like there’s a brace added end markets which you logged beneath bazaar advance in this quarter, packaging in Asia Pacific and a brace of businesses in EMEA. So is that accompanying to some of the business that you absolved abroad from because of margins? Or there’s article abroad action on tse markets that we suld be acquainted of?

Michael McGarry

No, you hit the attach appropriate on the head. As you can imagine, adhesive prices were up significantly. And we were adopting price, and we basic to get amount for the market-leading technology we provide. And if we didn’t get it, we were advancing in adage afresh see if you can accretion your coatings needs from about else.

Daniel Jester

Okay. And afresh aen amount is article that’s appear up a bit, not aloof for yourself, but for added players in the industry. I’m wondering, is there annihilation that you can do with commendations to your own embly plan to advice optimize or complete your aen cost? Or is that aloof addition band account abstracts that eventually you allegation to canyon best barter and get them to pay for?

Michael McGarry

Well, we are consistently attractive at our accomplishment footprint. That’s a connected item. And so we are attractive w we can abide to optimize that. But as you know, abnormally actuality in the U.S. and it’s not aloof the U.S. had problem, but there is beneath trucking availability and availability of trucks on a abbreviate apprehension is additionally a challenge. So if you allegation article abbreviate afresh you allegation to pay added or you don’t get it. So that’s a claiming for us. But as you know, that’s not about as big a affiance to what we accept with epoxies, emulsions, TiO2 and some others.

Vincent Morales

But we are alive on our barter on both of these categories with account to affairs price.

Operator

Our aing catechism comes from Kevin McCarthy from VRP.

Kevin McCarthy

Would you animadversion on the timing of the rollout of Olympic stain above the 2,000 food at Home Depot and conceivably characterize the admeasurement of that aback as you ignment to backfill the foregone sales at Lowe’s?

Michael McGarry

Yes, Kevin, I advanced it’s up to Home Depot to acquaint you aback it gets in their stores. What we did put in the absolution is that we are aircraft and it will be a added ision event. So that’s a complete positive. The added affair is w bound they responded aural two canicule of the adver from the added big box retailer. We were in Atlanta mapping out affairs jointly. And that was a cast that they admired for a connected time. And jointly, we’re action to ignment actual adamantine to accomplish this a success. So I advanced the way to advanced about the all-embracing sales dollars, tugh, is aback you advanced about any big box, affliction is consistently bigger than stain and Home Depot is consistently bigger than Lowe’s. So I’ll let you affectionate of do that. Now what you accept to bethink is there was artefact already in Home Depot, and so they’ll accept to ignment their way through that artefact and ignment their way into ours. So there is some of that timing affair that you’ll accept to agency in. So our sales in 2019 will be decidedly bigger than 2018.

Kevin McCarthy

And afresh as a added question, I basic to appear aback to your amount contributions. You’ve credible some nice dispatch there over the aftermost brace of quarters. Michael, as you accessory at the anhesis of the year, do you advanced you can sustain this akin of amount addition for the all-embracing company, advance from here? Does it appendage off at some point because you get to harder comps? How suld we advanced about the accent of tse contributions this year?

Michael McGarry

No, the absorption is accepting bigger and we will accept added to come. You accept to remember, we about like to be 6 to 9 months abaft the raw materials. We’re a little bit afterwards than that now. So we accept added to bolt up. So we’re still, alike with the nice traction, we still accept to do a bigger job in this area. And so you’re action to apprehend to apprehend us allocution added about amount ets in the aing ision as well.

Vincent Morales

Kevin, you’re right. Aback bisected of the year of 2017, we did see some bashful amount traction. That went aback to year-over-year numbers. But on complete basis, we’re continuing to accompany college pricing.

Operator

Our aing catechism comes from Frank Mitsch from Wells Fargo Securities.

Frank Mitsch

Let me ask Kevin’s catechism a altered way. Breadth do we angle appropriate now added ision to date in agreement of amount increases that you’ve been able to accomplish about to Q1?

Vincent Morales

Frank, our apprehension is that’s action to be college year-over-year than we saw in Q1. So we again, we saw in Q1 1.6% affairs amount increase. Again, anybody of our businesses breadth we advanced we’ll be tracking college in Q2, we’re not action to quantify that. But again, it suld be college than we saw in Q1 on a year-over-year basis.

Frank Mitsch

All right, terrific. That’s helpful. And afresh I did apprehension your net debt-to-EBITDA went up to 1.5x at the end of Q1. Breadth is your abundance level? Breadth suld we be cerebration about your targeted advantage ratios?

Vincent Morales

Yes, Frank, Vince again. Yes, we did borrow about $1 billion in Q1. We like the absorption amount at the time aback we borrow that all in. It’s about a 3.6% absorption rate. We absolutely accept a lot of banking adaptability and a lot of anhesis breadth capacity. As an industry and as a company, the coatings industry can abutment a abundant college advantage arrangement than we accept today and we’re not action to put a alude of that. But if we accretion the opportunities, we will absolutely exercise the anhesis breadth aural aen and our alone bigger belief would be to abide investment-grade.

Operator

Our aing catechism comes from David Begleiter from Deutsche Bank.

David Begleiter

Michael and Vince, aback will affairs amount increases absolutely bolt up to these college raw actual costs, which quarter, is it Q2, is it Q3?

Michael McGarry

I advanced the aback bisected of the year, David, is apparently the best acceptable scenario. As you know, this is not a absolute science. Every day, every sales rep in the apple for PPG is talking about amount and has their own deliverables on that. But I would absolutely say the added half, the aftermost bisected of the year is it.

David Begleiter

Very good. And Michael, aloof on aculated afterwards the bendable numbers in Q1 for array of reasons. Can we get aback to, let’s say, 2% aculated advance in Q2 year-over-year do you think?

Michael McGarry

So as I told you on the fourth ision call, the 3%, we don’t appee to draw a line, use the one abstracts point. We saw the one beneath affairs day in the aboriginal quarter, so we were aggravating to be a little cautious. We acutely did not adumbrate the boxy weather. April hasn’t sed out actual able-bodied from a acclimate standpoint in the U.S. So that will accept some anhesis on it. But the barter all accept able backlogs. Aback we talked to our big application tomers, they absolutely are bullish on the year. So I would say that we suld be afterpiece to your cardinal than our aboriginal ision number.

Operator

Our aing catechism comes from Bob Koort from Goldman Sachs.

Christopher Evans

This is Chris Evans on for Bob. Aloof basic to ysis in and see if you’re seeing in altered artefact categories that your aeon are as committed as PPG has been to pricing. Any specific artefact categories or maybe you’re not seeing the aforementioned disappointment that you guys are expressing.

Michael McGarry

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Well, I advanced the alone way to acknowledgment that catechism is our animadversion breadth we said that we’d airing abroad from some business. So every aggregation has to accomplish their own complete decisions. And so PPG has fabricated their decisions. And you apparently are bigger off allurement our aeon about their own complete decision.

Christopher Evans

Great. And afresh maybe aloof allocution a little bit about the artefact band barter that happened beforehand in the year. Maybe aloof if you could deconstruct maybe what happened there, it seems like that came as a bit of a surprise. And afresh I’d be ytical to apprehend opportunities breadth you adeptness be able to about-face tse architectural gallons that we haven’t credible yet. And afresh maybe afterwards as allotment of that, do you apprehend the Home Depot new artefact barrage to be EPS complete in this year? Or is there any added costs ociated with that?

Vincent Morales

Yes, Chris, Vince. I’ll try to booty at atomic the aboriginal allotment of that question. With account to the chump array change, I’d artlessly allocate that as a chump — the chump fabricated the accommodation that we absolutely were aghast with. But certainly, any tomer’s accommodation to baddest our artefact or somebody else’s artefact and if you allegation any added information, you absolutely would allegation to yze with that tomer. I advanced your aftermost question, Michael is action to acknowledgment the average one. I advanced your aftermost catechism on Home Depot is certainly, our ambition is for that to be accretive in Q2 and in afterwards quarters. As you know, Q4 is a ablaze quarter, abnormally for stain. So that one, we’ll accept to see what the chump cull through is as we will in Q2 and Q3. But actomed the volumes in Q, we apprehend pefully to accomplish in Q2 and Q3, we’d apprehend that to be accretive.

Michael McGarry

Yes. I advanced as far as the volume, I think, I covered that earlier. Home Depot is 100% abaft this. And you’ll see aback they alpha to put in the abundance the blazon of array and blazon of highlighting of the uct. But again, that’s absolutely for them to animadversion on.

Operator

Our aing catechism comes from Jeff Zekauskas from JPMorgan.

Jeffrey Zekauskas

There was $15 actor added ets net account in the quarter. What was that?

Vincent Morales

Jeff, we had about a $7 actor allegation aftermost year for one of our bequest items for a bulb we no best accomplish and haven’t operated for absolutely some time. And we had a — we had an disinterestedness advance that sed in Q2 of aftermost year. It may accept been aboriginal Q3 that had disinterestedness income. Tse 2 items aculated comprise the delta.

Jeffrey Zekauskas

Okay. Second, you’ve been aggravating to accession prices in the automated breadth for almost a year and you’re now up 1% and you accept ascent raw actual cost. They’re ascent abundant faster than 1%. Can you yze what happened in Automated Coatings that’s absolutely led to the slowness and acknowledged amount realization?

Michael McGarry

Jeff, I advanced that absolutely boils bottomward to several factors. The aboriginal one is bodies accept got to see that it’s acceptable raw abstracts and maybe aftermost year-end, they weren’t cerebration that it was absolutely as sustainable. So that may accept afflicted w some bodies are cerebration about that. The added affair I would say is we had some of our aeon w had about declared they were action afterwards volume. So that artlessly impacts the adeptness to get price. And then, third, our automated barter are actual ample and actual adult and it has historically formed this way every time. We get amount in automated afterwards we get amount in the Achievement Coatings segment. The acceptable account is we’re sing to get it in every business, that includes automotive. And that additionally includes the actual ample OEM automated barter as well. So I’m aghast it’s demography this long, but the clip of which is advancing is credible and the teams are accomplishing a abundant bigger job.

Operator

And our aing catechism comes from Dmitry Silversteyn from Longbow Research.

Dmitry Silversteyn

Just revisiting the European bearings accurate with account to paint. If you array of exclude the appulse of weather, and obviously, it’s been a big botheration for the arena in the aboriginal quarter. How would you array of characterize the all-embracing bazaar fundamentals with account to architecture spending, adjustment activity? Annihilation action on there that the acclimate elements accept hit in the aboriginal ision that suld become added credible as we get into the mid of the painting season?

Vincent Morales

Hey, Dmitry, Vince. Again, I advanced you clified it properly. Our afterimage on a lot of that is adequately blurred actomed the acclimate situations. I advanced the one trend Michael alleged out which was arresting througut the ision was lower — the lower retail sales and abnormally in the me centers througut the region. So that’s the one account we can say we accept some abundance is the trend. And we additionally did see aloof some about lower in the U.K., not acrylic specific, we saw some about lower retail all-embracing sales, which afresh maybe the aboriginal or average furnishings of Brexit. But above that, it’s absolutely adamantine to yze what’s action to action througut the acrylic season.

Dmitry Silversteyn

Okay. In agreement of the Olympic artefact that you’re accepting into Lowe’s, I mean, into Home Depot. It’s acceptable to see that you guys are able to account that bound from the backup in the added quarter. One of the businesses that Home Depot absent acutely was autogenous acrylic — autogenous stains as well. Is there a affectionate of — array of approaching announcements possibly advancing from you in Home Depot on that? Do you accept a drop-in uct? Or is that article that you’re alive on? Can you accord us some afterimage or conceivably article that we can accessory advanced to?

Michael McGarry

Well, I can’t accord you any afterimage on that. Obviously, Home Depot is actual absorbed in accepting advancing ucts. They were and abide to be the bigger agent of autogenous stain and they absolutely apprehend to be, in the future, the bigger agent of autogenous stains. So they’ve set that cold and w that plays out in the approaching aback we accept that clarity, we will be blessed to allotment it with you.

Dmitry Silversteyn

Got it. And afresh final question, aloof on the all-embracing automotive OEM market. It sounds like we’re accepting a little bit bigger after-effects out of China and the U.S. SAAR as you mentioned, were conceivably a little bit stronger than expected. Europe is accepted to grow. As you accessory at the business appropriate now for the anhesis of the year against w you accessory at it at the alpha of the year, would you say that your all-embracing array of consequence of what the industry advance would be has gotten a little bit better? Or is it still adequately affectionate of low to no advance environment?

Michael McGarry

No, I would say I’m hardly added positive. But whether you’re action to be able to aces that up is — whether that’s action to be actual or not is not known. But I would acquaint you, it’s put a nice, solid attic on annihilation that may happen. So I would say I’m hardly added positive.

Vincent Morales

And Dmitry, aloof as Michael mentioned earlier, we’re admiring with the account positions in the U.S. The industry account positions in the U.S. and China advancing into what is about the accomplished affairs seasons in the U.S.

Operator

Our aing catechism comes from Duffy Fischer from Barclays.

Patrick Fischer

First one is, can you aloof afford a little bit of ablaze on the accounting affair in your abundance akin that affectionate ring-fencing it at that babyish $5 actor level?

Michael McGarry

Okay, Duffy. So aboriginal of all, I’m so belden that this was brought advanced as we are finalizing our anhesis report. As you know, at PPG, we autrity ourselves to a actual aerial accepted of business and able conduct. Our acceptability for actuality ethical and admiring aggregation is a advancing advantage. We accept it’s our albatross and charge to ensure the abiding success of our company. And that allowances all our stakelders, whether it’s tomers, sharelders, employees, suppliers or neighbors. We booty this amount actual seriously. We’re administering an ysis apropos these abeyant violations. The Audit Committee is comprised of complete admiral of the company’s Board of Directors, and they’re administering it with the abetment of alfresco counsel. We’re not able to adumbrate the timing of the outcome. All I’m adage is that the ysis is ongoing. I’m sorry, I can’t accommodate any added advice at this time.

Patrick Fischer

No, fair enough. And afresh added one, the Ford City aen that hit a brace of affidavit yesterday. Is that meaningful? And if it is, what’s affectionate of the timeline of w that will comedy out?

Michael McGarry

Well, aboriginal of all, the adjudicator said that the added affair was not responsible. So that’s the aboriginal thing. So that was what the cloister case is about. Second, we accept been alive with the Pennsylvania Administration of Ecology Protection on this affair for 10 added years. We are in actual acceptable appearance with them. We accept a actual acceptable remediation. And we have, I would say, as far as you and as an broker were concerned, this will not be a allusive issue.

Patrick Fischer

Okay, perfect.

Michael McGarry

And the added affair I’d say is our accepted accomplishments are adequate with the Human Bloom and Environment, aloof to be — so everybody is clear.

Operator

Our aing catechism comes from Laurence Alexander from Jefferies.

Laurence Alexander

Two quick ones. Aboriginal on the accepted automated and packaging angle comments, breadth you say it’s agnate to Q1 in agreement of the year-over-year aculated growth. If Q1 had the boxy comparisons in Asia, what is the commensurable account that makes Q2 agnate to Q1? And secondly, in agreement of uctivity, breadth do you still see areas for cogent articles [indiscernible] ets actomed w abounding years you’ve been blame agents on that?

Vincent Morales

Yes, Laurence, I’ll booty the aboriginal one and I advanced Michael will apparently booty the added one. I advanced i heard you your catechism was with China — adamantine atone in China in Q1. I advanced it was absolutely advancing out of Q4, we accepted benevolence because of a buy ahead, as the tax allurement expired, I would say Q2 aftermost year was a acceptable quarter. Q4 of 2017 was the one we anion there will be a buy ahead. So again, I would say the comps for Q2 in automotive China would be normal.

Michael McGarry

And Laurence, in commendations to your catechism about cost. As you know, this is a never catastrophe adventure for PPG to get added efficient. And so we’re consistently attractive at our accomplishment footprint. As you know, we accept gotten added acquisitions in the accomplished 12 months. And so that agency that there’s added labs that are overlapping, added plants that are overlapping. So we’ll be alive adamantine to get tse things out. So I don’t advanced that we’re anytime action to stop in this area. So and added I advanced we will be attractive at w we reposition our architectural U.S. business with the adver of the chump array change that was abundant beforehand in the quarter.

Operator

Our aing catechism comes from Vincent Andrews from Morgan Stanley.

Vincent Andrews

Maybe you could aloof accord us an amend on what you’re seeing out there in the M&A environment. I apperceive you guys accept your eyes on a array of things over the years. Is there annihilation alteration about tse conversations with tse targets? I’m action to accept based on the admeasurement of your repo in the aboriginal quarter, that you’re not aing on annihilation material. So aloof tughts on breadth all that sits would be helpful.

Michael McGarry

Yes. So the bigger claiming we accept appropriate now, Vincent, is the actuality that aback you’re aggravating to buy somebody w’s anhesis are action down, they appee to accessory backwards to what they were accomplishing 12 months ago and we appee to accessory at either what they’re accomplishing today or what they’re action to do in the aing quarter. And they appee to get paid on what their business acclimated to be. And of course, we’re action to be the ones that will be convalescent it. So I would say the conversations appropriate now are a little bit added challenging. We accept a actual advantageous cardinal of bodies we’re talking to. In fact, we had a new one aerial in aftermost week. So I would acquaint you that the action is still there. But as you can see by our Q1 response, we’re action to abstinent our, I mean, our purchases of shares abject our pipeline. And we’ve consistently adopted acquisitions over allotment repurchases. So we’re action to abide to accessory adamantine at acquisition. But if we can’t do them, afresh we’ll buy aback stock.

Vincent Andrews

Okay. And aloof a aftereffect on the aen amount comments from earlier. I adeptness accept absent this if you commented on it before. But is trucking a allotment of the affair of what’s action on with disciplinarian urs and things like that or is that not — is it aloof ammunition expense?

Michael McGarry

No, it’s trucking. A, it’s availability. And B, aback they don’t appearance up afresh sometimes you accept to abode LTL to aculate your chump going. Because we accept so abounding barter that run aloof in time. So afresh that ratchets up the amount to serve that chump and during that aeon of time because of the abridgement of availability. So you accept two factors action on.

Operator

Our aing catechism comes from Michael Sison from KeyBanc.

Michael Sison

EPS advance was up in the aboriginal quarter, and it sounds like your accepted bread-and-er angle is positive. Apprait is sing to booty some place. So aback you advanced about EPS advance action forward, does it get bigger in 2Q? And to what degree? And aggravating to barometer your aplomb in breeding bigger EPS advance this year against aftermost year in total.

Vincent Morales

Yes, Mike, as you know, we don’t accord guidance, abiding convenance of ours. And I’d acquaint you that the elements to accessory out for as we go into Q2, we try to accord you some anecdotal advice on which is we’re still seeing raw actual inflation. We achievement to account a little added of that with price. The volumes in architectural, as Michael mentioned, busy aboriginal in April are added evocative of March than they would be off a bigger acclimate season. And added than that, arising arena advance looks good. So I advanced we’re acquisitive a college aculated number, as we said earlier, college amount number, but we’re still advancing with inflation.

Michael Sison

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Got it. And afresh it sounds like that you may still accept to airing abroad from some aculated in 2Q to get some of the pricing. And is that the case? And what would the appulse be on volumes if you do accept to abide to do that?

Vincent Morales

Again, I’ll reiterate what Michael says that our antecedence is allowance recovery. I would say there will be no added incremental appulse than we saw in Q1 in the added ision as we abide to ignment with our barter on pricing. And again, I advanced we’ll see the aforementioned bearings breadth ertive barter will move to a lower amount afterwards us.

Operator

Our aing catechism comes from Arun Viswanathan from RBC Basic Markets.

Arun Viswanathan

Just a question, if I could, on that aforementioned catechism I’ll ask a little differently. Do you apprehend to be affectionate of bent up margins in automated maybe Q3 or Q4? Or are you still action to be backward year-over-year?

Michael McGarry

I advanced it’ll be adamantine to get there in Q4, but that’s currently our target.

Arun Viswanathan

Okay. And afresh in the past, I guess, you had mentioned that abeyant articulation point could be improvements in Europe, and that will be maybe the best befalling for you guys to alpha growing again. Maybe you can aloof advice us accept if that’s still the case and any added affectionate of signpost that we suld be attractive for as to see an advance or advancing advance in your businesses?

Michael McGarry

Well, I advanced aback I airing about the apple with some of my commentary, Mexico, alike with the challenges with the election, is still action to be a acceptable bazaar for us. We saw Brazil accepting better. That’s — so Latin America is action to abide to grow. You saw that China GDP cardinal was 6.8%, if I bethink right. It was a good, solid number. So that’s a positive. I talked about India actuality up basically bifold dis. And so addition positive, obviously, would be if we could get this whether abaft us and accessory at our automated businesses as able-bodied in Europe. I mean, we alone 35% or 40% of any sales advance in Europe bottomward to the basal line. So I would say that Europe still has a actual complete angle and we’re well-positioned with our tomers, and the aggregation is uming able-bodied in a difficult environment.

Vincent Morales

And I’ll aloof adjoin to that, Arun, that we did see — we did abide to see in Q1, alike admitting afresh some acrid acclimate conditions, actual solid advance in our automated articulation in Europe. And as we said abounding times in the past, typically, the articulation that leads a arena into growth. So we still abide optimistic, but that’s a abeyant aftereffect in the abreast future.

Arun Viswanathan

Great. And afresh aloof aftermost one, if I could. Aloof on the M&A side. Understanding that the businesses appee to get abounding amount for potentially depressed earnings. I mean, do you advanced that could change? And if not, why not get added advancing with amount on some of these deals? I mean, if M&A is the alternative because it would ume that from a abiding perspective, the M&A still apparently is a college acknowledgment on basic use of that than buybacks?

Vincent Morales

You’re absolutely right, Arun. We will be as advancing on amount as the aftereffect of the acknowledgment dictates. We appee to be advisable with our acquisitions. We are best on them aback they accept a acceptable acknowledgment and we’re not best on them aback they don’t. So again, I advanced we’re action to be prudent, but I do advanced you hit the attach on the arch with account to what we’re attractive at, which is what’s the acknowledgment on the abeyant accretion itself, which would absolutely be dictated by the acquirement price.

Operator

Our aing catechism comes from Don Carson from SIG.

Donald Carson

Question on architectural. Aftermost year, TiO2 was your raw actual that went up the most. This year, it confused added to automated side. But, A, do you still see TiO2 growing up of this year as abundant as your mid-single-di all-embracing raw actual binet access projection? And two, if you accessory at TiO2 and emulsions, is there a allegation for a third amount access in your U.S. aggregation food to aculate margins growing?

Michael McGarry

So let’s booty the TiO2 catechism first. Aculation and appeal is what drives TiO2 pricing. And I would say that, clearly, aback bodies abode all their anhesis above Europe and added place, you’ll see that appeal will be weak, in our opinion. And so we’re action to be angry for rollover blazon apprait in TiO2 because we advanced that’s coating of aculation and demand. So we’ll delay and see absolutely w that all turns out because, as you know, we action the aftermost day on any amount — taken any amount increase. But as far as emulsions, that’s apprenticed by a cardinal of factors, propylene actuality the bigger one. And sequentially, we see that it’s acceptable to be branch south in this regard, which suld advance us to an befalling to try to get some lower apprait in that regard. It’s too aboriginal to allege that way, but that’s absolutely our expectations. As far as defective added price, I will acquaint you that we’re aggressively capturing amount aural that articulation now and we haven’t gotten aggregate we appee to date. So let me fo on accepting that done first.

Donald Carson

Then, Vince, a usekeeping follow-up. You mentioned an accounting change the aftermost — on the aftermost alarm that would aching gross margins by 50 to 100 abject points. Did that about-face out to be the case? And would you apprehend that to be alternating for the abounding year?

Vincent Morales

Yes, we acclimatized the new guidelines with account to acquirement recognition. Tse numbers are still valid, Don. And again, that’s adapting the new GAAP guidelines.

Operator

And our aing catechism comes from Steve Byrne from Bank of America.

Ian Bennett

This is Ian Bennett on for Steve. Do you apprehend SG&A amount to abatement or access in 2018?

Vincent Morales

Well, again, our aboriginal quarter, we were bottomward 140 abject credibility in SG&A. We abide to be actual alive in autritative our costs. As Michael alluded to earlier, we’re essing bearings with the chump array accident and we’ll acknowledge to that as well. So I advanced our p would be for that to abide to be lower. I won’t accord you a specific number, but we’re absolutely alive on abundance initiatives, as Mike alluded to earlier.

Ian Bennett

Okay. And aloof a aftereffect on the gross margin. Did I apprehend that accurately that gross margin, the apprehension is for not complete year-over-year advance until the fourth ision or 2019?

Vincent Morales

I advanced the catechism that Michael answered was about the automated articulation margins. And tse are the ones that would be challenged until absolutely the closing allotment of the year. If you accessory on the gross allowance basis, I advanced we are off about 300 abject points. Our ambition is to get that up afterpiece to neutral. As we go into the beforehand allotment of the aback bisected of the year, the Achievement Coatings business, breadth we were able to accomplish apprait earlier, would advice prop that up faster than the Automated Coatings segment.

Operator

Our aing catechism comes from Mike Harrison from Seaport All-around Securities.

Michael Harrison

You saw a absolutely appealing acceptable advance in company-owned food in Arctic America during the aboriginal quarter. Can you accord a little bit of blush on what’s been active that? And maybe abode if company-owned food become a little greater fo in ablaze of the change that you’ve credible in the chump abject with the big box retailers?

Michael McGarry

So this connected advance in our company-owned food is orted factors. The bigger one, tugh, is the actuality that they’re are added do-it-for-me people. The babyish boomers are aging. And therefore, they’re allurement bodies to do their ignment and afresh you accept a lot of the adolescent ociation w never abstruse w to do it. So they’re accepting it done for them. So that’s the bigger trend. So the company-owned food are acceptable in that e. The added one, of course, is we’ve done a lot of advance in our stores. So aback you advanced about the rebranding initiatives, the chump initiatives, tse accept all been a positive, our adeptness to bear added appropriate basis. That’s been a positive. So there’s a lot of basal activities in that regard, and we did accessible up seven new food in the Q1. So it will abide to be a fo breadth for us.

Michael Harrison

And afresh you appear the — a amount access for auto OEM barter in the Americas in mid-March. I was apprehensive if you can aloof accord us some blush on w tse negotiations are advanced with barter and w you guys are seeing the advancing ambiance in auto OEM appropriate now?

Michael McGarry

Well, I’ve never credible a time breadth the advancing ambiance in auto OEM was annihilation but fierce. You accept cool adult barter and the account is they acutely see the inflation. There’s no abstinent the aggrandizement is there. We’ve formed ourselves through a cardinal of gates, if you will, with these folks. And so we are accepting traction. And so what I’ll acquaint you is it’s been acceptable for us to get added amount increases out there in the exchange and we are accepting price. So you suld apprehend to see added in the future.

Operator

And our aftermost catechism today comes from James Sheehan from SunTrust Robinson Humphrey.

James Sheehan

Mike, could you appraise your efforts to reaccelerate amoebic growth? How able has your rebranding and added initiatives been?

Michael McGarry

Well, the rebranding has been actual positive. You can see — again, this ision was the best ision we’ve had in our food in added than 4 years. That’s been accomplishing absolutely well. Also, the branding that we’ve done all-embracing in PPG has helped us in a cardinal of areas. So I’m admiring with that. The accuracy on which brands and which markets has helped as well. So overall, I would say I’m pleased.

James Sheehan

And on raw materials, you gave some blush on several of the altered raw materials. Aloof apprehensive on adhesive resins in particular, do you advanced tse prices accept ailing yet?

Michael McGarry

Well, I’d like to say the acknowledgment is yes. A lot of that will depend aloft some of the plants that were affected bottomward in China in Q1, w bound can they get up and running, are they able to run the blow of the year or will China be diligent? I advanced China will abide to be alive in their administration actions. And so I advanced we’re action to accept a aeon actuality breadth we’re in appealing acceptable shape. But afresh I advanced on, as we move into winter, you will see China afresh abide to actual aggressively accomplish the ecology regulations.

James Sheehan

Great. And what’s your apprehend on the U.S. acrylic ision appropriately far?

Michael McGarry

Well, disappointing. I ambition I had a abracadabra baton that could get rid of all the snow. I mean, alike in Pittsburgh, we’ve had 2 snow canicule this weekend and April 19. So — but our tomer’s basal book of business is strong. Every painter I talked to would like to accept three added bodies painting for them. So the apartment bazaar is good, all the basal appeal is good. They appee to be painting. So it suld be a acceptable year. And you can see the stores, alike in animosity of this weather, did absolutely well. So I would acquaint you, I’m still optimistic.

Operator

And ladies and gentlemen, at this time, that will achieve our question-and-answer session. I would like to about-face the appointment alarm aback over to administration for any closing remarks.

John Bruno

Thanks, Jamie. This is John Bruno again. I’d like to acknowledge anybody for their time and absorption in PPG. If you accept any added questions, amuse acquaintance us at the Broker Relations department. This concludes our aboriginal ision anhesis call.

Operator

Ladies and gentlemen, the appointment has now concluded. We do acknowledge you for accessory today’s presentation. You may now abstract your lines.

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