PPG - Earnings call transcript Q1 2020

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Operator

Good morning and welcome to the PPG Industries First Quarter 2020 Earnings Conference Call. My name is Elisa and I will be your conference specialist today. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. Instructions]. [Operator event this being is note recorded. Please

now John Bruno, would like Please to to over conference the Director ahead. turn go I of Relations. Investor

John Bruno

is call. your and Bruno. our and first you good financial everyone. to again Thank results XXXX conference morning welcome you We interest continued this appreciate quarter in PPG Once John

and Chief and Vince Morales, Joining me PPG from Officer; call Officer. are Michael Vice Executive President Chief on the McGarry, Financial Chairman and Senior

Equity the financial on information Our Markets comments U.S. closed April after relate XXXX. XXth, to Monday, released

will have will to site I webcast on posted commentary opening the shortly. and are our remind make center website slides and support the investor on for slides comments Michael presentation this detailed also everyone that available The ppg.com. call we a and Vince the of additional company provide

management's the Following will the move quarter, a for we results Q&A session. on to company's perspective

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

comparable of contains reconciliations This financial these the in measures. the non-GAAP presentation The measures non-GAAP Appendix GAAP certain presentation website, company financial also the of on available materials measures. financial has directly most our provided which to are

For please additional to information, refer SEC. with filings PPG's the

introduce let Chairman McGarry. PPG's, me and Michael CEO, Now,

Michael McGarry

everyone. good morning and John, you, Thank

welcome quarter I'd XXXX everyone like earnings first our to to call.

we had as in around has COVID-XX than been safe by ones virus. you hope crisis pandemic. PPG where and as importantly affected countries operate and broad First and a though, I a and healthy, XX world, community before never experienced loved every this are we the more operates your most

the located this with clock factories since January XX have China, managing around through our working in our our people challenge have and people so been in customers. one to Wuhan, protect We PPG

extra the mile I be this operational, tirelessly world this and hear locations Throughout around we safe to and communities. frequently safety more other crisis, work not At guidelines. our our measures, local throughout we at stringent employees going each proud employees healthy of are who work minimum with unprecedented in the have health remained employ keep to health their about will in government have PPG the that and which and continue could at a alignment time. and

the need. on perspective, in also possible urgency as From continuing and taken customers, but pandemic a not we impact the time, will to and agencies shareholders, communities business employees, are to some PPG to the working for we support proactive much of impact with the as full know have limit support actions while and

has needs community urgent PPG world. crisis, and breadth from the and Given the accelerated contributions resulting increased our charitable COVID the around

resources and million donating relief PPG PPG also week, equipment, than needed. other pandemic. the where coatings, antibacterial to and supporting announced Foundation efforts plans more emerging needs help the We're protective immediate community to amid is personal Last recovery organizations and the contribute $X.X

believe remain time. to we neighbors is it our an help communities Our touch active and in business vulnerable We region most and contributions each critical this that, markets conditions, at we major will difficult to vital as respond partner serve. our even

we financial reported results. turn first me quarter financial XXXX results. to let Now, our evening, Last

on significant were earnings caused quarter, and share net billion first results include by our the the were pandemic. per sales a continuing $X.X impact operations our approximately COVID interruption business $X.XX. These diluted For from the adjusted

approximately of $XXX impacted pandemic $X.XX unfavorably by sales diluted We the earnings estimate from that respectively. per effects our and and were million share the

the major regions financial the most expectations of least For set at January. our we in business of performing our excluding the in quarter, in China, weeks businesses first at XX were

During in deterioration global the March, demand. second a of ranging saw wide we and rapid half

imposing A they paint impacted of for in automotive fell services, the a states and our shut of of and miles to were to architectural forced customers. our parts of sharply number of driven and customers’ refinish, materially alter global automotive customers products countries architectural of way stay-at-home service in the flights certain OEM stores steep number orders. our And close with This commercial were OEM, and decline matter quick large led business. and and Many down. many or mandated materially aerospace, days sales demand a to our

help activity, various These manufacturing We reductions to leaders businesses across took decisive included temporary lower our temporary and sales mitigate furloughs, continued with the immediate actions levels across of most, lower senior operations, spending salary distribution impacted all reduced into which employee April. demand shutdowns functions. and the the well have board

deferred also capital We many expenditures. non-essential

implemented these difficult, and mitigation While Many impact during a modest only [ph] so abreast of basis first uncertain crisis. many quarter. are necessary in of were of these actions were March, the they the had actions duration

expect the We mitigation have more actions meaningful these in quarter. impact to second

cash balance to a XXXX, perspective, properly to disciplined the crisis. weather capital sheet approach our record and level positioned allocation, historical in From flow liquidity operating has our

will more on in We a review minutes. details few expectations forward-looking our

compared our X% X% sales with were were volumes But currency let quarter. the summarize estimated for the down associated about the to Sales the aggregate, decline in me quickly that results to pandemic. first be prior-year. X% with net of down In constant

were Coatings activity and Our in our Performance selling broader reporting in more X.X% prices increases targeted with segment Coatings. Industrial higher

major other impacted strengthened were than translation emerging net dollar by X% more and Last, unfavorable or of as million, negatively about $XX generally currency U.S. currencies. sales versus the

We and $XXX on the rates. exchange to $XXX of expect recent be second million into to million range currency quarter the based continue in translation unfavorable

China, in business in we've regional March, trends the down down including of patterns. in automotive significantly the were OEM experienced Looking lower measured in a quarter, XX% XX%. of seen in were markets recovery Since where some the sales end-use our at China, first quarter. builds Most about about first early demand, demand

capacity at of weeks, closer XX% running customers several mirroring our moving have the China our utilization to of levels XX% to XXXX needs demand. in and for factories Our been

able in as other the which restart to beginning also we'll restart optimize be a lot to their China, weeks. coming and from We've the countries are leverage over economies learned

parts weeks the of business XX% Korea. South solidly aggregate, down volumes our other which XX quarter first till Asia sales countries the the Asia, first of region India, pandemic quarter. the spread, Pacific and Australia, and In the performed in in several were including impacted In in

EMEA the declined countries the business pandemic. percentage coatings experienced markets a year, automotive the volumes steepest sales through The to the most industrial and aggregate, by to were by compared the end-use Southern In demand refinish, OEM, prior in driven France higher high-single-digit previous region business, lower Through architectural automotive sales organic shutdowns. sharply customer of compared due mid-March, fell coatings closures declines mandated to retail including as stores. many EMEA slightly this Europe, paint year in but in

entire that are in solidly for the a and and these coatings growth portion Europe Northern of modest architectural protective Our late-cycle performed in marine nature. businesses business had quarter, business volume our reflecting sales

crisis. both strong the percentage, impact sales were will end-use and region, from coatings were this businesses we resilient believe packaging, unfavorable markets, U.S. which Canada including DIY Sales mid-single-digit In volumes and be more architectural through volumes pandemic. down certain including the in in the

in the impacted and refinish favorable in automotive vast impact In of occurring pandemic the the March. some most businesses quarter, the majority the were U.S., OEM with by first

businesses in modestly Comex had and down as during this coatings We the single-digit both Latin volume less during region, packaging first positive sales on saw volumes Finally, lower the PPG were Mexican impact sales quarter. a region our quarter. percentage, America in a pandemic growth the

total the you, the structure. new Mexico, approximately which has During stores, would concessionaire higher about quarter, opened bringing I XX much variable to cost in X,XXX a stores remind

earnings share quarter. $X.XX by From $X.XX compared lower the an prior is earnings per perspective, to quarter our first first of diluted adjusted

programs. by said and our the estimated X%, announced I sales selling by to This restructuring cost As by profit volumes Despite COVID-XX excellent from on points previously was prices rose year-over-year adjusted margin continued being impact XX.X% from savings progress higher our or reduced higher basis gross $X.XX. our supported basis. earlier, XX our a on EPS lower

quarter earnings by in including devaluated the quarter. currency by than by during which of XX% Mexican foreign the against Peso the is fell million, translation Unfavorable currencies more impacted the lowered a number about broad that $XX dollar,

ask some on quarter. me position our and second some on to let the thoughts liquidity commentary Now Vince provide

Vince Morales

Thank you, Michael.

I With safe. also remaining discuss me want to to regards and healthy echo I financials, hope Michael's everybody is our let balance sheet. first, comments; our

on these times. we've these our especially times we As to many discussed balance during approach important conservative which a sheet managing calls, is have

everyone and investments short-term As hand. that of billion a with reconciliation, cash I'll remind $X.X we approximately XXXX quick on ended

expectation our subsequently was an and billion million completed supplemented with an beginning mid-March March cash capital abundance an markets. the year We of of We $XXX million This balance debt credit about borrowing uncertainty with facility. the balance of out borrowing cash caution $XXX proceeds. including of of in elevated the from and our revolving investment revolver ended short-term $X.X our

ample undrawn. our we $X.X proceeds utilized strategic mid-April, quarter remaining in portion provide $X.X of extended an liquidity a with the company's proceeds actions billion of the to entered reported this revolving into day further revolver facility and fully loan $XXX is in credit to period weather As supplementing for term billion, borrowing cash crisis XXX time. a the These currently end balance. company recently million repay The

cash. their our quarter, first the focus during Also heightened commercial on teams

by sales XXXX. basis working response receivable we lowered in versus the XXX of result, rapid quarter a included the a build. lowering inventory seasonal of collections points percent quarter of demand This through minimization capital a As our strong first ended accounts our as to

during customers' our April, end small we the To-date experienced uncertainty unusual With globally. bad bad any especially the increase customers debt April, debt and many for breadth trends, regard of the accordingly. will this receivables, reflecting reserve eventual in reserve crisis to the monitor did near of first we through quarter haven't liquidity we regarding

finished continue our reduced the quarter, to liquidity. second to we working lower we goods the minimizing to the capital, cash our of reflects materials expect to we're dramatically With our demand, overall operating manufacturing and based plan and experiencing. purchases coatings on respect In are rates. current drawdown raw inventory optimize This

million to mentioned, versus spending uses, cash non-essential and of capital all million. anticipate $XXX respect currently capital we're and Michael $XXX to spending, CapEx as a With full-year range in deferring

to be rewarding remain approved And to through per dividend paid April second in share quarter. $X.XX on we dividend committed our shareholders XX, the board Second, a payments. our

Next, we these time created the long-term flexibility to access markets basis our choosing. markets our will we've short look debt to to capital portfolio of and debt to continue and at optimize

the Finally, over external given we environment to the and low commercial visibility, monitor are We'll liquidity here. continue ample acquisitions share currently prioritizing maintaining level of repurchases.

an Michael, to quarter. back turn second the for what update I commercially I'll provide expecting on Before we're

We quarter. overall, ahead activity second economic base improvement and are currently lower then look to as getting demand moderate global year experiencing demand we anticipate significantly this of process expect of and begin As level we as in economies contract restarted. from the to progresses continue the the

and experience today's of our restart currently are for our our These in and and qualitative hearing provided coatings pace expected presentation to mid-term have We second to books. customers we order each expectations materials, recovery of their from are on potential based quarter businesses. what expectations past relative our our

the expect measured quarter. in we quarter likely activity XX% in and of progresses. aggregate based volumes today know obviously Overall, are and These and what portion start-up as on down we May change the our shut coating with the to quarter XX% to will throughout a April estimates large decline of continuing later second

to much real the as to information time However, reasonable investment community. provide as we wanted

Highest in offset recovery demand by and America be by the will in partially rates underway Latin and of early followed the China. U.S. Europe decline

The sub presentation some resilient. the slide, more detail protective we're industrial architectural resilient and DIY, be business coatings, segments expected the possibly coatings expecting marine grow. to to in be or general even the Also, businesses packaging on are

of general However, are partially offset automotive in refinish but by declines PPG's or aftermarket Aerospace industrial also very which demand painting, about more and professional represents growth than weak, sub and weak segments, activity this weak by demand aerospace in new segments very trade OEM. other military will XX% in automotive business. be in offset and sub build

builds points data in are to industry these auto be Global more anecdotes auto few auto notably than for from to builds full-year. done where are XX% about begin builds regards level in the and to this very A be second global global China down We assumptions. year-over-year quarter. and this other markets do with depressed still recover we to currently to expected much the expect end evidencing quickly expect

XXXX/XXXX March, in packaging and early DIY matching experienced Both strong Great architectural good -- occurred that and April coatings have similar margins trends excuse strong Recession. demand me,

countries miles shop entire less for many our and With six to body Many been XX% operating customers place is at year-over-year in quarter. Europe stay-in-home have in weeks. driven fall the expected four currently the their of for mandates the capacity in U.S. of than to past significantly second

impacted to remain more Architectural regional of economic trade and surge and quarantine regional professional recovery. lifted, are painting after mandates by is is expected initial currently as slowdowns somewhat W-shaped the a demand following subdued the

of About likely commercial with XX% non-residential deferring maintenance larger professional and universities anticipate we hotels, as such retail, majority for represent markets and the complexes, the this painting is end-use painting. weak key airports and trade many restaurants, activity. commercial Maintenance of activity office hospitality,

projects or build Start expect we will nearly these projects new commercial later of once completed, an this where XXXX. of activity pocket year in-flight continue air are likely

repairing this largest portion This be of will also regard the includes residential With is or cancelled. and painting, portion XX% effects about likely the which demand, deferred some is repainting, overall to of along expect the construction social have home new sheets, effect current which to also in-process with of individual distancing, complete. a end and we construction their knock-on balance is slow consumers after

I in XXXX. of As earlier, stated higher lower will these be by offset business what DIY, impacts to similar trade happened some

in we option. very most model are as now percentage is being of more And digit strategic move are the our by still small, consumers. industry as validated albeit use to triple delivery this painting fulfillment digital Also, a seeing architectural touting the primary in for increases

production are aftermarket. recovery down of businesses. delivery flown aftermarket to aerospace in customers rates And resume demand lower than heavily we some miles therefore, to our in especially impacted products are aerospace, extended be for Finally, is but expected are our beginning OEM commercial expect pre-crisis levels. globally and an dramatically our the Also, OEM, and timeline

to continued what recovery comparable included are Consistent expected and builds China stages growth experiencing we demand Great our we've China in early second is to materials. in from timing pandemic details with Regionally presentation in be are auto to improve Recession, year-over-year addition, half the return during China auto expected of In currently of refinish. China some the a and XXXX. is the which the markets to the of in in of nearing retail a are number second basis XXXX. a but improving. approaching XXXX auto end-use levels data Also close traffic demand all in in are and Other shows are quarter on directionally weeks, now levels, should China in to stages increasing recovery, for sequential that sales congestion different for the

further our trajectory reference, coating aggregate earnings we this the during Finally, provided segment Great Recession.

why of crisis of expect of given which stop depth The just be the on our XX% declined the quarter pandemic economic full which decline recession, of activity, XX%. volume broader During shape that this to was down second the certain XX% the coatings over a quarter of XXXX, abrupt of first about earnings is XX% XXXX. to related is we near economic in volumes current

of manage expect savings our aggressively quarter. continuing Approximately programs semi-variable. within against second and two-thirds variable restructuring million Also, of Michael cost about we execute variable our all costs our be we're costs. elements especially semi-variable mentioned, is business, in to and or $XX continue the to incremental our realized to As of structure

many We million. and the of million achieve for full-year have actions XXXX expect these of savings now in accelerated to $XX the about higher to $XX programs

continue if fully environment cost closely further be macroeconomic and We will prepared necessary. implement to reduction to actions, the monitor

we Recession where exited a period time stronger as company. much XXXX the to similar is target Our the Great

of we of mid-term guidance provided. all the to level lack heightened Finally, previously due suspended uncertainty, financial have visibility, and

turn to Now for it back final Michael thoughts. over I'll some

Michael McGarry

Vince. you, Thank

continue light we and the to the in environment. ahead picture full focus we costs ways and the though, economic and meet and on be impact predict our evolving generation, an customers uncertainty of will the of carefully to look simplify with to cash and reduce Coronavirus. needs. streamline too It's additional quarters, we with faced work manage business As identify In and this their processes, early uncertain coming

leverage more and our value focus our on continuing begins As I'm employees. footprint environment shareholders, opportunities and and global our diverse will our have the by confident to deliver customers, using for will to earnings. create benefit cash, and team scale of fully management, that the stabilize, margin our we

expenditures, we help will some and be capital While growth. others future continuing organic prudent, we're will defer support that us

remain as and which and has our exit proved digitization, to this crisis. we to with investments addition, In committed technologies we be effective new development in research customers

Most and it the importantly, we on. however is that inspires what PPG committed our us operating and way. people PPG products to the services providing are is that safely count and That call customers

continue safety communities the will do of prioritize support business. and and where We our wellbeing to we employees the

a beautify protecting our our our with around the purpose confident to stated as this we annual as that focused protect even our commitment at us. on of of meeting people company's the world. of stakeholders. word and and during unprecedented our to of recently all all through Finally, our greater statement together. taken Today, world, I We're continued on is protect the efforts the significance I'm people, get customers, the time will center

continued now your for prepared open Thank This And line would concludes the PPG. questions? in you please confidence remarks. for our you Elisa,

Operator

will question-and-answer session. We begin Instructions]. [Operator the now

The first comes go question Deutsche Please David ahead. today from Bank. of Begleiter

David Begleiter

but morning. you. and be we margins Michael suspect decremental high should were about Vince, the quite QX and they'll back half in half year? year? the in I both QX. perhaps the in They the Good lower high how think in back in QX Thank

Vince Morales

morning, David. How Good you? are

David Begleiter

you. thank Good,

Vince Morales

Vince. is This

had on the the look earnings lower think I in information $XX what for of million the We to lower I’d relative sales markers about million earnings QX. at $XXX segments. is of one we provided segment

decline rapid in So, reflected there we're demand. somewhat a to, accustomed more margins were than bit the non-traditional a decremental they but

as variable model couple I our cost a many in of do businesses. high A have, of mentioned, We points.

this our at paying did effectively for two been nature just we -- look their due who've we to of furloughed employees QX though, we are for weeks. the first those crisis, As

to our cost So, demand to it's a somewhat ability lower basis. going temper to on the react

recovery staggered some as of the of each our China because the is some businesses timeline by global aren't we cost falls, of aggressively given back support Also, of manage the able to regions, as up. need starting

that do all did we're David. to QX With to relative we being think in the what I decrements, better than hoping said,

So, QX. an had than decremental or improved we we're better in targeting in QX a

David Begleiter

volume expect Very down would perhaps QX, to helpful. be year, of the as And you the in XX% in the just plus XX% back the cut cadence you year-over-year? recovery in half Michael half occurs XX% QX in if expect, to decline

Michael McGarry

David, early lot of I that. think We signs it's a predict see China. little a in to positive

China anything that flights in be or flights. of intra-China more Now, ability has I control a not further the China, do are have discussion. we more would into in to here restaurants apps to allow like say open see in States, that up; the in driven whether that we'll States. There's everything you environment full develop course, here people to lot go good their we day. every more miles to are China they're than I But They tell

positives, early that. too a just to So predict lot see but I it's I think of

Operator

comes today Please Ghansham from ahead. question Panjabi next The of R.W. Baird. go

Ghansham Panjabi

Yes, and Thank good you doing hope everyone's morning. well. I

Michael McGarry

Thank Ghansham. We indeed. you, are

Ghansham Panjabi

hear. to Good

like because to it looks in expect [indiscernible]? that, related guess us is by kind XX% how for So being due customers some baking I level out as to down out, I'm volumes do month? for guess the you're improvement flat decline just Michael, give asking to outlook first-off volumes XQ to a you on play XX%. quarter. that of shut parts And just of the of much of how in to your sense down I

Michael McGarry

maintain won't it they Europe major they're And in guys do they've our that they run May and slower be when us think the going XX. U.S., out if even as about Sure. and social OEM And the distancing. to restarting come figure at until down by segments, to are up, really, how they to told try you rates the

So in. we factored that

up has Airbus Boeing extended rates. back period and production an cut our but of taken The running, customers. Boeing and OEM each of Airbus course second one have they downtime, is is their large

that an impact. has So

to airline there for MRO unknown, planes MRO. is empty, wait course, still flying see. we're they're And even of news they right? is business going flying good and The the if will So, are need

watching So, carefully. be we'll that

afternoon, be refinish, normal improve, at our business. hour looking back drive so if sales I've What more. and important you week, to the that'll the rush If morning, last is to at look people sales to of really get you noticed, congestion improved, to rush are we gasoline for a hour look be so the have in starting gasoline will in

I things. most those important are So, think the

If come will having for rates our to you just look They're shut really back probably time the customers, of to moderate their not the likely. they're rest at being, quicker be their so down. ability production

Vince Morales

periodicals. staggered very Ghansham, startups we're of parts seeing different in business, Hey by region, our public the

making guess our as of like that into further to quarter going we're that's we here. the what get So best look --

Ghansham Panjabi

Slide And you guess Okay. second XX, basically playbook. have the for I on my question financial crisis

just meaningfully you us declines. specifically on XQ changed EBIT it may three the -- looking and portfolio so, times volume changes insight rate like the the Obviously, magnitude since how of And of -- first portfolio of four then. looks XXXX, some the the may at declined business these to changes quarter change the may XXXX Can declines? between has in the give

Vince Morales

only. Ghansham, XX, Slide on included We is the segments coating Yes.

have they then. size a this And bit little different is coatings So, than splits are we regional business well different, different businesses the and only. were in

the my hasn't can first say a see XX%. off segment quarter you volumes significant mentioned down were There again, been, were of shift. As XX% remarks earnings as prepared about in XXXX, I over I'd

what we were We some we've businesses but to aftermarket years, of on have they businesses degree lowered is the crisis obviously broader centered auto. and many XXXX This in not with points, breakeven our saw done XXXX. was the of this couple our are. impacted past restructurings housing in in but that crisis our the than of and affects

so evens these point is businesses, comparison. it's in did So lower many I'd really manage make we're trying complete to that. our the hard around break draw But to of we

Operator

Christopher Parkinson of question Please Suisse. today The Credit ahead. comes go from next

Christopher Parkinson

well. you. Hopefully, doing everybody's Thank

raw on savings this your half quickly second discuss Can of a very Just the you in and going implied XQ this potentially the material to fronts, is whether or XQ actually you'll environment. you demand or weaker more due -- discussed XXXX see the the benefits depleting is material and in more inventory raw to if story. if not roughly be on

So incredibly just baskets color like would any you. on expect be what you Thank helpful. raw

Michael McGarry

Yes.

not Christopher, the QX, materials, materials raw the our material will So very plants we're be lower were a on to buying for right raw season. point going busy and have of few impact we season, gearing were regular up coming into paint the

moving So that always inventories were up do time. as of they at period

now rates, of we have inventory. demand plenty So with lower

that running those from or will the So FIFO rate. plus, when and through you lower raw materials don't for XX plants a up it starting flow a standpoint, LIFO be think And a days. about of will lot at be XX

be in impact So there QX. would minimal

in of the half year. much to -- see back in QX should impact more expect the more You

Christopher Parkinson

should please. packaging. And one you. of quick highlight on Thank on go-forward basis, trending on It Can just in globally what's But EMEA. quickly fairly a still appear Asia just just does you're U.S. Asia beverage little follow-up I Thank food and you experiencing improving that's and Southeast just the through and you Asia. very would assume now much. a versus is then run going in in bit you're noise just say China a well

Michael McGarry

continuing strong. be so is beverage Yes, to

up year harvest. is U.S., first They was the low-single-digits. were in saw X%. in numbers up last a up quarter. Food recovering. up Food year is in they bev bad had the probably because You of X% can Europe a weak Beverage the

up recovery expect mid-single-digits be low to We're China. seeing in well. as So to we them

tailwinds. So providing some good that's

you put good a don't then of is that but recognition lot and a So aerosols us. in other the for probably thing segment

things so products that, also And should and with positive. cleaning be that like aerosol

are trends up. demand the in all So packaging moving

Vince Morales

seeing though food a region in are quarter due is to virus. down that big pack the We second and seeing we're the is Thailand

Operator

ahead. McCarthy from go VRP. Please question next Your comes of Kevin

Kevin McCarthy

morning. good Yes,

portfolio of of that costs comment would to in below? I variable. your think or variable materially you businesses two-thirds Would either made level above materially were terms that the your you semi a be that outliers or speak in

Vince Morales

variable business, businesses. day, highest the Yes, Kevin, like that those have it's The cost up or structure, employees regardless architectural it's in a cost and highest have businesses leases we structure, hard down of excuse me, to Vince. given businesses the where demand our are flex fixed

that are cost OEM strictly a structure. businesses have variable higher The

are able our able at demand. ratchet We're on usually straight less to facilities distribution folks those factory. from reduce our involved, to typically production, to based it's their down We there's factory

So segment. I businesses categories OEM fixed industrial our lower bucket into of cost lower, those in the

Kevin McCarthy

or what seeing bottom, you to so that And But there credit to experience refinish at helpful. blocks you're your useful you Is that in then that's refinished? than recovery expected X, based Okay, on on Slide here today? is the of I the and the think various OEM why speak. Can sequence for it provided the crisis you would expect a framework to recover OEM quicker businesses. speak

Michael McGarry

to Yes, continue people is the a aging new lot current fact cars. that with almost has it of the to buy want And expect to I XX years. fleet we think to do the of

that We in right China. also now happening see

car week, incrementally you a the half of dozen about if they've last China they So And sales, think flat each actually weeks. improved with were prior-year. last almost

experience or to a people are want buy of to period people they car vehicles, going means they're still likely And shun to is going of some to continue which for there's out to either maintain that transportation car been want this so they're time, new the going need to our positive a has that public have.

of So us coming this. I think those are be going positive out for to

Vince Morales

the were But stock have did in occur. a Kevin, to because we know business, there's do of consideration, the is a inventory up normal decline one then we expecting earlier And business ahead rapid again, up of season. demand. stock alluded chain. as channels that refinish is other distribution Michael spring, Typically, distribution People the

we work to do channel well. So know we'll have in entire the through inventory as

Operator

Roberts question comes ahead. from of UBS. next Please The go John

John Roberts

applied, provide pro hear. sound indicated that's of guys in-progress Thanks, would good you trade construction all the the so and to you in help or paint In some well, that is quarter completion recovery that come once it'll off, quarter, because very depressed it be as offset that the September current maintenance some rolls back? might of will paying in well possible that architectural

Vince Morales

Hey nine John, are or to even even longer. months they projects XX the normal commercial -- at if you longer look typically

restarted expect XXXX. haven't the QX. carry-forward not if been those part, be through They to So carry stopped, through in QX we certainly most for they'll and

the On weeks instead homebuilding side, in residential of months. occurs

of there. in-progress void or of do slate a the we after constructed, So current at But homes summer that are are we'll that'll minimum. the be little a probably think a bit again after see

John Roberts

the Thank paint Do be to quarter, sequentially it? up trade in I expect phrase way different guess a September you to you.

Vince Morales

To those comment earlier, make on visibility the there to is for that far. not comments Michael's us just

John Roberts

Okay. bad there? in concentrated bad are What auto is And of what you are area? debt in then making shops? body debt? any or kind Or assumptions more Is in that reserve, the your you assuming it dealers

Vince Morales

liquidity. We customers of business we we their customer from through at went size a Yes. the and certainly mix it of have. look did and Globally,

all So algorithmically it's businesses of our a expectations really metrics. their against of mix our and

smaller affects this bad We didn't XXXX XXXX, a reserve in debt and uplift differently just affects see that because crisis. I'll crisis Now, of it's did broader point than out, we this and a lot in take John, in significant XXXX/XXXX. customers

Operator

Sison ahead. from Next question go Please Fargo. Michael comes of Wells

Michael Sison

type distancing your your terms stores what in maybe you and business terms many glad maybe percent they've you all stores, how talk of this do run about what of maybe shut are are during of guys, and what just to shut down through their ability safe. of It down Hey in can social environment? guys changed sounds,

Michael McGarry

world. you the have by various so, around Yes, regions go Mike, to

Italy, our all doing delivery. you stores if they're are look and in closed So

a but see up we period two weeks a demand few had last now we've have first In we have open France, time, we were permission as March in through the immediately as two-and-a-half a say of gone all a gotten the can -- of pop to of you soon store we sales. latent them, and open weeks of where and April closed, they

So about about, have right would in now we stores open I France. XX say

way can the got as were back the of through again. they are end significant pull near you a the the open into see over And mostly move And about all you XX% of you store when as UK, March. running a get soon now probably And again, stores demand open. we

helps that us. So

stores also we to Denmark, We in no quarter, the BENELUX, have did had record had closures so that in performance. was any a not store they solid close very

or U.S. a really doesn't closed more the matter is trying store regulations It we delivery. about moved because where In we but right that now we've only XXX is to with moved closed. really local stores comply delivery to not But to open whether the also model. have

So at the place you product just time. right right the know want get to the painters the at

So we'll of that continue to kind environment. manage in

Michael Sison

-- maybe be see basket down double-digits impact into you you the follow-up the buckets in won't that, year. the half the Right. for and given direction? you the the at And feel it about about I a of half second of know as material But raw is of in can materials low what each is talk quick head the directionally going on or raw paint year, where you terms maybe oil the maybe talk second to of

Michael McGarry

July immediately benefit. Well, the going It now I through, start think it's all at I upon it's resins But have rather directionally defer quarter, second so to some will that passed given right depend we're and into to right I would, it's point, this down. because the chance think now, when I'd solvents think, we pricing, number. are say be end think going that at is another more see X the I have type we'll to of talk visibility we'll of little I again to

Operator

go is Koort Please Sachs. next The ahead. from question Goldman of Bob

Bob Koort

guys the at share. guess I I crisis, back least you financial if at was, gaining to architectural wondering, you much. very shift look Thank maybe period towards it a some DIY, was for a

to maybe of guess you like I impact that's and think Sounds have? curious think duration happen or you might kind again, that going what

Michael McGarry

they people them seeing to we're numbers our significantly. their across on business done. What free the hands. get are there out have They're time right now, done. getting DIY projects And want Bob, They up

to We summer. probably whole expect the continue that

positive say anytime a they're unemployed that would likelihood unemployed I when with consistent wants that nobody has been be free that's and gives to And but soon. I them this no when So going force. to has people time there's been think stop

a DIY it's in Our much DIY in it's up, of Mexico our up, and positive. not Australia is U.S., the is our but in DIY market is certainly positive Europe in

Bob Koort

there that to refinish? to rates. they money actually fixed of you enough And save look insurance collision when they're level to their you for trying still car some climb, see on high that economic back don't such by pocket or drifting last But mentioned in up delay density that we is or is consumers the If on can I crisis, money, you collision any going ask there rates the the there last crisis? financial be roads that because not in not pick but get improving, is still did

Michael McGarry

the It's attention aren't when to probably you're easy a accident in early two repaired, road, going attention is last did We Bob. It's But we'll that paying tell what you'll like. accidents right you we'll be in now. to because that's look but it. that down one see too lot close Nobody and now the to tell crisis, of paying getting that. driving be economic an right panel see to to to be getting able

Vince Morales

contributor the duration I for but hopeful a the think duration -- know shorter. certainly People this the we're certainly to of periods period a don't that. last unemployed longer is we hopeful, Bob, long crisis, We're time. of crisis weren't of was

Operator

of Mitsch question Next Frank go from Fermium Please Research. is ahead.

Frank Mitsch

increases your over years of the see on side job right other last Must really kudos environment the the just raise commentary very the efforts. good you've each raw be pricing, that I and wanted couple to that done difficult calculation et and of equation? on outlook. I about your in side ability should gentlemen with of charity appreciate a -- on cetera. the think a to quarter, morning, Good the price materials now, we the how

Michael McGarry

Michael. is this Frank,

all, of so -- judge draft, I you to like First hope

Frank Mitsch

you, it. loved Thank it. Loved

Michael McGarry

Okay.

When you would employees, down. think production our be customers So pricing, is hold tell about there. our going I for when yes. that I we're they are reason to the about sorry it's most of in why rates -- I to yes going The think pricing,

not a in lot have to of leg the to they're to on so production regards going And rates. stand

raw fourth XXXX the in The back second all XXXX, through materials quite that quarter all first thing started the going and quarter from, way the is pricing. captured up therefore haven't we

so standpoint, from And we're that I good, going to be think good shape. in

some be So increases price anticipate going later off. this do fallen pricing still -- I other to year. we're have not doing We don't the I

So Latin clearly that also currencies we'll in we'll later refinish business being with our the weak, in have opportunities have America, year. in it the

standpoint, positive continue So a think force. I be will pricing to that from

Frank Mitsch

in we well industries Interesting, what for very Are I charges based question to But typically think the that could early scope I that most do a And concerned just the -- interesting. quarter. second you've the first don't you're about for done And quarter, there you sort you're it's too that's that that if on obviously, that? ask guess about you're do, industries say accounts allowance additional there? are is in concerned specific about what could How doubtful about regard? I there something of this the magnitude. that if in most

Vince Morales

levers most of that to liquidity. Yes, who of concerned our less Frank we earlier. goes regions. many alluded about And has business small across We're that

took we a withstand this. their crisis like to to respect more trying to detailed with So understand those a capability and approach small businesses

Frank Mitsch

All right.

OEM and aerospace, on some smaller So customers? of et we the focus can auto cetera exclude and

Vince Morales

of we ask you our one but small some reserve our of Well, one and every were where took heightened we in concern our businesses. if in businesses terms regions, every in of

Operator

from of go Please P.J. Citi. next Your is question ahead. Juvekar

P.J. Juvekar

morning. good hi, Yes,

may or about the be And slowed given you the the And do they you. how spring? cancelled. for point of is that Thank utilization fall, think your those this you projects into year plants buckets? what for you've level slip get channel Some painting the three could down the inventory said in delayed into next for

Vince Morales

I P.J., hard there. little hear you a just tell to you

of alluded and look demand spring terms hit Europe have to, -- some we're projects commercial as are customers information in the or expect in fall think lifted, of sheet deferral that in as of is think you are and to have markets, stay-at-home again, there. a projects surge as we we're of And recovery. repair. of also stores certainly pent-up cancellation do activity, from we'll about started Michael on our But mandates, these been I the seeing of terms see a We getting if some side, completed. reality prolonged real-time business, at in especially you size There's their hardest the asked basis. mandates their or their open a balance into

projects postponed So be maintenance commercial we expect ones certainly -- the to or canceled. any any new or where are are either the those work ones in delayed

P.J. Juvekar

have Thank on your paint in you channel? did channel into result update inventory you. the And And the us just plant slow of then about what sort can inventories levels, the you a down and Thanks. to you sold have spring? for as

Michael McGarry

refinish. had They would have accidents that in the had backlog. the inventory I P.J., been of one that the build a would say they significant -- had rebuild only they spring anticipated

off I one. say working biggest the that's just backlog. they're would now So the

Vince Morales

season. our in the we And that it point prepared goods in which mentioned elevated normally remarks, finished is as at was our inventory

QX go So we're through QX well. working into as down that we as

P.J. Juvekar

said just Okay. clarify raw you to something I about wanted materials.

you I will said Is to more volumes what on materials that for through? want that give You on given to you. mean second Michael. take quarter? your does comments you longer give quarter, Thank meant down But are you does because that it guidance raw flow second

Michael McGarry

QX. anticipate less, much don't to in how that after day give clarity time second quarter when in lot through July Yes. going QX. can a a buying in lot I raw mean, materials we period, to XX earnings it since will through in flow We but you again in typically more QX. XX won't be benefit talk to the But flow released, on we're we are get of benefit we

Operator

go from is question next Zekauskas The Please JPMorgan. with ahead. Jeff

Jeff Zekauskas

your SG&A were Thanks very pretty able XXXX down now company are to expenses really or you you much. a the were recession, leaner rapidly. In than than But then. you you're move

the for XX% magnitude year-over-year to you SG&A to quarters, next costs different maybe your have down goal? or three of So goal knock a your order do try is

Michael McGarry

thing Jeff, question, staggered first with mentioned, of are duration that Yes, I cost of items. our we this looking crisis. as don't we're I startups. we know the today think seeing is the at certainly And all discretionary one The

So cost worked we've our in time accordingly. XXXX/XXXX everything for an period was and of down extended

more little trying costs certainly aggressively. a it's dynamic. And Here our to manage we're

we mentioned, our you mentioned As are break-even lower. points

So little understand the till it's crisis. we difficult be going duration the a more of

Jeff Zekauskas

you April? follow-up, the what my can Okay. network your tell I in guess in store for were like domestic me volumes

Michael McGarry

you the at we a typically first through tell mix they're if that that now, different Yes, there probably than look what see. I it's XX% XX days. would segment you right down

of res do to So a like get do not also that type repaint, people to that into are able work. with has of lot to homes

the You're aren't money. seeing work a lot hotels spending going obviously less of maintenance to be any because type

in going anything you So in to the to segment impacted. whether of tell are trends likelihood significantly continue. maintenance But is to not these continue the it's that little going a think or all I especially early negatively be lower certainly to hospitality

Operator

The Stanley. next question of go Please from is ahead. Morgan Vincent Andrews

Vincent Andrews

specific despite could materials quite and propylene The flat in itself Thank the ask I well oil for to raw decline propylene. despite TiOX obviously voice like looks holding morning. quarter just on most hear conditions. second very TiOX you prices. development nice this in the everyone's challenging regions, up two you If and And

runs a therefore refinery less propylene. and suggest grade that's slower function Some of refinery

time just you their the or think the be stickier going those break down to volume over whether as on are around? if S&D into will time works So balance these sort dynamics thoughts little this way lower a any the of demand

Michael McGarry

kind that about that's their with side costs convinced market. a driven herring. let's sure red hearing on a start supply about demand ore. Well, of we're Frankly, lot TiOX. is a I'm this We're

the is is going prices to in TiOX be, lower be seeing there. it should quarter are which we working side, for on the as QX still largest Demand as we're considerably obviously second not much their paint So market. down the but end-use system

be we get around TiOX we'll suppliers able price. to lowest shifting the So sure make to

it's propylene; just the of downstream standpoint, a the derivatives resins. not From propylene it's

that so as well. that be will And side, on long

it some significant that continue won't to we'll So a although normally that the area is. see we're second price purchase in anticipating relief quarter be like in that

Vincent Andrews

And that quarter. working on as out you nature XXX what of the place given so Vince, impressive the basis unprecedented a quickly took points in of sales capital, late follow-up, took

there we set level how sort be balance us year? plan expect already is we how in just you come of on just can progress the that to should modeling the more Have you fully that? the quarter of should or through to So your implemented second or

Vince Morales

in here and credit. They Winslow exceptionally Yes, environment. teams quickly to are reacting the the visibility again a our and operations deserve of reacted lot

to As goods. measuring around customer early too mentioned, be just It's Michael of demand. predict we're will start-up what the our drawdown of finished on our the facilities

to It's company. company at have is see We for a more high working capital the the demand patterns the focus certainly it order impacts. every fully as in to understand

Operator

ahead. Please The from Research. Northcoast Kevin go is Hocevar next of question

Kevin Hocevar

your you Hey, of margin be to performance show safe. good which X, select refinish to two are Slide the here impact businesses. likely that to line Glad believe margins aerospace Slide morning, to of X, hear I curious you and product higher everybody. how mix recover, are your on slowest because the everybody's on On

if curious your could to impact you the on So mixed comment margins?

Vince Morales

have segment higher Yes, performance which -- on you a segment coating if Kevin, higher look impact we obviously say businesses margins. our there that segments, at volume that are the this slide several are performance in does

that in again businesses quicker we been margins QX of in as some to industrial to. that So recover have progression hit terms got and QX mix the do in segment, the to we get a QX. as The is early hard in late expect expect We segment you that segment. alluded negative impact

analysis your accurate. think is I

Kevin Hocevar

second curious quite million then bit first $XX And versus the the looks up $XX on million year. quarter, last like is like it million $XX is -- it half first or the at half looks expense, guiding the of a to corporate Okay. you're in tracking which

million that -- reversals, in showing to debt stock-based it's bad it Why comp on I drive that $XXX there's Or million, this that think that there year I $XXX down. and Is comp was that million. some think up? much? think last I where is to because incentive with year up track $XX expense is would

higher? curious why that's just So running

John Bruno

Hey, is John. Kevin, this

it's So was the what slower we quarter. I quarter everybody, In would of first year lower in last remind historical than to guided first a January.

came in where more I little a So in would lower this first QX. line be a quarter are than to And QX. we normal forecasted to is typically in, QX say bit

Michael funding we're opening some talked corporate. which remarks about digitalization, that his have new of we out program initiatives. do is So in a We're funding still

some that have we example that also So impacted. like

Operator

Please from is ahead. Capital RBC The of next Arun question Viswanathan go Markets.

Arun Viswanathan

being Would automotive to what's level you'd time have confidence OEM to gauge switch you and a worse potentially that and of just I us to better consider areas? trying end to and vertical? sound just conservative And for in to taking the thanks safe everyone size then could maybe automotive, XX% Happy up the just Or morning three industrial? And Thanks. architectural, again, to but with that have And for the to ask maybe you your your than in kind is refinish QX, way there estimate? what's a by time or in XX% the that? is -- business decline help wanted XX% you question. could maybe XX%. it buckets, and I'm typical lead typical those I hear into in about volume and a Good into that guess now. lead

Michael McGarry

Yes.

current estimate. our is number that So best

about think you automotive, in If delivery we're just business.

we were shut be they delivering in do going hand have to some on inventory Now abruptly we March down. when late that

it. automotive asking so guys aging inventory to has requirement be first, paint we'll take our So that auto to

So we them make sure give the we that to try fresher stuff.

always But otherwise or a us outlook, outlook, its week orders. the which is they then XX-day before they're automotive, in a give accurate. and two in XX-day XX% placed a I probably XXX% -- is we're XX% accurate, which people tell

So right before of now, they're we're starting still days XX up. sitting upwards

given start-up you. a we factored that into we've what We've that number, looked us they So gave have at the estimate demand.

that second anticipate that's so And half so the that how we rates ramp-up will factor they we quarter, throughout automotive. back for of the

fact the will think that given no there's light density, no congestion, miles no we be driven. orders refinish, the For

side back And anticipating continue inventory the we're see the those. in We until significant to see refinish industrial so won't the quarter. we half going light to we're obviously commercial that of transport, coatings,

then on the are architectural before. the And those placed orders side, day

lot a give notice. So, they you of don't

big when projects know do coming. You the are

for day-to-day orders kind up by show need, and geared you're A.M. up what the pickup X they the they their projects. of place So big noon, stuff, you But tell

that pattern, of a get differently we than continue that expect order So lot don't visibility to expect we're to we now. getting

Arun Viswanathan

When the -- better that's Then you Okay, QX? you're in in margins helpful. we actions things at what about front. be consider margin from what those how Thanks. decremental they accelerating there you've slightly losses to held cost just on for are you the that When all QX the relatively think considered. margins experienced look well, QX? the Is than should opportunity COVID the

Vince Morales

$XXX decline earnings we that. targeting to segment certainly we on Yes. working decline mentioned certainly in earlier, million that versus the Again, million QX. the that's things as we're There's $XX sales target. against our But experienced some improve

Arun Viswanathan

Anyway do figure to or out to that? how us potentially quantify that help

Vince Morales

as in working And only March. the weeks. we of things discretionary nature need I that are being planful against have outset controls hopefully But and need in we things folks a going as some working our start-up And are and Again, to there's we Arun, more costs Europe in we do us, in be have of again and now time tell we have in have I on. stage I there's mentioned, furloughed. at benefit China session, at so that cost being the you, global said them those respectful that for us question-and-answer didn't the next implemented coming

Operator

from go is question next Please Fischer ahead. Barclays. The Duffy of

Duffy Fischer

your end and folks. just around Hey of couple Question markets there. customers good a your morning,

on see in the you architectural, if or And of kind some at government? they contract of Are them? XXXX setting talked customers about that and away do you judge did consolidation an health But at the from customers able the the maybe for as contractors. funding if You potential you up how of of side for of look yours? use get money you auto significant if debt Were you those you reset the those example, plans refinish, small model? a going to look

Michael McGarry

is out out. there we a also So work more is, from not architectural to backlog there painters. away? going no our are to that of cost does work structures. with they're side, amount certainly than commercial; We're variable have there fair still them. when question the now, backlog is funding happy that They Right The go

hire painters and they the during winds down. them So as the then season go season let busy

structure from that So they cost have the to opportunity manage regard. their

So watching it. be we'll

We that happens, shops. this could do if lead more think benefit to us activities MSO that happens. body the type when Clearly a for from and that that's

be So we'll this be watching as that that. they anticipate somewhat for money the regard. of shops, But But have cost also PPP would well. out the body for to support I I would say, structure them would variable a small applying in they

Duffy Fischer

there the the just a be the seem Peso you we Mexican on are would health response, to that that's focus there? the bit Peso-based fallen costs And in if the the down then COVID business? somewhat how the little they then, dollar-based And Okay. what down on are slower structure Mexico, with the versus could Comex business and of judge cost

Michael McGarry

material raw raw So from XX% of dollar-based. about standpoint, now call the materials are a Duffy, it

here able down that's be in near-term. that hence the increase to price offset we'll why there pass-through to So a

the owned you partners. of When business, network us. is about concessionaire not our think It's by our rest the by owned

structure have cost over so heads don't there. And big we down that's fixed hanging our that

now What pretty I can is that sellout is tell actually in April good. you the right

stores are X,XXX that We operating have we down. what about curtain call

only the store. physically X,XXX not in of can't actually But delivering. walk those you So XXX are

vast are of delivering the still majority So them products.

So, that progress. continuing to is

government tell cautious And Mexican is government. as current as our team I because not would you, though the somewhat is pro-business, overall prior the

will think year bit half a completed. be of Construction big started. of And that we projects be little a whole there's new But lot probably being are will more that so challenging. the the underway not stuff back

for that us does a little pause so And give concern.

very that watching be to going we're carefully. So

Operator

is The question Please next from Laurence of go ahead. Jefferies. Alexander

Laurence Alexander

volumes And the goal delivery to margins restart term? think Europe model? How longer you about had grow the or through consumer to the successes and to should the the stores expect significant Two Do shift there. questions. Can lower than on this on similar the the we with or switch is cost or you've the Hi stores? those to from purchasing talk to back that? you difference is and quick that any secondly the the if between about the incremental the recovery U.S. learnings us

Michael McGarry

Laurence, spectrum. in higher way I end the would and incremental be similar; somewhat say of should that the they on margins Europe the U.S. on be the up the will

So be that will positive. a

the for good we're been quarter standpoint as from a the dealer in a proponent From you we've aspect, some We working now; had model time delivery authorized know, that network. with the premier of our first delivery quarter.

delivery that will stores, our painting, convince getting owners painters their trend to not continue. businesses the think now, think it, the customers in So used not And they're the right tried come of once to model we we've when our get that they're continue. I line will Obviously, paid.

can start And their to they're more so job the business, think is the think going that's become I them it out evident better that to in the keep see more is so that long-term we to for I the owners. site, on And trend going a continue. this

Operator

of The Please next Global Securities. Harrison question Mike ahead. Seaport is from go

Mike Harrison

good that isn't travel furloughs, discretionary you're reduced other entertainment, including Hi, that implies structural cut restructuring to like reducing. a of morning. temporarily kind areas in that number The increase me and cutbacks

could number be much So temporary included reductions from and of can terms those that that not other savings these are and temporary cutback? you in SG&A we in just furloughs verify about talking how restructuring

Vince Morales

other these cited discretionary does restructuring Yes, that include not Mike, savings the costs. we

try Again, tempering on do We I itemized going of to part alluded decremental haven't it's be sized to we're or times. the margins going the several that that to level. to

John Bruno

Hey, Mike, this is John.

this Just got time; an question. is the we've SG&A second

that So XX% to QX. provide in want a SG&A financial remind for just to the we folks slide, did range of I XX% assumptions for

help we in give to want some you modeling. did So

at. you that So a be number can take might a look

Mike Harrison

still kind question believe Number about flying. them half a one, aftermarket planes you part flying business business you've thanks are aerospace, of on right, very of I the All are lot much. two mentioned mentioned, a aerospace. but of then And your in that empty,

aftermarket fundamentally long-term the the is positive secular So the new versus lower how second that does view piece much business alter we've downturn of is normal? And then this on aircraft? had question the commercial

Michael McGarry

just be the fleet now, is global right to So clear parked. like XX% of

number that from So that is an standpoint. unprecedented

Your estimation number. of a is the good relatively aftermarket

going not So Right global continue this continue kind think. with thinking we're business. that aerospace I The the number. now, is fundamental a in shift you trends of are can that to

and up of get out reinforces I the people intra-China houses these seeing think want We're grow week. get that. continuing all that to their to every seeing you're fact travel

see shift. fundamental So we do a not

because think to order will And obviously try they're materially now out book going I the needs Now be to OEMs going they figure right are. their what for to have lower big do exact the no cash.

of be they to some So will that. cancel looking

cancellation. So a seen you have significant

new at new right. did if for I orders. were the have orders net minus some Airbus remember, net look Boeing, they you XXX, If

still a the this us. So, I for down. industry But come I think overall, is will good think backlog

Operator

any closing like turn to concludes This the remarks. conference I session. our question-and-answer would management back over for to

John Bruno

thank time and healthy. and to PPG their remain Thank safe in please would you. I and interest everyone for like

further earnings first Investor have our concludes our please contact questions If quarter call. you Relations any department. This

Operator

for you presentation. today's The conference now concluded. has attending Thank

You may now disconnect.

PPG Industries (PPG) 28 Apr 202020 Q1 Earnings call transcript