Trian Partners Activist Presentation Deck
EPS Growth Has Stalled And Missed Targets
▪ The Company has missed its 10% EPS growth target in each of the last 3 years
$5.69
(2)
2015
2%
Adjusted EPS (as reported)(¹)
$5.82
2016
1%
$5.86
2017
-1%
$5.80
(2)
2018e
"So I think we've had a historical preference to grow EPS 10%, and I don't think we're walking away from that.
- Michael McGarry, CEO, 10/19/2017
29
Source: Company SEC filings, Bloomberg, earnings calls transcripts.
(1) Adjusted EPS (as reported) represents PPG's adjusted earnings per share as originally reported for each respective year, except for 2017, in which we use the $5.86 restated figure disclosed in the
amended Form 10-K filed on June 28, 2018. This allows for true comparability of real earnings power of one share of PPG at the beginning and end of the selected time frame. By presenting EPS on a
continuing operations basis, PPG is comparing "apples and oranges" by subtracting earnings of discontinued operations for historical periods while showing a benefit from re-allocating cash proceeds from
divestitures (i.e., share count reduction).
Revised 2018 estimates based on actual results for Q1 and Q2 and the midpoint of management guidance for Q3 and Q4 issued in Company press release dated October 8, 2018.
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