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  "documentTitle": "PPG Industries, Inc. (PPG)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-11 00:00:00",
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  "notes": "The table highlights the discrepancy between original reported EPS and restated EPS, showing how accounting errors artificially inflated performance.",
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      "text": "We note that in half of the six earnings reports that were affected by the accounting “irregularities”, it appears that PPG either “beat” or “met” consensus earnings expectations by way of artificially inflated earnings:",
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      "text": "On June 28, 2018, PPG announced that it was restating its financial statements and earnings releases for the six previous quarters (Q4 ‘16 through Q1 ‘18) in order to correct various accounting errors, including repeated failures to accrue certain expenses on a timely basis",
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      "text": "After first identifying accounting issues in April, on May 10, 2018, PPG informed investors that it was unable to file its Form 10-Q on a timely basis and that the Company’s previously filed Form 10-K could no longer be relied upon",
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      "text": "Adjusted EPS",
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      "text": "We note that in half of the six earnings reports that were affected by the accounting “irregularities”, it appears that PPG either “beat” or “met” consensus earnings expectations by way of artificially inflated earnings:",
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      "text": "Source: Company SEC filings and press releases for PPG financials as originally reported, and as restated. Consensus estimates per Bloomberg 10/12/18.",
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      "text": "Fiscal Quarter, Adj. EPS Originally Reported, Cons. Estimate, Orig. Beat, Meet or Miss?, Accounting Restatement, Restated Adj. EPS, Restated Beat, Meet or Miss?",
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      "kind": "title",
      "text": "Accounting Irregularities",
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