Sherwin Williams Co (SHW) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

EXHIBIT 99

NEWS:

The Sherwin-Williams Company Reports 2016 Year-end Financial Results

CLEVELAND, OHIO, January 26, 2017 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2016. Compared to the same periods in 2015, consolidated net sales increased $516.3 million, or 4.6%, to $11.86 billion in the year and increased $178.0 million, or 6.8%, to $2.78 billion in the quarter due primarily to higher paint sales volume in our Paint Stores Group and the impact of a change in revenue classification beginning in the third quarter related to grossing up third-party service revenue and related costs which were previously netted and immaterial in prior periods. The change in revenue classification increased sales in the year and quarter 1.1% and 2.2%, respectively. This prospective change primarily impacts the Paint Stores and Global Finishes Groups. This change had no impact on segment profit, but reduced segment profit as a percent to net sales of the affected groups. Unfavorable currency translation rate changes decreased consolidated net sales 1.4% in the year and 0.9% in the quarter.

Diluted net income per common share in the year increased to $11.99 per share, including an $.86 per share charge for costs associated with the anticipated acquisition of Valspar partially offset by an increase of $.40 per share related to a reduction in the income tax provision, from $11.15 per share in 2015. Diluted net income per common share increased in the quarter to $2.15 per share, including a $.22 per share charge for costs associated with the anticipated acquisition of Valspar partially offset by an increase of $.03 per share related to a reduction in the income tax provision, compared to $2.11 per share a year ago. The increases in full year and fourth quarter diluted net income per common share were due primarily to improved operating results of the Paint Stores and Global Finishes Groups. Unfavorable currency translation rate changes decreased diluted net income per common share by $.14 per share for the year and $.03 per share in the quarter. The change in individually significant non-operating items had essentially no impact on full year diluted net income per common share compared to a year ago and improved diluted net income per common share in total by $.03 per share in the quarter. These items include gain on sale of assets, increased provision for environmental matters, and impairment of goodwill and trademarks.

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