Sherwin Williams Co (SHW) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Earnings Press Release
10-Q Quarterly Report
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Sherwin Williams Co
Ticker: SHW CIK: 89800

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The Sherwin-Williams Company • 101 West Prospect Avenue • Cleveland, Ohio 44115 • (216) 566-2140

The Sherwin-Williams Company Reports 2018 Third Quarter Financial Results

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Consolidated net sales increased 5.0% in the quarter to $4.73 billion

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Net sales from stores in U.S. and Canada open more than twelve calendar months increased 5.2% in the quarter

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Diluted net income per share increased 11.7% to $3.72 per share in the quarter compared to $3.33 per share in the third quarter 2017; third quarter 2018 included a charge for the California public nuisance litigation and acquisition-related costs of $1.09 and $.87 per share, respectively, and third quarter 2017 diluted net income per share included acquisition-related costs of $1.42 per share

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Excluding the charge for the California litigation and acquisition-related costs, diluted net income per share increased 19.6% to $5.68 per share in the quarter compared to $4.75 per share in the third quarter 2017

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Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from continuing operations increased 16.9% in the nine months to $1.99 billion

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Narrowing FY18 adjusted EPS guidance to $19.05 to $19.20 per share, excluding acquisition-related costs, the charge for the California litigation and environmental provisions, compared to $15.07 per share on a comparable basis in FY17

CLEVELAND, OHIO, October 25, 2018 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the third quarter ended September 30, 2018. Compared to the same period in 2017, consolidated net sales increased $224.5 million, or 5.0%, to $4.73 billion in the quarter and increased $2.47 billion, or 22.4%, to $13.47 billion in nine months. The increase in the quarter was due primarily to higher paint sales volume in The Americas and Consumer Brands Groups and selling price increases. Currency translation rate changes decreased consolidated net sales by 1.1% in the third quarter. The increase in nine months was due primarily to incremental Valspar sales from the five months ended May 2018, higher paint sales volume in The Americas Group and selling price increases. Incremental Valspar sales from the five months ended May 2018 increased net sales 16.8% for the first nine months. As a result of the new revenue standard (ASC 606) adopted in the first quarter of 2018, certain advertising support that was previously classified as selling, general and administrative expenses is now classified as a reduction of revenue with no effect on net income. The new revenue standard reduced consolidated net sales approximately .8% in the quarter and first nine months.

Diluted net income per share in the quarter increased to $3.72 per share from $3.33 per share in 2017. Third quarter 2018 diluted net income per share included charges of $1.09 and $.87 per share from the California litigation and acquisition-related costs, respectively. The pre-tax charge for the California litigation of $136.3 million is one-third of the amount of the abatement fund, as recalculated by the trial court. Currency translation rate changes decreased diluted net income per share in the quarter by $.09 per share. In the quarter, we incurred incremental supply chain costs in an effort to keep pace with load-in demand of a new customer program while supporting what is traditionally our peak sales volume quarter, which reduced third quarter earnings per share by approximately $.16 per share. Third quarter 2017 diluted net income per

The following information was filed by Sherwin Williams Co (SHW) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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