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

Sherwin Williams Co

CIK: 89800 Ticker: SHW

EXHIBIT 99

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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

   

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

   

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

   

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

   

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

   

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

   

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

 

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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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Inside Sherwin Williams Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Statements Of Consolidated Cash Flows (Unaudited)
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Statements Of Consolidated Comprehensive Income (Unaudited)
Statements Of Consolidated Income (Unaudited)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Preliminary And Final Allocation Of The Fair Value Of The Acquisition (Details)
Acquisitions - Pro Forma Consolidated Financial Information (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Debt
Debt (Tables)
Debt - Carrying Amount And Fair Value Of Debt (Details)
Debt - Narrative (Details)
Exit Or Disposal Activities
Exit Or Disposal Activities (Tables)
Exit Or Disposal Activities - Narrative (Details)
Exit Or Disposal Activities - Summary Of The Activity And Remaining Liabilities Associated With Qualified Exit Costs (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Health Care, Pension And Other Benefits
Health Care, Pension And Other Benefits (Tables)
Health Care, Pension And Other Benefits - Components Of Net Periodic Benefit Costs (Credits) For Domestic Defined Benefit Pension Plans, Foreign Defined Benefit Pension Plans And Postretirement Benefits Other Than Pensions (Details)
Health Care, Pension And Other Benefits - Narrative (Details)
Income Taxes
Income Taxes (Details)
Litigation
Litigation (Details)
Net Income Per Common Share
Net Income Per Common Share (Details)
Net Income Per Common Share (Tables)
Non-Traded Investments
Non-Traded Investments (Details)
Other
Other (Tables)
Other - Narrative (Details)
Other - Other General Expense - Net (Details)
Other - Other Income - Net (Details)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Product Warranties
Product Warranties (Details)
Product Warranties (Tables)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Tables)
Recently Issued Accounting Pronouncements - Impact Of Adopting Asu 2017-07 (Details)
Recently Issued Accounting Pronouncements - Narrative (Details)
Reportable Segment Information
Reportable Segment Information (Details)
Reportable Segment Information (Tables)
Reportable Segment Information - Narrative (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Shareholders' Equity
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Summary Of The Changes In The Components Of Shareholders' Equity (Details)
Shareholders' Equity Shareholders' Equity (Tables)
Ticker: SHW
CIK: 89800
Form Type: 10-Q Quarterly Report
Accession Number: 0000089800-18-000017
Submitted to the SEC: Thu Oct 25 2018 3:36:30 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Retail Building Materials Hardware Garden Supply

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