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EXHIBIT 99
NEWS:
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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Sherwin Williams Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The Performance Coatings Groups gross profit increased $34.9 million in the third quarter compared to the same period last year, when stated in U.S. dollars, primarily due to selling price increases and reduced impacts of purchase accounting on cost of goods sold, partially offset by higher raw material costs and unfavorable currency translation rate changes.
In February 2018, the Board of Directors increased the quarterly cash dividend from $.85 per common share to $.86 per common share.
The Company acquires its common stock for general corporate purposes, and depending on its cash position and market conditions, it may acquire additional shares in the future.
The increase in Shareholders equity since September 30, 2017 resulted primarily from net income of $1.905 billion and an increase in Other capital of $197.8 million, partially offset by increased treasury stock of $392.2 million, cash dividends paid on common stock of $322.6 million and an increase in Cumulative other comprehensive loss of $158.3 million.
Consolidated gross profit dollars and percent improved as a result of higher paint sales volume, reduced impacts of purchase accounting on cost of goods sold, and selling price increases, partially offset by higher raw material costs, incremental supply chain costs in an effort to keep pace with load-in demand of a new customer program during peak season, and unfavorable currency translation rate changes.
Consolidated income from continuing operations...Read more
The increase in Shareholders equity...Read more
The improvement in net operating...Read more
During the first quarter of...Read more
Cash flow from operations along...Read more
The Americas Groups gross profit...Read more
The decrease in net sales...Read more
The decrease in the first...Read more
Since September 30, 2017, the...Read more
The Performance Coatings Groups gross...Read more
Amortization expense decreased $3.6 million...Read more
The decrease in the effective...Read more
The decrease in the effective...Read more
The Consumer Brands Groups gross...Read more
Deferred income taxes at September...Read more
Consolidated gross profit as a...Read more
changes in general domestic economic...Read more
Diluted net income per common...Read more
Diluted net income per common...Read more
Diluted net income per common...Read more
Diluted net income per common...Read more
Currency translation rate changes decreased...Read more
Currency translation rate changes decreased...Read more
Consolidated gross profit as a...Read more
The decrease was due primarily...Read more
The Administrative segments SG&A decreased...Read more
Other expense income - net...Read more
Other expense income - net...Read more
The Companys financial condition, liquidity...Read more
These benefits were partially offset...Read more
The Consumer Brands Groups gross...Read more
At September 30, 2018, the...Read more
Consolidated gross profit as a...Read more
Net sales of all operations...Read more
Net sales of all consolidated...Read more
Net sales of all operations...Read more
The Consumer Brands Groups gross...Read more
Selling, general and administrative expenses...Read more
material costs and Valspar sales...Read more
Amortization expense increased $120.2 million...Read more
Other general expense net increased...Read more
For this measurement, management increases...Read more
The increase was due primarily...Read more
The increase in the last...Read more
Net sales in the Performance...Read more
Consolidated net sales increased in...Read more
general business conditions, strengths of...Read more
As previously disclosed, the interest...Read more
Amortization expense increased $120.2 million...Read more
Interest expense increased $0.7 million...Read more
SG&A increased $323.3 million in...Read more
Management believes that the Company...Read more
Interest expense increased $103.3 million...Read more
Selling, general and administrative expenses...Read more
Sales of non-paint products increased...Read more
Sales of non-paint products increased...Read more
At September 30, 2018, there...Read more
This gain is being amortized...Read more
risks and uncertainties associated with...Read more
Amortization expense decreased $3.6 million...Read more
The financial statements and footnotes...Read more
Net sales of all consolidated...Read more
Consolidated net sales increased 5.0...Read more
Consolidated net sales increased 22.4...Read more
Consolidated gross profit as a...Read more
See Note 6, on pages...Read more
See Note 6, on pages...Read more
Selling, general and administrative expenses...Read more
However, management believes that any...Read more
Net sales in the Performance...Read more
Interest expense increased $0.7 million...Read more
Interest expense increased $103.3 million...Read more
Consolidated gross profit increased $108.6...Read more
Net sales from stores open...Read more
Net sales from stores open...Read more
The Americas Groups SG&A increased...Read more
The Americas Groups SG&A increased...Read more
The Administrative segments SG&A increased...Read more
The Americas Groups gross profit...Read more
The increase was due primarily...Read more
The Company received favorable tax...Read more
The effective tax rate for...Read more
The effective tax rate for...Read more
Currency translation rate changes decreased...Read more
Currency translation rate changes decreased...Read more
Currency translation rate changes decreased...Read more
In the first nine months...Read more
Additionally, see Note 4, on...Read more
Shareholders equity increased $282.7 million...Read more
Consolidated net sales increased in...Read more
Cash and cash equivalents decreased...Read more
The Performance Coatings Groups gross...Read more
The Administrative segments gross profit...Read more
The effective tax rate for...Read more
The effective tax rate for...Read more
The reader should refer to...Read more
Net working capital decreased $116.3...Read more
Net working capital decreased $116.3...Read more
Capital expenditures primarily represented expenditures...Read more
Short-term borrowings under various other...Read more
The Company currently expects the...Read more
The Consumer Brands Groups SG&A...Read more
Financial Statements, Disclosures and Schedules
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Sherwin Williams Co provided additional information to their SEC Filing as exhibits
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