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Last10K.com | 10-Q Quarterly Report Wed Apr 29 2020
Exhibit 99
NEWS
| The Sherwin-Williams Company ● 101 W. Prospect Avenue ● Cleveland, Ohio 44115 ● (216) 566-2000 |
The Sherwin-Williams Company Reports 2020 First Quarter Financial Results
| • | Consolidated net sales increased 2.6% in the quarter to $4.15 billion |
| • | Net sales from stores in U.S. and Canada open more than twelve calendar months increased 7.4% in the quarter |
| • | Diluted net income per share increased to $3.46 per share in the quarter compared to $2.62 per share in the first quarter 2019 |
| • | Excluding the impact of acquisition-related amortization expense, diluted net income per share increased to $4.08 per share in the quarter versus $3.60 per share in the first quarter 2019, excluding the impact of acquisition-related costs and the pension plan settlement expense |
| • | Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 8.3% in the quarter to $623.1 million, or 15.0% of sales |
| • | Revising FY20 diluted net income per share guidance to a range of $16.46 to $18.46 per share, including acquisition-related amortization expense of $2.54 per share, due to COVID-19 pandemic. Prior FY20 guidance was $19.91 to $20.71 per share, including acquisition-related costs of $2.79 per share |
CLEVELAND, April 29, 2020 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the first quarter ended March 31, 2020. Compared to the same period in 2019, consolidated net sales increased $105.8 million, or 2.6%, to $4.15 billion in three months. The increase in the quarter was due primarily to higher architectural paint sales volume in North American stores and increased sales in the packaging and coil divisions within our Performance Coatings Group across all regions, partially offset by impacts of
COVID-19, continued demand softness in some end markets outside the U.S. and unfavorable currency translation rate changes. The estimated impact from COVID-19 on consolidated net sales during the quarter was approximately 1.5%. Currency translation rate changes decreased consolidated net sales by 1.4% in the first quarter. Diluted net income per share increased to $3.46 per share in the first quarter compared to $2.62 per share in the same period in 2019. First quarter 2020 included charges for acquisition-related amortization of $.62 per share. Currency translation rate changes decreased diluted net income per common share in the first quarter 2020 by $.05 per share. First quarter 2019 included charges of $.63 per share for acquisition-related amortization expense, $.08 per share for integration costs and $.27 per share for pension settlement expense.Net sales in The Americas Group increased 7.0% to $2.31 billion in the quarter due primarily to higher architectural paint sales across all end markets in North American stores, partially offset by unfavorable currency translation rate changes. Currency translation rate changes decreased Group net sales by 1.1% in the first quarter. Net sales from
The following information was filed by Sherwin Williams Co (SHW) on Wednesday, April 29, 2020 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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Sherwin Williams Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Financial - Cash Flow Highlight
Cash flow from operations, increased short-term borrowings and net proceeds from issuance of long-term debt (after repayments) funded normal seasonal working capital increases, capital expenditures of $106.6 million and returned $1.013 billion to shareholders in the form of share buybacks and cash dividends during the first three months of 2020.
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Financial - Debt Highlight
Net financing cash increased $64.3 million to a source of $115.7 million in the first three months of 2020 from a source of $51.4 million for the same period in 2019 primarily due to the issuance of new long-term debt, an increase in short-term borrowings and the issuance of 100,000 shares of treasury stock (which were associated with the domestic defined benefit plan terminated in 2018), partially offset by treasury stock purchases, repayments of long-term debt and cash dividends.
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Financial - Dividend Highlight
In February 2020, the Company's Board of Directors increased the quarterly cash dividend from $1.13 per common share to $1.34 per common share.
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M & A - Other Highlight
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.
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Financial - Income Highlight
The following table presents income before income taxes by segment and as a percentage of net sales by segment: nm - not meaningful Income Tax Expense Net Income Per Share Overview The Company's financial condition, liquidity and cash flow continued to be strong during the first three months of 2020 as net operating cash was $54.9 million, an improvement of $90.9 million from the prior year comparable period, primarily due to improved operating results as consolidated income before income taxes increased $93.4 million to $392.3 million in the current year or 9.5% of net sales.
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Other - Other
Goodwill and Intangible Assets During...Read more
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Revenue - Product
Changes in assumptions concerning future...Read more
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Revenue - Product
As a percent of sales,...Read more
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Other - Other
We have a strong liquidity...Read more
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Financial - Expense
Other expense - net improved...Read more
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Other - Other
However, application of these accounting...Read more
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Financial - Income
Consolidated income before income taxes...Read more
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Financial - Cash Flow
Cash Flow Net investing cash...Read more
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Financial - Earnings
Consolidated gross profit as a...Read more
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Revenue - Geography
The Americas Group's gross profit...Read more
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Revenue - Product
The decrease in net sales...Read more
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Financial - Cash Flow
We will continue to evaluate...Read more
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Other - Other
Cash and cash equivalents increased...Read more
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Financial - Earnings
The Performance Coatings Group's gross...Read more
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Revenue - Product
Net sales in The Americas...Read more
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Financial - Expense
The Consumer Brands Group's SG&A...Read more
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Financial - Debt
Other Assets Property, Plant and...Read more
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Revenue - Product
Net sales of all operations...Read more
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Other - Other
The weighted average interest rates...Read more
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Revenue - Product
We plan to continue to...Read more
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Revenue - Product
Net sales in the Performance...Read more
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Financial - Debt
Current liability balances increased at...Read more
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Revenue - Product
Sales of non-paint products increased...Read more
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Other - Other
See Note 6 in the...Read more
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Revenue - Product
Net sales of all consolidated...Read more
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Other - Other
Management does not, nor does...Read more
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Revenue - Product
Net sales from stores open...Read more
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Financial - Earnings
Consolidated gross profit dollars and...Read more
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Financial - Cash Flow
As the circumstances around the...Read more
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Revenue - Geography
The Americas Group's SG&A increased...Read more
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Revenue - Product
Currency translation rate changes decreased...Read more
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Revenue - Geography
Currency translation rate changes decreased...Read more
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Revenue - Product
Currency translation rate changes decreased...Read more
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Financial - Expense
Consolidated SG&A increased $63.6 million...Read more
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Revenue - Product
Consolidated net sales increased 2.6%...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover Page
Condensed Statements Of Consolidated Cash Flows
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Comprehensive Income (Parenthetical)
Statements Of Consolidated Income
Statements Of Consolidated Shareholders' Equity
Statements Of Consolidated Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss (Income)
Accumulated Other Comprehensive Loss (Income) (Details)
Accumulated Other Comprehensive Loss (Income) (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Debt
Debt (Details)
Derivatives And Hedging
Derivatives And Hedging (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill, Intangible And Long-Lived Assets
Goodwill, Intangible And Long-Lived Assets (Details)
Goodwill, Intangible And Long-Lived Assets (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Litigation
Litigation (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Non-Traded Investments
Non-Traded Investments (Details)
Other
Other (Tables)
Other - Narrative (Details)
Other - Other (Income) Expense - Net (Details)
Other - Other General Expense - Net (Details)
Other Long-Term Liabilities
Other Long-Term Liabilities (Details)
Pension, Health Care And Postretirement Benefits Other Than Pensions
Pension, Health Care And Postretirement Benefits Other Than Pensions (Details)
Pension, Health Care And Postretirement Benefits Other Than Pensions (Tables)
Recently Issued Accounting Pronouncements
Reportable Segment Information
Reportable Segment Information (Tables)
Reportable Segment Information - Narrative (Details)
Reportable Segment Information - Reportable Segment Information (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Material Contracts, Statements, Certifications & more
Sherwin Williams Co provided additional information to their SEC Filing as exhibits
Ticker: SHW
CIK: 89800
Form Type: 10-Q Quarterly Report
Accession Number: 0000089800-20-000009
Submitted to the SEC: Wed Apr 29 2020 3:31:42 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Retail Building Materials Hardware Garden Supply
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