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Sherwin Williams Co (SHW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Sherwin Williams Co

CIK: 89800 Ticker: SHW

Exhibit 99

 

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The Sherwin-Williams Company   

•        101 W. Prospect  Avenue

  

•        Cleveland, Ohio 44115

  

•      (216) 566-2000

The Sherwin-Williams Company Reports 2020 Second Quarter Financial Results

 

   

Consolidated net sales decreased 5.6% in the quarter to $4.60 billion

 

   

Net sales from stores in U.S. and Canada open more than twelve calendar months decreased 6.9% in the quarter

 

   

Diluted net income per share increased to $6.48 per share in the quarter compared to $5.03 per share in the second quarter 2019

 

   

Excluding the impact of acquisition-related amortization expense, diluted net income per share increased to $7.10 per share in the quarter versus $6.57 per share in the second quarter 2019, excluding the impact of acquisition-related costs and other adjustments

 

   

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 6.2% in the quarter to $979.0 million, or 21.3% of sales

 

   

Net operating cash increased 42% year-to-date to $1.07 billion, or 12.3% of sales

 

   

Increasing FY20 diluted net income per share guidance to a range of $19.21 to $20.71 per share, including acquisition-related amortization expense of $2.54 per share. Prior FY20 guidance was $16.46 to $18.46 per share, including acquisition-related amortization expense of $2.54 per share

CLEVELAND, July 28, 2020 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the second quarter ended June 30, 2020. Compared to the same period in 2019, consolidated net sales decreased $273.8 million, or 5.6%, to $4.60 billion in the quarter and decreased $168.0 million, or 1.9%, to $8.75 billion in the first six months. The decrease in the quarter was due primarily to impacts of

COVID-19, which caused demand softness in some end markets in The Americas Group and the Performance Coatings Group, and unfavorable currency translation rate changes, partially offset by higher sales to most of the Consumer Brands Group’s retail customers. The estimated impact from COVID-19 on consolidated net sales during the quarter and first six months was 8.2% and 5.2%, respectively. Currency translation rate changes decreased consolidated net sales by 1.5% in the second quarter and 1.4% in the first six months. Diluted net income per share increased to $6.48 per share in the second quarter compared to $5.03 per share in the second quarter of 2019. Second quarter 2020 included a charge of $.62 per share for acquisition-related amortization expense. Second quarter 2019 included charges of $.63 per share for acquisition-related amortization expense, $.12 per share for integration costs and $.79 per share for a tax credit investment loss. Diluted net income per share increased to $9.93 per share in the first six months compared to $7.65 per share in the same period in 2019. The first six months of 2020 included a charge of $1.24 per share for acquisition-related amortization expense. The first six months of 2019 included charges of $1.27 per share for acquisition-related amortization expense, $.19 per share for integration costs, $.79 per share for a tax credit investment loss and $.27 per share for pension settlement expense.

Net sales in The Americas Group decreased 8.4% to $2.52 billion in the quarter and decreased 1.7% to $4.83 billion in the first six months due primarily to the impacts of COVID-19 on demand in most end market segments served, partially offset by higher DIY paint sales in the U.S. and Canada. Net sales from stores in the U.S. and Canada open for more than twelve calendar months decreased 6.9% and 0.7% in the quarter and first six months, respectively, over last year’s comparable periods. Segment profit decreased $12.7 million to $599.7 million in the quarter due primarily to lower paint sales volume, partially offset by moderating raw material costs and good cost control. Segment profit increased $44.5 million to $988.0 million in the first six months primarily due to strong first quarter sales volume momentum realized prior to COVID-19 and favorable customer and product mix. Segment profit as a percent of net sales increased to 23.8% in the second quarter compared to 22.2% in the second quarter last year, and increased to 20.5% in the first six months compared to 19.2% in the first six months last year, primarily due to favorable customer and product mix and good cost control.


The following information was filed by Sherwin Williams Co (SHW) on Tuesday, July 28, 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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Inside Sherwin Williams Co's 10-Q Quarterly Report:

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: 0000089800-20-000020
Submitted to the SEC: Tue Jul 28 2020 1:59:50 PM EST
Accepted by the SEC: Tue Jul 28 2020
Period: Tuesday, June 30, 2020
Industry: Retail Building Materials Hardware Garden Supply

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