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Sherwin Williams Co (SHW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Sherwin Williams Co

CIK: 89800 Ticker: SHW

Exhibit 99

 

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The Sherwin-Williams Company Reports 2021 Second Quarter Financial Results

CLEVELAND, July 27, 2021 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the second quarter ended June 30, 2021. All comparisons are to the second quarter of the prior year, unless otherwise noted.

SUMMARY

 

   

Consolidated net sales increased 16.9% in the quarter to $5.38 billion

 

   

Net sales from stores in U.S. and Canada open more than twelve calendar months increased 19.3% in the quarter

 

   

Diluted net income per share increased to $2.42 per share in the quarter

 

   

Adjusted diluted net income per share increased 11.8% in the quarter to $2.65 per share

 

   

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased in the quarter to $1.05 billion, or 19.5% of sales

 

   

Reaffirming FY21 diluted net income per share in the range of $8.01 to $8.31 per share, including a loss of $0.34 per share from a divestiture and acquisition-related amortization expense of $0.80 per share

CEO REMARKS

“We delivered solid performance in the second quarter driven by robust architectural paint demand in The Americas Group and strong demand across our industrial end markets, which more than offset the return to more normal DIY end market demand levels,” said Chairman, President and Chief Executive Officer, John G. Morikis. “Along with the strong demand, we also implemented pricing actions to offset the significant, sustained raw material inflation that pressured our gross margin in the quarter. Despite the near-term gross margin compression, we delivered 11.8% adjusted diluted net income per share growth and 7.4% EBITDA growth in the quarter. Our cash generation remained strong, which enabled us to continue investing in long-term strategic growth initiatives, repurchase 3.1 million shares in the second quarter, and open 25 new stores.

“In The Americas Group, sales in all of our end markets, except DIY, were up double-digit percentages in the quarter, led by residential repaint. As expected, sales to our DIY customers were down double-digits, driven by difficult comparisons to the prior year as consumer demand returned to more normal levels. These lower North America DIY demand trends also impacted our Consumer Brands Group in the quarter. Supply chain constraints in the quarter impacted our architectural businesses similarly in The Americas and Consumer Brands Groups. In Performance Coatings Group, all divisions delivered strong double-digit growth, led by industrial wood and general industrial.”


The following information was filed by Sherwin Williams Co (SHW) on Tuesday, July 27, 2021 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 (Unaudited)
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Statements Of Consolidated Comprehensive Income (Unaudited)
Statements Of Consolidated Comprehensive Income (Unaudited) (Parenthetical)
Statements Of Consolidated Income (Unaudited)
Statements Of Consolidated??Shareholders' Equity (Parenthetical)
Statements Of Consolidated??Shareholders' Equity (Unaudited)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Debt
Debt (Details)
Derivatives And Hedging
Derivatives And Hedging (Details)
Derivatives And Hedging (Tables)
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)
Non-Traded Investments (Tables)
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 And Other Postretirement Benefits
Pension And Other Postretirement Benefits (Details)
Pension And Other Postretirement Benefits (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)
Revenue - Narrative (Details)
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: 0000089800-21-000028
Submitted to the SEC: Tue Jul 27 2021 4:53:29 PM EST
Accepted by the SEC: Tue Jul 27 2021
Period: Wednesday, June 30, 2021
Industry: Retail Building Materials Hardware Garden Supply

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