CLEVELAND, Dec. 12, 2014 /PRNewswire/ -- The
Sherwin-Williams Company (NYSE: SHW) announced updated 2014 full
year guidance for sales and diluted net income per common share and
released preliminary expectations for 2015 sales and earnings per
share.
For the full year 2014, the Company expects consolidated net
sales to increase approximately nine percent compared to full year
2013. With annual sales at that level, the guidance range for 2014
diluted net income per common share was narrowed to $8.75 to $8.80 per share compared to $7.26 per share earned in 2013. This annual
guidance includes the expectation that the Comex paint stores
acquisition will negatively impact diluted net income per common
share $.28 per share in 2014. The
2014 annual guidance also includes initial start-up expenses
related to the HGTV HOME™ by Sherwin-Williams paint program at
Lowe's that were not included in our previous 2014 annual guidance.
In addition, expenses were incurred in the fourth quarter related
to increased environmental remediation cost estimates. The paint
program start-up expenses and environmental costs exceeded the
titanium dioxide settlement of approximately $21 million received in the fourth quarter, which
was disclosed in Management's Discussion and Analysis in our third
quarter 2014 10-Q.
For the full year 2015, the Company expects consolidated net
sales to increase seven to eleven percent compared to full year
2014. With annual sales at that level, anticipated diluted net
income per common share for 2015 will be in the range of
$10.65 to $10.85 per share. This 2015
earnings per share range includes our expectation that the HGTV
HOME by Sherwin-Williams paint program at Lowe's will increase
sales by a low single digit percentage in the year and will be
modestly accretive to diluted net income per common share in
2015.
The Company will conduct a conference call to discuss the Lowe's
paint program and its outlook for the full year 2014 and 2015, at
11:00 a.m. EST on Friday, December 12, 2014. The conference call
will be webcast simultaneously in the listen only mode by Vcall. To
listen to the webcast on the Sherwin-Williams website,
www.sherwin.com, click on About Us, choose Investor Relations, then
select Press Releases and click on the webcast icon following the
reference to the December 12th
release. The webcast will also be available at Vcall's Investor
Calendar website, www.investorcalendar.com. An archived replay of
the live webcast will be available at
www.sherwin.com beginning approximately two hours after the
call ends and will be available until Thursday, January 1, 2015 at 5:00 p.m. EST.
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of coatings
and related products to professional, industrial, commercial, and
retail customers. The company manufactures products under
well-known brands such as Sherwin-Williams®, HGTV HOME™
by Sherwin-Williams, Dutch Boy®, Krylon®,
Minwax®, Purdy®, Thompson's® Water Seal®,
and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams®
branded products are sold exclusively through a chain of more than
4,100 company-operated stores and facilities, while the company's
other brands are sold through leading mass merchandisers, home
centers, independent paint dealers, hardware stores, automotive
retailers, and industrial distributors. The Sherwin-Williams Global
Finishes Group distributes a wide range of products in more than
115 countries around the world. For more information, visit
www.sherwin.com.
This press release contains certain "forward-looking
statements", as defined under U.S. federal securities laws, with
respect to sales, earnings and other matters. These forward-looking
statements are based upon management's current expectations,
estimates, assumptions and beliefs concerning future events and
conditions. Readers are cautioned not to place undue reliance on
any forward-looking statements. Forward-looking statements are
necessarily subject to risks, uncertainties and other factors, many
of which are outside the control of the Company, that could cause
actual results to differ materially from such statements and from
the Company's historical results and experience. These risks,
uncertainties and other factors include such things as: general
business conditions, strengths of retail and manufacturing
economies and the growth in the coatings industry; changes in the
Company's relationships with customers and suppliers; changes in
raw material availability and pricing; unusual weather conditions;
and other risks, uncertainties and factors described from time to
time in the Company's reports filed with the Securities and
Exchange Commission. Since it is not possible to predict or
identify all of the risks, uncertainties and other factors that may
affect future results, the above list should not be considered a
complete list. Any forward-looking statement speaks only as of the
date on which such statement is made, and the Company undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Investor Relations Contact
Bob Wells
Senior Vice President, Corporate Communications and Public
Affairs
Direct: 216.566.2244
rjwells@sherwin.com
Media Contact
Mike Conway
Director, Corporate Communications
Direct: 216.515.4393. Pager: 216.422.3751
mike.conway@sherwin.com
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SOURCE The Sherwin-Williams Company