CLEVELAND, April 27, 2021 /PRNewswire/ -- The
Sherwin-Williams Company (NYSE: SHW) announced its financial
results for the first quarter ended March 31, 2021. All
comparisons are to the first quarter of the prior year, unless
otherwise noted.
SUMMARY
- Consolidated net sales increased 12.3% to $4.66 billion
-
- Net sales from stores in U.S. and Canada open more than twelve calendar months
increased 8.2%
- Diluted net income per share increased to $1.51 per share
-
- Adjusted diluted net income per share increased 51.5% to
$2.06 per share
- Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) increased to $848.7 million, or 18.2% of sales
- Net operating cash increased 256% to $195.7 million
- Completed a three-for-one stock split to improve accessibility
to a broader base of investors
- The Company anticipates FY21 diluted net income per share in
the range of $7.66 to $7.93 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
"I am proud of our team's strong start to the year, as all three
of our segments delivered strong top-line growth and profit
expansion," said Chairman, President and Chief Executive Officer,
John G. Morikis. "Our sales growth
was driven by strong architectural paint demand, improving demand
in the industrial end markets served, and pricing actions to offset
raw material cost increases. We leveraged this strong sales growth
to solid margin expansion across all of our businesses. In
the quarter, we delivered 12.3% sales growth, 51.5% adjusted EPS
growth, and 320 basis points of adjusted EBITDA margin
expansion. We continued to generate strong cash, which
allowed us to invest in long-term strategic growth initiatives,
repurchase 3.3 million shares in the first quarter, and open 12 new
stores in the U.S. and Canada. We
also completed the previously announced divestiture of our Wattyl
business in Australia and
New Zealand.
"In The Americas Group, our residential repaint, new residential
and DIY businesses grew sales by double-digits, while our new
commercial business continued its rebound growing sales
low-single-digits. Strength in DIY end markets continued in our
Consumer Brands Group, as sales were up double-digits across all
regions. In Performance Coatings Group, our industrial wood and
general industrial businesses grew by double-digits, while our
packaging and coil businesses grew high-single-digits. Our
automotive refinish business grew mid-single-digits."
FIRST QUARTER CONSOLIDATED RESULTS
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$ Change
|
|
% Change
|
Net sales
|
$
|
4,656.0
|
|
$
|
4,146.7
|
|
$
|
509.3
|
|
|
12.3
|
%
|
Income before income
taxes
|
509.0
|
|
392.3
|
|
116.7
|
|
|
29.7
|
%
|
As a % of
sales
|
10.9
|
%
|
9.5
|
%
|
|
|
|
Net income per share
- diluted
|
$
|
1.51
|
|
$
|
1.15
|
|
$
|
0.36
|
|
|
31.3
|
%
|
Adjusted net income
per share - diluted
|
$
|
2.06
|
|
$
|
1.36
|
|
$
|
0.70
|
|
|
51.5
|
%
|
Consolidated net sales increased primarily due to higher product
sales volume in each of our three segments. Income before income
taxes increased primarily due to higher sales volumes, partially
offset by increased raw material costs across all three
segments.
Diluted net income per share included a $0.34 per share loss from the divestiture of the
Wattyl business, an Australian and New
Zealand manufacturer and seller of architectural and
protective paint and coatings, and a charge of $0.21 per share for acquisition-related
amortization expense.
FIRST QUARTER SEGMENT RESULTS
The Americas Group ("TAG")
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$ Change
|
|
% Change
|
Net sales
|
$
|
2,503.1
|
|
|
$
|
2,305.5
|
|
|
$
|
197.6
|
|
|
8.6
|
%
|
Same-store sales
(1)
|
8.2
|
%
|
|
7.4
|
%
|
|
|
|
|
Segment
profit
|
$
|
480.0
|
|
|
$
|
388.3
|
|
|
$
|
91.7
|
|
|
23.6
|
%
|
Reported segment
margin
|
19.2
|
%
|
|
16.8
|
%
|
|
|
|
|
|
|
(1)
|
Same-store sales
represents net sales from stores in U.S. and Canada open more than
twelve calendar months.
|
Net sales in TAG increased due primarily to higher residential
repaint, new residential and DIY paint sales, and selling price
increases. TAG segment profit increased due primarily to higher
paint sales volume, partially offset by increased raw material
costs.
Consumer Brands Group ("CBG")
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$ Change
|
|
% Change
|
Net sales
|
$
|
778.1
|
|
|
$
|
622.3
|
|
|
$
|
155.8
|
|
|
25.0
|
%
|
Segment
profit
|
$
|
143.7
|
|
|
$
|
83.5
|
|
|
$
|
60.2
|
|
|
72.1
|
%
|
Reported segment
margin
|
18.5
|
%
|
|
13.4
|
%
|
|
|
|
|
Adjusted segment
profit (1)
|
$
|
166.5
|
|
|
$
|
105.9
|
|
|
$
|
60.6
|
|
|
57.2
|
%
|
Adjusted segment
margin
|
21.4
|
%
|
|
17.0
|
%
|
|
|
|
|
|
|
(1)
|
Adjusted segment
profit excludes the impact of acquisition-related amortization
expense. Acquisition-related amortization expense in CBG was
$22.8 million and $22.4 million in the first
quarter of 2021 and 2020, respectively.
|
Net sales in CBG increased due primarily to higher volume sales
to most of the group's customers and selling price increases. CBG
segment profit increased primarily due to higher volume sales,
continued improvement in international operating margins and good
cost control, partially offset by increased raw material costs.
Currency translation rate changes increased consolidated net sales
by 2.7%. Acquisition-related amortization expense reduced segment
profit as a percent of net external sales by 290 basis points
compared to 360 basis points in the first quarter of 2020.
Performance Coatings Group ("PCG")
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
$ Change
|
|
% Change
|
Net Sales
|
$
|
1,374.3
|
|
|
$
|
1,217.6
|
|
|
$
|
156.7
|
|
|
12.9
|
%
|
Segment
profit
|
$
|
143.8
|
|
|
$
|
113.7
|
|
|
$
|
30.1
|
|
|
26.5
|
%
|
Reported segment
margin
|
10.5
|
%
|
|
9.3
|
%
|
|
|
|
|
Adjusted segment
profit (1)
|
$
|
196.7
|
|
|
$
|
166.7
|
|
|
$
|
30.0
|
|
|
18.0
|
%
|
Adjusted segment
margin
|
14.3
|
%
|
|
13.7
|
%
|
|
|
|
|
|
|
(1)
|
Adjusted segment
profit excludes the impact of acquisition-related amortization
expense. Acquisition-related amortization expense in PCG was
$52.9 million and $53.0 million in the first quarter of
2021 and 2020, respectively.
|
Net sales in PCG increased due primarily to higher sales volumes
in most end markets served and selling price increases. Currency
translation rate changes increased the group's net sales by 2.0%.
PCG segment profit increased due primarily to higher sales and good
cost control, partially offset by increased raw material costs.
Acquisition-related amortization expense reduced segment profit as
a percent of net external sales by 380 basis points compared to 440
basis points in the first quarter of 2020.
LIQUIDITY AND CASH FLOW
The Company generated $195.7
million in net operating cash, an increase of $140.8 million or 256%, primarily driven by an
increase in earnings excluding the loss on the divested business.
The strong cash generation allowed us to return cash of
approximately $927.2 million to our
shareholders in the form of dividends and share repurchases. The
Company purchased 3.3 million shares of its common stock during the
quarter. At March 31, 2021, the Company had remaining
authorization to purchase 55.35 million shares of its common stock
through open market purchases.
2021 GUIDANCE
|
Second
Quarter
|
|
Full
Year
|
|
2021
|
|
2021
|
Net sales
|
Up mid-to-high teens
%
|
|
Up mid-to-high single
digit %
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
Low twenty percent
range
|
Diluted net income
per share
|
|
|
$7.66
|
-
|
$7.93
|
Adjusted diluted net
income per share (1)
|
|
|
$8.80
|
-
|
$9.07
|
|
|
(1)
|
Excludes $0.34 per
share loss from the divestiture and $0.80 per share of
acquisition-related amortization expense.
|
Commenting on the Company's outlook, Mr. Morikis noted, "While
we are very encouraged with our strong start to the year in a
seasonally smaller quarter and continuing strength in the demand
environment, our full year adjusted earnings guidance remains
unchanged given the near-term uncertainty of raw material
availability and cost inflation. Despite the uncertainties, our
businesses are extremely well positioned, and we remain confident
in our long-term ability to grow faster than the market. We
look forward to our June 8th
Financial Community Presentation, where we will provide an update
on full year sales and EPS guidance, business demand trends, raw
material dynamics, technology investments, and our robust ESG
initiatives."
CONFERENCE CALL INFORMATION
The Company will conduct a conference call to discuss its
financial results for the first quarter, and its outlook for the
second quarter and full year 2021, at 11:00
a.m. EDT on Tuesday, April 27, 2021. Participating on
the call will be Chairman, President and Chief Executive Officer,
John Morikis, along with other
senior executives.
The conference call will be webcast simultaneously in the listen
only mode by Issuer Direct. To listen to the webcast on the
Sherwin-Williams website, click on
https://investors.sherwin-williams.com/financials/quarterly-results/,
then click on the webcast icon following the reference to the Q1
webcast. An archived replay of the webcast will be available at
https://investors.sherwin-williams.com/financials/quarterly-results/
beginning approximately two hours after the call ends.
ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of paint,
coatings and related products to professional, industrial,
commercial, and retail customers. The Company manufactures products
under well-known brands such as Sherwin-Williams®,
Valspar®, HGTV HOME® by Sherwin-Williams,
Dutch Boy®, Krylon®, Minwax®, Thompson's® Water Seal®,
Cabot® and many more. With global headquarters in
Cleveland, Ohio,
Sherwin-Williams® branded products are sold exclusively
through a chain of more than 5,000 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 Performance Coatings Group
supplies a broad range of highly-engineered solutions for the
construction, industrial, packaging and transportation markets in
more than 120 countries around the world. Sherwin-Williams shares
are traded on the New York Stock Exchange (symbol: SHW). For more
information, visit www.sherwin.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
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 statements can
be identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will," "should," "project," "could,"
"plan," "goal," "potential," "seek," "intend" or "anticipate" or
the negative thereof or comparable terminology. 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 and economic conditions; the
Company's ability to successfully integrate past and future
acquisitions into its existing operations, as well as the
performance of the businesses acquired; 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;
adverse weather conditions or impacts of climate change, natural
disasters and public health crises, including the COVID-19
pandemic; the duration, severity and scope of the COVID-19 pandemic
and the actions implemented by international, federal, state and
local public health and governmental authorities to contain and
combat the outbreak and spread of COVID-19, which may exacerbate
one or more of the aforementioned and/or other risks, uncertainties
and factors more fully described in the Company's reports filed
with the Securities and Exchange Commission (SEC); and other risks,
uncertainties and factors described from time to time in the
Company's reports filed with the SEC. 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 CONTACTS:
Jim Jaye
Senior Vice President, Investor Relations & Corporate
Communications
Direct: 216.515.8682
james.r.jaye@sherwin.com
Eric Swanson
Vice President, Investor Relations
Direct: 216.566.2766
eric.r.swanson@sherwin.com
MEDIA CONTACT:
Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
corporatemedia@sherwin.com
Regulation G Reconciliations
Management of the Company believes that investors' understanding
of the Company's operating performance is enhanced by the
disclosure of diluted net income per share excluding the loss on
the divestiture of Wattyl, and Valspar acquisition-related
amortization expense. This adjusted earnings per share measurement
is not in accordance with U.S. generally accepted accounting
principles (GAAP). It should not be considered a substitute for
earnings per share computed in accordance with U.S. GAAP and may
not be comparable to similarly titled measures reported by other
companies. The following tables reconcile diluted net income per
share computed in accordance with U.S. GAAP to adjusted diluted net
income per share.
|
|
|
|
|
Year Ended
|
|
Three Months
Ended
|
|
December 31,
2021
|
|
March 31,
2021
|
|
(after-tax
guidance)
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
|
Low
|
|
High
|
Diluted net income
per share
|
|
|
$
|
1.51
|
|
|
$
|
7.66
|
|
|
$
|
7.93
|
|
|
|
|
|
|
|
|
|
Loss on
divestiture
|
$
|
.41
|
|
$
|
.07
|
|
.34
|
|
|
.34
|
|
|
.34
|
|
|
|
|
|
|
|
|
|
Acquisition-related
amortization expense (2)
|
.28
|
|
.07
|
|
.21
|
|
|
.80
|
|
|
.80
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share
|
|
|
$
|
2.06
|
|
|
$
|
8.80
|
|
|
$
|
9.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
March 31,
2020
|
|
December 31,
2020
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
Diluted net income
per share
|
|
|
$
|
1.15
|
|
|
|
|
$
|
7.36
|
|
|
|
|
|
|
|
|
|
Acquisition-related
amortization expense (2)
|
$
|
.27
|
|
$
|
.06
|
|
.21
|
|
|
$
|
1.10
|
|
$
|
.27
|
|
.83
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share
|
|
|
$
|
1.36
|
|
|
|
|
$
|
8.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The tax effect is
calculated based on the statutory rate and the nature of the item,
unless otherwise noted.
|
(2)
|
Acquisition-related
amortization expense consists primarily of the amortization of
intangible assets related to the Valspar acquisition and is
included in Amortization.
|
Management of the Company believes that investors' understanding
of the Company's operating performance is enhanced by the
disclosure of earnings before interest, taxes, depreciation and
amortization (EBITDA) excluding the loss on the divestiture of
Wattyl. This measurement is not in accordance with U.S. GAAP. It
should not be considered a substitute for net income or net
operating cash. The following table reconciles net income computed
in accordance with U.S. GAAP to Adjusted EBITDA for 2021 and EBITDA
for 2020.
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Three
Months
|
|
|
|
|
|
Ended
|
|
Ended
|
|
|
|
|
|
March 31,
2021
|
|
March 31,
2020
|
|
$ Change
|
|
% Change
|
Net income
|
$
|
409.6
|
|
|
$
|
321.7
|
|
|
$
|
87.9
|
|
|
27.3
|
%
|
Interest
expense
|
83.2
|
|
|
86.2
|
|
|
(3.0)
|
|
|
(3.5)
|
%
|
Income
taxes
|
99.4
|
|
|
70.6
|
|
|
28.8
|
|
|
40.8
|
%
|
Depreciation
|
65.4
|
|
|
66.5
|
|
|
(1.1)
|
|
|
(1.7)
|
%
|
Amortization
|
79.2
|
|
|
78.1
|
|
|
1.1
|
|
|
1.4
|
%
|
EBITDA
|
736.8
|
|
|
623.1
|
|
|
113.7
|
|
|
18.2
|
%
|
Loss on
divestiture
|
111.9
|
|
|
|
|
111.9
|
|
|
|
Adjusted
EBITDA
|
$
|
848.7
|
|
|
$
|
623.1
|
|
|
$
|
225.6
|
|
|
36.2
|
%
|
The
Sherwin-Williams Company and Subsidiaries
|
Statements of
Consolidated Income (Unaudited)
|
(millions of
dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
4,656.0
|
|
|
$
|
4,146.7
|
|
Cost of goods
sold
|
|
|
2,544.0
|
|
|
|
2,257.0
|
|
Gross
profit
|
|
|
2,112.0
|
|
|
|
1,889.7
|
|
Percent to
net sales
|
|
|
45.4
|
%
|
|
|
45.6
|
%
|
Selling, general and
administrative expenses
|
|
|
1,325.9
|
|
|
|
1,307.6
|
|
Percent to
net sales
|
|
|
28.5
|
%
|
|
|
31.5
|
%
|
Other general expense
- net
|
|
|
117.5
|
|
|
|
3.7
|
|
Amortization
|
|
|
79.2
|
|
|
|
78.1
|
|
Interest
expense
|
|
|
83.2
|
|
|
|
86.2
|
|
Interest and net
investment income
|
|
|
(0.6)
|
|
|
|
(0.6)
|
|
Other (income)
expense - net
|
|
|
(2.2)
|
|
|
|
22.4
|
|
Income before income
taxes
|
|
|
509.0
|
|
|
|
392.3
|
|
Income
taxes
|
|
|
99.4
|
|
|
|
70.6
|
|
Net income
|
|
$
|
409.6
|
|
|
$
|
321.7
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
Basic
|
|
$
|
1.54
|
|
|
$
|
1.18
|
|
Diluted
|
|
$
|
1.51
|
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
265.8
|
|
|
|
273.2
|
|
Diluted
|
|
270.6
|
|
|
|
278.6
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Business
Segments (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
Net
|
|
Segment
|
|
Net
|
|
Segment
|
|
External
|
|
Profit
|
|
External
|
|
Profit
|
|
Sales
|
|
(Loss)
|
|
Sales
|
|
(Loss)
|
Three Months Ended
March 31:
|
|
|
|
|
|
|
|
|
|
|
|
The Americas
Group
|
$
|
2,503.1
|
|
|
$
|
480.0
|
|
|
$
|
2,305.5
|
|
|
$
|
388.3
|
|
Consumer Brands
Group
|
|
778.1
|
|
|
|
143.7
|
|
|
|
622.3
|
|
|
|
83.5
|
|
Performance Coatings
Group
|
|
1,374.3
|
|
|
|
143.8
|
|
|
|
1,217.6
|
|
|
|
113.7
|
|
Administrative
|
|
0.5
|
|
|
|
(258.5)
|
|
|
|
1.3
|
|
|
|
(193.2)
|
|
Consolidated
totals
|
$
|
4,656.0
|
|
|
$
|
509.0
|
|
|
$
|
4,146.7
|
|
|
$
|
392.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
314.7
|
|
|
$
|
238.5
|
|
|
Accounts receivable,
less allowance
|
2,414.1
|
|
|
2,291.5
|
|
|
Inventories
|
1,847.3
|
|
|
1,954.8
|
|
|
Other current
assets
|
533.5
|
|
|
443.2
|
|
|
Total current
assets
|
5,109.6
|
|
|
4,928.0
|
|
|
Property, plant and
equipment, net
|
1,780.4
|
|
|
1,829.5
|
|
|
Goodwill
|
7,011.3
|
|
|
6,958.7
|
|
|
Intangible
assets
|
4,210.0
|
|
|
4,585.4
|
|
|
Operating lease
right-of-use assets
|
1,728.8
|
|
|
1,683.4
|
|
|
Other
assets
|
594.9
|
|
|
585.3
|
|
|
Total
Assets
|
$
|
20,435.0
|
|
|
$
|
20,570.3
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
borrowings
|
$
|
818.1
|
|
|
$
|
1,051.5
|
|
|
Accounts
payable
|
2,217.0
|
|
|
1,958.4
|
|
|
Compensation and taxes
withheld
|
551.2
|
|
|
438.0
|
|
|
Accrued
taxes
|
282.6
|
|
|
106.5
|
|
|
Current portion of
long-term debt
|
428.5
|
|
|
429.5
|
|
|
Current portion of
operating lease liabilities
|
385.8
|
|
|
371.1
|
|
|
Other
accruals
|
968.4
|
|
|
865.2
|
|
|
Total current
liabilities
|
5,651.6
|
|
|
5,220.2
|
|
|
Long-term
debt
|
7,862.4
|
|
|
8,289.2
|
|
|
Postretirement
benefits other than pensions
|
274.3
|
|
|
262.8
|
|
|
Deferred income
taxes
|
797.8
|
|
|
949.5
|
|
|
Long-term operating
lease liabilities
|
1,402.9
|
|
|
1,373.7
|
|
|
Other long-term
liabilities
|
1,367.3
|
|
|
1,185.8
|
|
|
Shareholders'
equity
|
3,078.7
|
|
|
3,289.1
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
|
20,435.0
|
|
|
$
|
20,570.3
|
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Selected
Information (Unaudited)
|
(millions of
dollars, except store count data)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
Depreciation
|
$
|
65.4
|
|
|
$
|
66.5
|
|
Capital
expenditures
|
|
64.3
|
|
|
|
106.6
|
|
Cash
dividends
|
|
151.8
|
|
|
|
122.9
|
|
Amortization of
intangibles
|
|
79.2
|
|
|
|
78.1
|
|
|
|
|
|
|
|
Significant
components of Other general expense - net:
|
Provision for
environmental related matters - net
|
$
|
2.5
|
|
|
$
|
2.2
|
|
Loss on
divestiture
|
|
111.9
|
|
|
|
—
|
|
Loss on sale or
disposition of assets
|
|
3.1
|
|
|
|
1.5
|
|
|
|
|
|
|
|
Significant
components of Other (income) expense - net:
|
Loss on extinguishment
of debt
|
$
|
—
|
|
|
$
|
21.3
|
|
Investment and royalty
(income) expense
|
|
(6.5)
|
|
|
|
2.3
|
|
Net expense from
banking activities
|
|
2.6
|
|
|
|
2.8
|
|
Foreign currency
transaction related losses
|
|
2.5
|
|
|
|
3.9
|
|
Other
(1)
|
|
(0.8)
|
|
|
|
(7.9)
|
|
|
|
|
|
|
|
Store Count
Data:
|
|
|
|
|
|
The Americas Group -
net new stores
|
|
11
|
|
|
|
2
|
|
The Americas Group -
total stores
|
|
4,785
|
|
|
|
4,760
|
|
Performance Coatings
Group - net new branches
|
|
(1)
|
|
|
|
—
|
|
Performance Coatings
Group - total branches
|
|
281
|
|
|
|
281
|
|
|
|
|
|
|
|
(1) Consists of
items of revenue, gains, expenses and losses unrelated to the
primary business purpose of the Company.
|
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SOURCE The Sherwin-Williams Company