CLEVELAND, March 19, 2020 /PRNewswire/ -- The
Sherwin-Williams Company (NYSE: SHW) today reaffirmed its financial
guidance for the first quarter of 2020. For the first quarter of
2020, the Company continues to project net sales growth of 2% to 5%
compared to the first quarter of 2019, with The Americas Group
expected to be above the high end of this range.
Although the Company has
experienced headwinds related to the coronavirus pandemic
(COVID-19), primarily outside the U.S., we are reaffirming our
first quarter guidance amidst this continuously evolving situation.
The Company is working diligently and proactively across all its
businesses to ensure it is taking every reasonable preventative
measure to protect its employees and customers, and to maintain
business continuity. We are evaluating developments daily and
operating in accordance with the most recent information provided
by the Centers for Disease Control and Prevention (CDC), the World
Health Organization (WHO), local health officials, and other
government entities, including various government directives
pertaining to business operations.
"As we continue to prioritize the health and well-being of our
employees and their families, I want to thank our entire team for
their dedication and commitment in continuing to serve our
customers," said Chairman and Chief Executive Officer, John G. Morikis. "At the current time, our
production operations in Asia are
returning to pre-crisis levels with sites operating under the
guidance of local and state governments. While there has been a
dramatic surge in cases across Europe and an increase in cases in
North America, the Company has
experienced minimal disruption to its supply chain and facility
operations to date. At this time, the vast majority of the
Company's North American paint stores continue to operate and
provide customers with multiple options for ordering and receiving
product, including through our existing and extensive delivery
system and store pick-up. We will continue
to respond to the many small business owners and independent
painting contractors that are relying on us for products and
service during this critical time to support their families along
with larger customers involved in mission critical applications
such as food and beverage packaging, health care equipment and
facilities, military equipment and energy
infrastructure. Although near-term market conditions
are likely to remain unpredictable, we believe our underlying
long-term demand fundamentals remain intact, and we remain focused
on delivering value added solutions to ensure our customers'
continued success."
We will continue to monitor this situation on a global basis.
The Company is scheduled to release first quarter 2020 results on
April 29, 2020, at which time it will
provide further updates.
About Sherwin-Williams
Founded in 1866, The Sherwin-Williams Company is a global leader
in the manufacture, development, distribution, and sale of paints,
coatings and related products to professional, industrial,
commercial, and retail customers. Sherwin-Williams 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 4,900 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.
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: finalization of our financial statements for the
quarter ended March 31,
2020; general business 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 current coronavirus pandemic (COVID-19); 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
Contacts:
|
Media
Contact:
|
|
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Jim
Jaye
|
Julie
Young
|
Senior Vice
President, Investor Relations
|
Vice President,
Global
|
& Corporate
Communications
|
Corporate
Communications
|
216.515.8682
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216.515.8849
|
james.r.jaye@sherwin.com
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corporatemedia@sherwin.com
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|
|
Eric
Swanson
|
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Vice President,
Investor Relations
|
|
216.566.2766
|
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eric.r.swanson@sherwin.com
|
|
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SOURCE The Sherwin-Williams Company