CLEVELAND, July 20, 2017
/PRNewswire/ --
- Consolidated net sales increased 16.0% in the quarter to a
record $3.74 billion, and increased
12.1% in the six months to a record $6.50
billion, including Valspar sales for the month of June,
which increased consolidated net sales in the quarter and six
months by 11.8% and 6.6%, respectively. The change in revenue
classification increased net sales 2.2% in the quarter and six
months
- Net sales from stores in U.S. and Canada open more than twelve calendar months
increased 4.9% in the quarter and 6.0% in the six months
- Earnings Before Interest Taxes Depreciation and Amortization
(EBITDA) from continuing operations increased 11.7% in six months
to $1.03 billion and increased 9.3%
without the impact from the Valspar Acquisition
- Diluted net income per common share decreased 15.8% to
$3.36 per share in the quarter,
including a $.44 per share charge
related to the divestiture of the Valspar North American Industrial
Wood Coatings business divestiture, and a $.72 per share charge for acquisition-related
costs, including inventory purchase accounting adjustments and
increased amortization of intangibles. Valspar operations increased
EPS by $.10 per share in the quarter,
including a $.19 per share charge
from interest expense on new debt
- Establishing 3Q17 EPS range of $3.70
to $4.10, including a $.40 to
$.60 per share increase from Valspar operations, offset by
approximately $1.10 per share charge
for acquisition-related costs
- Updating continuing operations FY17 EPS guidance to
$12.30 to $12.70 per share,
including a $.75 to $.95 increase
from Valspar operations, partially offset by approximately
$2.50 per share charge for
acquisition-related costs vs. $11.99
per share in 2016, which included an $.86 per share charge for
acquisition-related costs
The Sherwin-Williams Company (NYSE: SHW) announced its financial
results for the second quarter ended June 30, 2017. On
June 1, 2017, the Company completed
the acquisition of The Valspar Corporation (Valspar) for a total
purchase price of $8.9 billion. The
acquisition expands Sherwin-Williams' diversified array of brands
and technologies, expands its global platform and adds new
capabilities in the packaging and coil businesses.
As a result of the Valspar acquisition and integration, the
Company made important changes to its organizational and reporting
structure that resulted in establishing three new reportable
operating segments. The Americas Group reportable operating
segment includes Sherwin-Williams' previous Paint Stores Group and
Latin America Coatings Group. The Consumer Brands Group
reportable operating segment includes Sherwin-Williams' Consumer
Group and Valspar's Consumer Paints segment, excluding Valspar's
Automotive Refinishes products business. The Performance
Coatings Group reportable operating segment includes
Sherwin-Williams' Global Finishes Group and Valspar's Coatings
Group along with Valspar's Automotive Refinishes products business.
Valspar's North American Industrial Wood Coatings business, which
was previously reported under Valspar's Coatings Group, was
divested in order to secure regulatory approval to complete the
Valspar acquisition.
Compared to the same periods in 2016, consolidated net sales
increased $516.3 million, or 16.0%,
to $3.74 billion in the quarter and
increased $703.7 million, or 12.1%,
to $6.50 billion in six months due
primarily to the addition of Valspar sales for the month of June
and higher paint sales volume in The Americas Group and the
Performance Coatings Group. The previously announced change in
revenue classification increased sales 2.2% both in the quarter and
six months. This change primarily impacted The Americas Group and
the Performance Coatings Group. It had no impact on segment profit,
but reduced the segment profit as a percent to net sales of the
affected Groups.
Diluted net income per common share in the quarter decreased to
$3.36 per share from $3.99 per share in 2016. Diluted net income per
common share in six months increased to $5.90 per share from $5.76 per share in 2016. Diluted net income per
common share from continuing operations (excluding a $.44 per share charge related to the divestiture)
in the quarter and six months was $3.80 and $6.34 per
share, respectively. Second quarter and six months 2017 diluted net
income per common share include a $.72 and $.80 per
share charge, respectively, from acquisition-related costs,
inventory purchase accounting adjustments and increased
amortization of intangibles. Valspar operations increased EPS by
$.10 per share in the quarter,
including a $.19 per share charge
from interest expense on new debt. Second quarter and six months
2016 diluted net income per common share included a $.16 and $.40 per
share charge from acquisition-related costs, respectively. Currency
translation rate changes did not have a significant impact on
diluted net income per common share in the quarter and six
months.
Net sales in The Americas Group increased 8.7% to $2.44 billion in the quarter and increased 10.2%
to $4.39 billion in six months due
primarily to higher architectural paint sales volume across most
end market segments, the impact of the change in revenue
classification and selling price increases. Latin America region net sales, stated in U.S.
dollars, increased 1.2% in the quarter and increased 6.9% in six
months over last year's comparable period. Net sales from stores in
U.S. and Canada open for more than
twelve calendar months, excluding the change in revenue
classification, increased 4.9% in the quarter and increased 6.0% in
six months over last year's comparable periods. The Americas Group
segment profit increased $33.3
million to $532.7 million in
the quarter and increased $86.0
million to $837.9 million in
six months due primarily to higher paint sales volume and selling
price increases partially offset by increased raw material costs.
Segment profit as a percent to net sales decreased in the quarter
to 21.8% from 22.2% last year. Six months segment profit margin
increased to 19.1% from 18.8% last year. Excluding the change in
revenue classification, segment profit margin was 22.6% and 19.7%
in the quarter and six months, respectively.
Net sales of the Consumer Brands Group increased 16.0% to
$536.4 million in the quarter and
increased 4.0% to $859.8 million in
six months due primarily to the inclusion of Valspar sales for the
month of June, partially offset by lower volume sales to most of
the Group's retail and commercial customers. Valspar sales
increased Group net sales 27.9% and 15.6% in the quarter and six
months, respectively. Segment profit decreased to $76.1 million in the quarter from $103.2 million last year and decreased to
$132.0 million in six months from
$163.0 million last year due
primarily to lower organic sales volumes, increasing raw material
costs and acquisition-related purchase accounting adjustments to
inventory and increased amortization costs totaling $20.5 million in the quarter. The impacts were
partially offset by improved operating efficiencies, good expense
control and selling price increases. As a percent to net external
sales, segment profit decreased in the quarter to 14.2% from 22.3%
last year and decreased in six months to 15.4% from 19.7% last year
due primarily to higher raw material costs and acquisition-related
costs, which reduced segment profit as a percent to sales in the
quarter and six months by 3.8% and 2.4%, respectively.
The Performance Coatings Group's net sales stated in U.S.
dollars increased 48.0% to $761.1
million in the quarter and increased 26.9% to $1.25 billion in six months due primarily to one
month of Valspar sales, higher paint sales volume and selling price
increases. Valspar sales contributed 48.8% and 25.6% to Group net
sales in the quarter and six months, respectively. Stated in U.S.
dollars, segment profit decreased in the quarter to $62.3 million from $70.4
million last year and decreased in six months to
$119.5 million from $123.1 million last year due primarily to
acquisition-related costs, including purchase accounting
adjustments to inventory and increased amortization costs of
$38.3 million in the quarter.
Currency translation rate changes had a minimal impact on segment
profit in the quarter and six months. As a percent to net external
sales, segment profit decreased in the quarter to 8.2% from 13.7%
last year and decreased in six months to 9.6% from 12.5%.
Acquisition-related expenses decreased segment profit as a percent
to sales in the quarter and six months by 5.0% and 3.1%,
respectively.
The Company made no open market purchases of its common stock in
the six months ended June 30, 2017. At June 30, 2017, the
Company had cash on hand of $210
million that will be utilized to reduce debt. In the first
six months, the Company opened 33 net new store locations in The
Americas Group.
Based on total Company borrowings, twelve-month interest expense
is projected to be approximately $400
million. Incremental depreciation and amortization
step-up related to Valspar acquisition purchase accounting is
projected to be approximately $275
million on an annual basis. Purchase accounting inventory
adjustments of $110 million are being
amortized over the three months of June, July and August, 2017. The
balance sheet reflects preliminary purchase accounting balances and
incremental debt of $9.5 billion used
to fund the acquisition.
Commenting on the second quarter, John
G. Morikis, Chairman, President and Chief Executive Officer,
said, "It is gratifying to finally report a quarter that includes
results from Valspar. We are pleased to have completed the
acquisition, and I would like to once again welcome our colleagues
from Valspar and the tremendous talent they bring to
Sherwin-Williams. This acquisition accelerates Sherwin-Williams'
global growth strategy and creates the global leader in paints and
coatings. The combination of these two companies forms a world
class brand portfolio, expanded product range, premier technology
and innovation platforms and an extensive global footprint."
"Looking ahead, our focus is on strengthening the performance of
our core businesses while completing the integration of the two
companies with speed and precision. The former will require us to
drive stronger architectural paint sell-through across all retail
channels and capture raw material cost increases through
appropriate pricing initiatives, particularly in our industrial
coatings businesses. The latter means implementing the integration
plans we have developed over the past 15 months, and recognizing
when course correction is required. Our success in these two areas
will create a highly differentiated enterprise better equipped to
serve paint and coatings customers around the corner and around the
globe."
"For the third quarter, we anticipate our Sherwin-Williams' core
net sales will increase a low to mid single digit percentage
compared to last year's third quarter. In addition, we expect
incremental sales from the Valspar acquisition to be approximately
$1.0 billion in the third quarter. At
that anticipated sales level, we estimate diluted net income per
common share in the third quarter of 2017 to be in the range of
$3.70 to $4.10 per share, including a
$1.10 per share charge from costs
associated with the Valspar acquisition, and includes an EPS
increase of $.40 to $.60 per share from Valspar operations. The
increase from Valspar operations includes acquisition financing
expense charge of $.40 per share in
the third quarter. Third quarter 2016 earnings were $4.08 per share and included a $.24 per share charge for acquisition-related
costs. For the full year 2017, we expect Sherwin-Williams' core net
sales to increase by a mid single digit percentage compared to full
year 2016. In addition, we expect incremental sales from the
Valspar acquisition to be approximately $2.4
billion in 2017. With annual sales at that level, we are
updating our guidance for full year 2017 diluted net income per
common share to be in the range of $12.30 to
$12.70 per share compared to $11.99 per share earned in 2016. Full year 2017
diluted net income per common share guidance includes a
$2.50 per share charge from costs
associated with the acquisition of Valspar, and includes an EPS
increase of $.75 to $.95 per share from Valspar operations. The
increase from Valspar operations includes acquisition financing
expense charge of $.95 per share for
the full year. Full year 2016 earnings per share included
$.86 per share charge related to the
Valspar acquisition."
The Company will conduct a conference call to discuss its
financial results for the second quarter, and its outlook for the
third quarter and full year 2017, at 11:00
a.m. EDT on Thursday, July 20, 2017. 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, 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 July
20th release. The webcast will also be available at Issuer
Direct'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 August
9, 2017 at 5:00 p.m. EDT.
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. 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 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 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.
Regulation G Reconciliation
Management of the Company
believes that investors' understanding of the Company's operating
performance is enhanced by the disclosure of diluted net income per
common share excluding the Valspar acquisition-related costs. 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 common share computed in
accordance with U.S. GAAP to diluted net income per common share
excluding the impact from the Valspar acquisition.
|
|
Three
Months
|
|
Six Months
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
Ended
|
|
Ended
|
|
September 30,
2017
|
|
December 31,
2017
|
|
|
June 30,
|
|
June 30,
|
|
(guidance)
|
|
(guidance)
|
|
|
2017
|
|
2017
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per common share
|
|
$
|
3.36
|
|
|
$
|
5.90
|
|
|
$
|
3.70
|
|
|
$
|
4.10
|
|
|
$
|
11.86
|
|
|
$
|
12.26
|
|
Charge related to
discontinued operations
|
|
.44
|
|
|
.44
|
|
|
|
|
|
|
.44
|
|
|
.44
|
|
Diluted net income
per common share from
continuing operations
|
|
3.80
|
|
|
6.34
|
|
|
3.70
|
|
|
4.10
|
|
|
12.30
|
|
|
12.70
|
|
Valspar-related
costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and
integration costs
|
|
.30
|
|
|
.38
|
|
|
.10
|
|
|
.10
|
|
|
.60
|
|
|
.60
|
|
Purchase accounting
amortization expense
|
|
.42
|
|
|
.42
|
|
|
1.00
|
|
|
1.00
|
|
|
1.90
|
|
|
1.90
|
|
Consolidated
excluding Valspar-related costs
|
|
4.52
|
|
|
7.14
|
|
|
4.80
|
|
|
5.20
|
|
|
14.80
|
|
|
15.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valspar operations
income
|
|
.29
|
|
|
.29
|
|
|
.80
|
|
|
1.00
|
|
|
1.70
|
|
|
1.90
|
|
New debt interest
expense
|
|
(.19)
|
|
|
(.19)
|
|
|
(.40)
|
|
|
(.40)
|
|
|
(.95)
|
|
|
(.95)
|
|
Total Valspar income
contribution
|
|
.10
|
|
|
.10
|
|
|
.40
|
|
|
.60
|
|
|
.75
|
|
|
.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
excluding Valspar
|
|
$
|
4.42
|
|
|
$
|
7.04
|
|
|
$
|
4.40
|
|
|
$
|
4.60
|
|
|
$
|
14.05
|
|
|
$
|
14.25
|
|
|
Three
Months
|
|
Six Months
|
|
Three
Months
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
June 30,
|
|
June 30,
|
|
September
30,
|
|
December
31,
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
Diluted net income
per common share:
|
|
|
|
|
|
|
|
|
Consolidated
|
$
|
3.99
|
|
|
$
|
5.76
|
|
|
$
|
4.08
|
|
|
$
|
11.99
|
|
|
Acquisition-related
costs
|
.16
|
|
|
.40
|
|
|
.24
|
|
|
.86
|
|
|
Consolidated
excluding Valspar-related costs
|
$
|
4.15
|
|
|
$
|
6.16
|
|
|
$
|
4.32
|
|
|
$
|
12.85
|
|
|
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 Valspar acquisition-related
costs. 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 from
continuing operations computed in accordance with U.S. GAAP to
EBITDA from continuing operations excluding the impact from the
Valspar acquisition.
|
Six Months
|
|
Six Months
|
|
|
|
|
|
Ended
|
|
Ended
|
|
|
|
|
|
June 30,
2017
|
|
June 30,
2016
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
$
|
599,803
|
|
|
$
|
542,940
|
|
|
$
|
56,863
|
|
|
10.5
|
%
|
Interest
expense
|
82,424
|
|
|
66,610
|
|
|
15,814
|
|
|
23.7
|
%
|
Income
taxes
|
215,805
|
|
|
212,639
|
|
|
3,166
|
|
|
1.5
|
%
|
Depreciation
|
94,965
|
|
|
86,724
|
|
|
8,241
|
|
|
9.5
|
%
|
Amortization
|
35,088
|
|
|
11,366
|
|
|
23,722
|
|
|
208.7
|
%
|
EBITDA from
continuing operations
|
1,028,085
|
|
|
920,279
|
|
|
107,806
|
|
|
11.7
|
%
|
Valspar EBITDA
*
|
(16,952)
|
|
|
(35,623)
|
|
|
18,671
|
|
|
(52.4)
|
%
|
EBITDA from
continuing operations
without Valspar
|
$
|
1,045,037
|
|
|
$
|
955,902
|
|
|
$
|
89,135
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
* Valspar EBITDA for
2017 includes June 2017 Valspar operations, purchase accounting
items and acquisition costs. Valspar EBITDA for 2016 includes
acquisition costs only.
|
Investor Relations
Contact:
Bob Wells
Senior Vice
President, Corporate Communications &
Public
Affairs
Sherwin-Williams
Direct:
216.566.2244
rjwells@sherwin.com
|
Media
Contact:
Mike
Conway
Director, Corporate
Communications
Sherwin-Williams
Direct:
216.515.4393
Pager:
216.422.3751
mike.conway@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: general business conditions; the Company's ability
to successfully integrate past and future acquisitions into its
existing operations, including Valspar, as well as the performance
of the businesses acquired; risks inherent in the achievement of
anticipated cost synergies resulting from the acquisition of
Valspar and the timing thereof; 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.
The
Sherwin-Williams Company and Subsidiaries
|
|
Statements of
Consolidated Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
Thousands of dollars,
except per share data
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
3,735,817
|
|
|
$
|
3,219,525
|
|
|
$
|
6,497,204
|
|
|
$
|
5,793,549
|
|
|
Cost of goods
sold
|
|
|
1,998,761
|
|
|
|
1,583,624
|
|
|
|
3,416,874
|
|
|
|
2,895,803
|
|
|
Gross
profit
|
|
|
1,737,056
|
|
|
|
1,635,901
|
|
|
|
3,080,330
|
|
|
|
2,897,746
|
|
|
Percent to
net sales
|
|
|
46.5%
|
|
|
50.8%
|
|
|
47.4%
|
|
|
50.0%
|
|
Selling, general and
administrative expenses
|
|
|
1,145,492
|
|
|
|
1,048,496
|
|
|
|
2,155,667
|
|
|
|
2,045,169
|
|
|
Percent to
net sales
|
|
|
30.7%
|
|
|
32.6%
|
|
|
33.2%
|
|
|
35.3%
|
|
Other general expense
- net
|
|
|
1,775
|
|
|
|
2,733
|
|
|
|
2,051
|
|
|
|
20,287
|
|
|
Interest
expense
|
|
|
56,729
|
|
|
|
40,878
|
|
|
|
82,424
|
|
|
|
66,610
|
|
|
Amortization
|
|
|
28,918
|
|
|
|
5,584
|
|
|
|
35,088
|
|
|
|
11,366
|
|
|
Interest and net
investment income
|
|
|
(3,091)
|
|
|
|
(952)
|
|
|
|
(4,371)
|
|
|
|
(1,439)
|
|
|
Other (income)
expense - net
|
|
|
(1,770)
|
|
|
|
(52)
|
|
|
|
(6,137)
|
|
|
|
174
|
|
|
Income from
continuing operations
before income
taxes
|
|
|
509,003
|
|
|
|
539,214
|
|
|
|
815,608
|
|
|
|
755,579
|
|
|
Income
taxes
|
|
|
148,352
|
|
|
|
161,150
|
|
|
|
215,805
|
|
|
|
212,639
|
|
|
Net income from
continuing operations
|
|
|
360,651
|
|
|
|
378,064
|
|
|
|
599,803
|
|
|
|
542,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
41,540
|
|
|
|
|
|
|
41,540
|
|
|
|
|
|
Net loss from
discontinued operations
|
|
|
(41,540)
|
|
|
|
—
|
|
|
|
(41,540)
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
319,111
|
|
|
$
|
378,064
|
|
|
$
|
558,263
|
|
|
$
|
542,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
|
3.89
|
|
|
$
|
4.12
|
|
|
$
|
6.47
|
|
|
$
|
5.93
|
|
|
Discontinued
Operations
|
|
|
(0.45)
|
|
|
|
|
|
|
(0.45)
|
|
|
|
|
|
Net income per common
share
|
|
$
|
3.44
|
|
|
$
|
4.12
|
|
$
|
6.02
|
|
|
$
|
5.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
|
3.80
|
|
|
$
|
3.99
|
|
|
$
|
6.34
|
|
|
$
|
5.76
|
|
|
Discontinued
Operations
|
|
|
(0.44)
|
|
|
|
|
|
|
(0.44)
|
|
|
|
|
|
Net income per common
share
|
|
$
|
3.36
|
|
|
$
|
3.99
|
|
$
|
5.90
|
|
|
$
|
5.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
|
|
92,841,148
|
|
|
|
91,788,734
|
|
|
|
92,695,853
|
|
|
|
91,632,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares and
equivalents outstanding - diluted
|
|
94,968,636
|
|
|
|
94,669,751
|
|
|
|
94,697,439
|
|
|
|
94,305,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional information regarding the Company's financial
condition, operating segment results and other information can be
found on the Sherwin-Williams website, "www.sherwin.com", choosing
Investor Relations, then selecting Press Releases and clicking on
the reference to the July
20th release.
View original content with
multimedia:http://www.prnewswire.com/news-releases/the-sherwin-williams-company-reports-2017-second-quarter-financial-results-300491313.html
SOURCE The Sherwin-Williams Company