CLEVELAND, April 29, 2020
/PRNewswire/ --
- Consolidated net sales increased 2.6% in the quarter to
$4.15 billion
-
- Net sales from stores in U.S. and Canada open more than twelve calendar months
increased 7.4% in the quarter
- Diluted net income per share increased to $3.46 per share in the quarter compared to
$2.62 per share in the first quarter
2019
-
- Excluding the impact of acquisition-related amortization
expense, diluted net income per share increased to $4.08 per share in the quarter versus
$3.60 per share in the first quarter
2019, excluding the impact of acquisition-related costs and the
pension plan settlement expense
- Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) increased 8.3% in the quarter to $623.1 million, or 15.0% of sales
- Revising FY20 diluted net income per share guidance to a
range of $16.46 to $18.46 per share, including acquisition-related
amortization expense of $2.54 per
share, due to COVID-19 pandemic. Prior FY20 guidance was
$19.91 to $20.71 per share, including acquisition-related
costs of $2.79 per share
The Sherwin-Williams Company (NYSE: SHW) announced its financial
results for the first quarter ended March 31, 2020. Compared
to the same period in 2019, consolidated net sales increased
$105.8 million, or 2.6%, to
$4.15 billion in three months. The
increase in the quarter was due primarily to higher architectural
paint sales volume in North American stores and increased sales in
the packaging and coil divisions within our Performance Coatings
Group across all regions, partially offset by impacts of COVID-19,
continued demand softness in some end markets outside the U.S. and
unfavorable currency translation rate changes. The estimated impact
from COVID-19 on consolidated net sales during the quarter was
approximately 1.5%. Currency translation rate changes decreased
consolidated net sales by 1.4% in the first quarter. Diluted net
income per share increased to $3.46
per share in the first quarter compared to $2.62 per share in the same period in 2019. First
quarter 2020 included charges for acquisition-related amortization
of $.62 per share. Currency
translation rate changes decreased diluted net income per common
share in the first quarter 2020 by $.05 per share. First quarter 2019 included
charges of $.63 per share for
acquisition-related amortization expense, $.08 per share for integration costs and
$.27 per share for pension settlement
expense.
Net sales in The Americas Group increased 7.0% to $2.31 billion in the quarter due primarily to
higher architectural paint sales across all end markets in North
American stores, partially offset by unfavorable currency
translation rate changes. Currency translation rate changes
decreased Group net sales by 1.1% in the first quarter. Net sales
from stores in the U.S. and Canada
open for more than twelve calendar months increased 7.4% in the
quarter over last year's first quarter. Segment profit increased
$57.2 million to $388.3 million in the quarter due primarily to
higher paint sales volume. Segment profit as a percent of net sales
in the quarter increased to 16.8% compared to 15.4% in the first
quarter last year.
Net sales of the Consumer Brands Group decreased 4.9% to
$622.3 million in the quarter. The
decrease in the quarter was due primarily to softer sales in
Asia Pacific, partially due to
impacts of COVID-19, and the planned exit of the ACE business,
partially offset by higher volume sales through most of the Group's
retail customers in North America
and Europe. In the first quarter,
segment profit decreased to $83.5
million from $87.9 million in
the first quarter last year primarily due to lower sales, partially
offset by moderating raw material costs, good cost control and
flow-through in Europe. Segment
profit as a percent of net external sales in the quarter was 13.4%,
or flat compared to the first quarter last year.
Acquisition-related amortization expense reduced segment profit as
a percent of net external sales by 360 basis points in the first
quarter 2020 compared to 350 basis points in the first quarter
2019.
The Performance Coatings Group's net sales decreased 1.1% to
$1.22 billion in the quarter. The
decrease in the quarter was due primarily to softer end market
demand in some businesses in Asia
Pacific and Europe,
partially due to impacts of COVID-19, and unfavorable currency
translation rate changes, partially offset by increased sales in
the packaging and coil divisions within our Performance Coatings
Group across all regions. Currency translation rate changes
decreased Group net sales by 2.2% in the quarter. Segment profit
increased in the first quarter to $113.7
million from $98.7 million in
the first quarter last year due primarily to moderating raw
material costs and good cost control, partially offset by the
impact of lower sales. Segment profit as a percent of net external
sales increased in the first quarter to 9.3% from 8.0% in the first
quarter last year. Acquisition-related amortization expense reduced
segment profit as a percent of net external sales by 440 basis
points in both the first quarter 2020 and 2019.
We have a strong liquidity position as of March 31, 2020,
with $238.5 million in cash and
$2.51 billion of unused capacity
under our revolving credit facilities. Our leverage ratio improved
to 3.1x total debt to adjusted EBITDA in the first quarter of 2020
compared to 3.5x in the first quarter of 2019. The Company
purchased 1,700,000 shares of its common stock in the first
quarter, and at March 31, 2020, had remaining authorization to
purchase 6.75 million shares of its common stock through open
market purchases. On April 22, 2020,
the Company's Board of Directors approved a dividend of
$1.34 per share, an increase of 18.6%
over the $1.13 per share dividend
paid in the first quarter 2019.
Commenting on the results, John G.
Morikis, Chairman and Chief Executive Officer, said, "My
deepest thanks goes to the entire Sherwin-Williams team for their
focus on the health and well-being of our employees, our customers,
our communities and our Company as we manage through the ongoing
COVID-19 pandemic. We delivered outstanding results in the first
quarter driven by strong architectural paint demand to start the
year, and minimal impacts from the pandemic in our North American
stores business until late in the quarter. Sales grew
year-over-year in line with our guidance, gross margin expanded 260
basis points to 45.6% and adjusted earnings per share increased
13.3% to $4.08 per share. Adjusted
EBITDA grew 8.3% to $623.1 million,
or 15.0% of sales compared to 14.2% of sales in the first quarter
last year, and we continued to return cash to shareholders as we
repurchased 1.7 million shares of our common stock in the first
quarter.
"In The Americas Group, same store sales growth was 7.4% in the
quarter, with strong demand in all architectural end markets
through mid-March, and segment margin improved by 140 basis points.
In the Consumer Brands Group, higher volume sales through most of
the Group's North American retail customers was more than offset by
our planned exit of business at ACE and softness in some
international end markets. In the Performance Coatings Group,
moderating raw material costs and good cost control drove margin
expansion despite industrial demand that remained highly variable
by end market and geography.
"We anticipate that the rapid deterioration of the U.S. and
global economies experienced late in the first quarter due to the
COVID-19 pandemic will most likely continue through the second
quarter. We see no immediate, meaningful improvement ahead in most
end markets we serve, and we are unable to predict when any
noticeable improvement will occur. Given the trends and indicators
we see at this time, we anticipate second quarter 2020 consolidated
net sales will decrease by a low-to-mid-teens percentage versus the
second quarter of 2019.
"For the full year 2020, we are revising our sales guidance to
reflect uncertainties in the timing and pace of improvement in the
U.S. and global operating environment. If economic conditions begin
returning to normal in the third quarter 2020 and continue
improving through the fourth quarter 2020, we anticipate full year
consolidated net sales to be flat to down a low single digit
percentage. If economic conditions do not materially improve until
the first quarter 2021, we anticipate full year 2020 consolidated
net sales to decrease by a mid-to-high single digit percentage.
This is compared to our previous full year 2020 sales guidance of
an increase of 2% to 4%. Considering our revised range of potential
sales, we are revising our diluted net income per share guidance
for 2020 to be in the range of $16.46
to $18.46 per share compared to our
previous guidance of $19.91 to
$20.71 per share and compared to
$16.49 per share earned in 2019. Full
year 2020 earnings per share includes acquisition-related
amortization expense of approximately $2.54 per share, respectively. Full year 2019
earnings per share includes acquisition-related costs of
$3.21 per share and other adjustments
of $1.42 per share."
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 2020, at 11:00
a.m. EDT on Wednesday, April 29, 2020. 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 April
29th 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 May
13, 2020 at 5:00 p.m. EDT.
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 primarily in North and
South America with additional
operations in the Caribbean
region, Europe, Asia and Australia. 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.
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 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 share excluding certain
Valspar acquisition-related costs and other adjustments. 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,
2020
|
|
|
|
March 31,
2020
|
|
(after-tax
guidance)
|
|
|
|
Pre-Tax
|
Tax
Effect (1)
|
After-Tax
|
|
Low
|
|
High
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
|
|
|
$
|
3.46
|
|
|
$
|
16.46
|
|
|
$
|
18.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related
amortization expense (2)
|
$
.81
|
|
$
.19
|
|
.62
|
|
|
2.54
|
|
|
2.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share
|
|
|
$
|
4.08
|
|
|
$
|
19.00
|
|
|
$
|
21.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
March 31,
2019
|
|
December 31,
2019
|
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
|
|
|
$
|
2.62
|
|
|
|
|
$
|
16.49
|
|
|
|
|
|
|
|
|
|
|
|
Trademark
impairment
|
|
|
|
|
$
1.31
|
|
$
.31
|
|
1.00
|
|
|
Brazil indirect tax
credit
|
|
|
|
|
(.54)
|
|
(.18)
|
|
(.36)
|
|
|
California litigation
expense provision reduction
|
|
|
|
|
(.37)
|
|
(.09)
|
|
(.28)
|
|
|
Tax credit investment
loss
|
|
|
|
|
|
(.79)
|
|
.79
|
|
|
Pension plan
settlement expense
|
$
.35
|
|
$
.08
|
|
.27
|
|
|
.35
|
|
.08
|
|
.27
|
|
|
Total other
adjustments
|
.35
|
|
.08
|
|
.27
|
|
|
.75
|
|
(.67)
|
|
1.42
|
|
|
|
|
|
|
|
|
|
|
|
Integration costs
(3)
|
.10
|
|
.02
|
|
.08
|
|
|
.88
|
|
.19
|
|
.69
|
|
|
Acquisition-related
amortization expense (2)
|
.82
|
|
.19
|
|
.63
|
|
|
3.29
|
|
.77
|
|
2.52
|
|
|
Total
acquisition-related costs
|
$
.92
|
|
$
.21
|
|
.71
|
|
|
$
4.17
|
|
$
.96
|
|
3.21
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share
|
|
|
$
|
3.60
|
|
|
|
|
$
|
21.12
|
|
|
|
(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.
|
(3)
|
Integration costs
consist primarily of professional service expenses, salaries and
other employee-related expenses dedicated directly
to the integration effort, and severance expense. These costs are
included in Selling, general and administrative and other
expenses
and Cost of goods sold.
|
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 and other
adjustments. 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 EBITDA excluding the impact from
the Valspar acquisition and other adjustments.
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Three
Months
|
|
|
|
|
|
Ended
|
|
Ended
|
|
|
|
|
|
March 31,
2020
|
|
March 31,
2019
|
|
$ Change
|
|
% Change
|
|
|
|
|
|
|
|
|
Net income
|
$
|
321.7
|
|
|
$
|
245.2
|
|
|
$
|
76.5
|
|
|
31.2
|
%
|
Interest
expense
|
86.2
|
|
|
91.0
|
|
|
(4.8)
|
|
|
(5.3)
|
%
|
Income
taxes
|
70.6
|
|
|
53.7
|
|
|
16.9
|
|
|
31.5
|
%
|
Depreciation
|
66.5
|
|
|
64.7
|
|
|
1.8
|
|
|
2.8
|
%
|
Amortization
|
78.1
|
|
|
78.8
|
|
|
(0.7)
|
|
|
(0.9)
|
%
|
EBITDA
|
623.1
|
|
|
533.4
|
|
|
89.7
|
|
|
16.8
|
%
|
Pension plan
settlement expense
|
|
|
32.4
|
|
|
(32.4)
|
|
|
(100.0)
|
%
|
Integration
costs
|
|
|
9.3
|
|
|
(9.3)
|
|
|
(100.0)
|
%
|
Adjusted
EBITDA
|
$
|
623.1
|
|
|
$
|
575.1
|
|
|
$
|
48.0
|
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Statements of
Consolidated Income (Unaudited)
|
(millions of
dollars, except per share data)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
4,146.7
|
|
|
$
|
4,040.9
|
|
Cost of goods
sold
|
|
|
2,257.0
|
|
|
|
2,305.8
|
|
Gross
profit
|
|
|
1,889.7
|
|
|
|
1,735.1
|
|
Percent to
net sales
|
|
|
45.6%
|
|
|
|
42.9%
|
|
Selling, general and
administrative expenses
|
|
|
1,307.6
|
|
|
|
1,244.0
|
|
Percent to
net sales
|
|
|
31.5%
|
|
|
|
30.8%
|
|
Other general expense
(income) - net
|
|
|
3.7
|
|
|
|
(0.5)
|
|
Amortization
|
|
|
78.1
|
|
|
|
78.8
|
|
Interest
expense
|
|
|
86.2
|
|
|
|
91.0
|
|
Interest and net
investment income
|
|
|
(0.6)
|
|
|
|
(0.4)
|
|
Other expense -
net
|
|
|
22.4
|
|
|
|
23.3
|
|
Income before income
taxes
|
|
392.3
|
|
|
|
298.9
|
|
Income
taxes
|
|
|
70.6
|
|
|
|
53.7
|
|
Net income
|
|
$
|
321.7
|
|
|
$
|
245.2
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
Basic
|
|
$
|
3.53
|
|
|
$
|
2.67
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
3.46
|
|
|
$
|
2.62
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
91,075,973
|
|
|
|
91,952,828
|
|
|
|
|
|
|
|
|
Diluted
|
|
92,859,944
|
|
|
|
93,668,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Business
Segments (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
Net
|
|
Segment
|
|
Net
|
|
Segment
|
|
External
|
|
Profit
|
|
External
|
|
Profit
|
|
Sales
|
|
(Loss)
|
|
Sales
|
|
(Loss)
|
Three Months Ended
March 31:
|
|
|
|
|
|
|
|
|
|
|
|
The Americas
Group
|
$
|
2,305.5
|
|
|
$
|
388.3
|
|
|
$
|
2,154.9
|
|
|
$
|
331.1
|
|
Consumer Brands
Group
|
|
622.3
|
|
|
|
83.5
|
|
|
|
654.5
|
|
|
|
87.9
|
|
Performance Coatings
Group
|
|
1,217.6
|
|
|
|
113.7
|
|
|
|
1,230.8
|
|
|
|
98.7
|
|
Administrative
|
|
1.3
|
|
|
|
(193.2)
|
|
|
|
0.7
|
|
|
|
(218.8)
|
|
Consolidated
totals
|
$
|
4,146.7
|
|
|
$
|
392.3
|
|
|
$
|
4,040.9
|
|
|
$
|
298.9
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Consolidated
Financial Position (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
2020
|
|
|
2019
|
|
Cash
|
$
|
238.5
|
|
|
$
|
94.4
|
|
|
Accounts
receivable
|
|
2,291.5
|
|
|
|
2,339.6
|
|
|
Inventories
|
|
1,954.8
|
|
|
|
1,993.4
|
|
|
Other current
assets
|
|
443.2
|
|
|
|
387.8
|
|
|
Short-term
borrowings
|
|
(1,051.5)
|
|
|
|
(824.8)
|
|
|
Current portion of
long-term debt
|
|
(429.5)
|
|
|
|
(303.9)
|
|
|
Current portion of
operating lease liabilities
|
|
(371.1)
|
|
|
|
(356.5)
|
|
|
Accounts
payable
|
|
(1,958.4)
|
|
|
|
(1,894.0)
|
|
|
Other current
liabilities
|
|
(1,409.7)
|
|
|
|
(1,621.4)
|
|
|
Working
capital
|
|
(292.2)
|
|
|
|
(185.4)
|
|
|
Net property, plant
and equipment
|
|
1,829.5
|
|
|
|
1,763.0
|
|
|
Goodwill and
intangibles
|
|
11,544.1
|
|
|
|
12,083.5
|
|
|
Operating lease
right-of-use assets
|
|
1,683.4
|
|
|
|
1,663.4
|
|
|
Other non-current
assets
|
|
585.3
|
|
|
|
636.5
|
|
|
Long-term
debt
|
|
(8,289.2)
|
|
|
|
(8,702.6)
|
|
|
Postretirement
benefits other than pensions
|
|
(262.8)
|
|
|
|
(258.7)
|
|
|
Deferred income
taxes
|
|
(949.5)
|
|
|
|
(1,128.8)
|
|
|
Long-term operating
lease liabilities
|
|
(1,373.7)
|
|
|
|
(1,371.4)
|
|
|
Other long-term
liabilities
|
|
(1,185.8)
|
|
|
|
(1,039.4)
|
|
|
Shareholders'
equity
|
$
|
3,289.1
|
|
|
$
|
3,460.1
|
|
|
The
Sherwin-Williams Company and Subsidiaries
|
Selected
Information (Unaudited)
|
(millions of
dollars, except store count data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
|
Depreciation
|
$
|
66.5
|
|
|
$
|
64.7
|
|
|
Capital
expenditures
|
|
106.6
|
|
|
|
51.4
|
|
|
Cash
dividends
|
|
122.9
|
|
|
|
104.8
|
|
|
Amortization of
intangibles
|
|
78.1
|
|
|
|
78.8
|
|
|
|
|
|
|
|
|
|
Significant
components of Other general expense (income) - net:
|
|
|
|
|
|
|
Provision for
environmental related matters - net
|
$
|
2.2
|
|
|
$
|
0.6
|
|
|
Loss (gain) on sale
or disposition of assets
|
|
1.5
|
|
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
Significant
components of Other expense - net:
|
|
|
|
|
|
|
Domestic pension plan
settlement expense
|
|
|
|
$
|
32.4
|
|
|
Loss on
extinguishment of debt
|
$
|
21.3
|
|
|
|
|
|
Investment and
royalty expense (income)
|
|
2.3
|
|
|
|
(4.8)
|
|
|
Net expense from
banking activities
|
|
2.8
|
|
|
|
2.7
|
|
|
Foreign currency
transaction related losses (gains)
|
|
3.9
|
|
|
|
(2.1)
|
|
|
Other
(1)
|
|
(7.9)
|
|
|
|
(4.9)
|
|
|
|
|
|
|
|
|
|
Intersegment
transfers:
|
|
|
|
|
|
|
Consumer Brands Group
|
$
|
870.5
|
|
|
$
|
792.8
|
|
|
Performance Coatings Group
|
|
32.0
|
|
|
|
28.5
|
|
|
The Americas Group
|
|
|
|
|
|
|
Administrative
|
|
3.9
|
|
|
|
3.2
|
|
|
|
|
|
|
|
|
|
Store Count
Data:
|
|
|
|
|
|
|
The Americas Group -
net new stores
|
|
2
|
|
|
|
15
|
|
|
The Americas Group -
total stores
|
|
4,760
|
|
|
|
4,711
|
|
|
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. No items are individually significant.
|
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SOURCE The Sherwin-Williams Company