CLEVELAND, April 25,
2023 /PRNewswire/ -- The Sherwin-Williams Company
(NYSE: SHW) announced its financial results for the first quarter
ended March 31, 2023. All comparisons are to the first quarter
of the prior year, unless otherwise noted.
SUMMARY
- Consolidated net sales increased 8.9% in the quarter to
$5.44 billion
-
- Net sales from stores in U.S. and Canada open more than twelve calendar months
increased 14.2% in the quarter
- Diluted net income per share increased 30.5% to $1.84 per share in the quarter compared to
$1.41 per share in the first quarter
2022
-
- Adjusted diluted net income per share increased 26.7% to
$2.04 per share in the quarter
compared to $1.61 per share in the
first quarter 2022
- Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) increased 26.7% to $878.2
million in the quarter
- Reaffirming full year 2023 diluted net income per share
guidance in the range of $6.79 to
$7.59 per share, including
acquisition-related amortization expense of $0.81 per share and restructuring expense of
$0.25 to $0.35 per share
-
- Reaffirming full year 2023 adjusted diluted net income per
share guidance in the range of $7.95
to $8.65 per share
ORGANIZATIONAL AND REPORTING CHANGE
Effective January 1, 2023, the
Company changed its organizational structure to manage and report
the Latin America architectural
paint business within the Consumer Brands Group to more closely
align demand and service model trends with its current business
strategy. The Latin America
business was formerly part of The Americas Group, which has become
the Paint Stores Group concurrent with this change. The Company
will report segment results for the newly realigned Paint Stores
Group and Consumer Brands Group, for both current and prior periods
presented, beginning with the first quarter of 2023.
CEO REMARKS
"We delivered strong results in the first quarter, with higher
than expected consolidated net sales, sequential and year-over-year
expansion in gross margin, and double-digit percentage growth in
diluted net income per share and EBITDA," said Chairman and Chief
Executive Officer, John G. Morikis.
"Segment margin expanded sequentially and year-over-year in all
three of our reportable segments. We also continued to invest in
growth initiatives across the business during the quarter while
returning cash to our shareholders through an increase in our
quarterly dividend and an investment of $301.7 million to repurchase 1.3 million
shares.
"In the Paint Stores Group, sales in all end markets were up
double-digit percentages, driven by strong volume and led by
protective & marine, property maintenance, commercial and
residential repaint. In the Consumer Brands Group, North
America DIY sales remained soft, while our Pros Who Paint business
was up by a double-digit percentage. Sales were also up by a
double-digit percentage in Latin
America. Demand remained soft in Europe and China. We're pleased with this Group's
progress on the previously described portfolio realignment.
In April, we completed the divestiture of a non-core aerosol
business and finalized an agreement to divest our China architectural business. In the
Performance Coatings Group, sales were up in all regions except
Asia Pacific. Growth was strongest
in Automotive Refinish, which was up by a mid-teens percentage,
followed by low-single digit increases in General Industrial and
Coil Coatings. As expected, Packaging was down, impacted by very
difficult comparisons, as was Industrial Wood, given weakness in
residential end markets."
FIRST QUARTER CONSOLIDATED RESULTS
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
$ Change
|
|
% Change
|
Net sales
|
$
5,442.4
|
|
$
4,998.7
|
|
$
443.7
|
|
8.9 %
|
Income before income
taxes
|
$
614.8
|
|
$
461.1
|
|
$
153.7
|
|
33.3 %
|
As a % of
sales
|
11.3 %
|
|
9.2 %
|
|
|
|
|
Net income per share -
diluted
|
$
1.84
|
|
$
1.41
|
|
$
0.43
|
|
30.5 %
|
Adjusted net income per
share - diluted
|
$
2.04
|
|
$
1.61
|
|
$
0.43
|
|
26.7 %
|
Consolidated net sales increased primarily due to selling price
increases in all segments and higher architectural sales volume in
the Paint Stores Group, partially offset by lower sales volumes in
the Consumer Brands and Performance Coatings Groups. Acquisitions
increased consolidated net sales by 1.8%, while currency
translation rate changes decreased consolidated net sales by
1.0%.
Income before income taxes increased due to selling price
increases in all segments and higher sales volume in the Paint
Stores Group. These factors were partially offset by increased
investments in long-term growth initiatives, lower sales volumes in
the Consumer Brands and Performance Coatings Groups, and higher
employee-related costs.
Diluted net income per share included a charge of $0.20 per share for acquisition-related
amortization expense.
FIRST QUARTER SEGMENT RESULTS
Paint Stores Group (PSG)
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
$ Change
|
|
% Change
|
Net sales
|
$
2,859.1
|
|
$
2,491.3
|
|
$
367.8
|
|
14.8 %
|
Same-store sales
(1)
|
14.2 %
|
|
3.8 %
|
|
|
|
|
Segment
profit
|
$
526.7
|
|
$
428.8
|
|
$
97.9
|
|
22.8 %
|
Reported segment
margin
|
18.4 %
|
|
17.2 %
|
|
|
|
|
|
|
(1)
|
Same-store sales
represents net sales from stores open more than twelve calendar
months.
|
Net sales in PSG increased primarily due to higher sales volumes
across all end markets, as well as selling price increases. PSG
segment profit increased due primarily to higher paint sales volume
and selling price increases, partially offset by continued
investments in long-term growth strategies and higher
employee-related costs.
Consumer Brands Group (CBG)
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
$ Change
|
|
% Change
|
Net sales
|
$
872.7
|
|
$
852.2
|
|
$
20.5
|
|
2.4 %
|
Segment
profit
|
$
93.8
|
|
$
81.5
|
|
$
12.3
|
|
15.1 %
|
Reported segment
margin
|
10.7 %
|
|
9.6 %
|
|
|
|
|
Adjusted segment profit
(1)
|
$
113.8
|
|
$
100.9
|
|
$
12.9
|
|
12.8 %
|
Adjusted segment
margin
|
13.0 %
|
|
11.8 %
|
|
|
|
|
|
|
(1)
|
Adjusted segment profit
equals Segment profit excluding the impact of restructuring costs
and acquisition-related amortization expense. In CBG, restructuring
costs were approximately $1.0 million in the first quarter of
2023 and acquisition-related amortization expense was
$19.0 million and $19.4 million in the first quarter of
2023 and 2022, respectively.
|
Net sales in CBG increased primarily due to selling price
increases and strong growth within Latin
America, partially offset by lower sales volumes in all
other regions. Currency translation rate changes decreased CBG's
net sales by 1.7%. CBG segment profit increased primarily due to
selling price increases, partially offset by lower sales volume and
inflation in wages and other employee costs. Acquisition-related
amortization expense reduced segment profit as a percent of net
external sales by 220 basis points in the first quarter of both
2023 and 2022.
Performance Coatings Group (PCG)
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
$ Change
|
|
% Change
|
Net sales
|
$
1,709.8
|
|
$
1,654.1
|
|
$
55.7
|
|
3.4 %
|
Segment
profit
|
$
218.9
|
|
$
144.5
|
|
$
74.4
|
|
51.5 %
|
Reported segment
margin
|
12.8 %
|
|
8.7 %
|
|
|
|
|
Adjusted segment profit
(1)
|
$
268.8
|
|
$
195.1
|
|
$
73.7
|
|
37.8 %
|
Adjusted segment
margin
|
15.7 %
|
|
11.8 %
|
|
|
|
|
|
|
(1)
|
Adjusted segment profit
equals Segment profit excluding the impact of acquisition-related
amortization expense and restructuring costs. In PCG,
acquisition-related amortization expense was $50.0 million and
$50.6 million in the first quarter of 2023 and 2022,
respectively. Restructuring costs in the first quarter of 2023 were
not significant.
|
Net sales in PCG increased primarily due to selling price
increases in all end markets and incremental sales from
acquisitions, partially offset by lower sales volumes in
Asia and Europe. Acquisitions increased PCG's net sales
by 5.4% in the quarter, while currency translation rate changes
decreased net sales by 1.9%. PCG segment profit increased primarily
as a result of selling price increases, partially offset by higher
employee-related costs. Acquisition-related amortization expense
reduced segment profit as a percent of net external sales by 290
basis points compared to 310 basis points in the first quarter of
2022.
LIQUIDITY AND CASH FLOW
The Company generated $88.2
million in net operating cash during the first quarter of
2023 primarily as a result of higher profit, despite a normal
seasonal increase in working capital requirements. This cash
generation, along with an increase in our short-term borrowings,
allowed the Company to return cash of $458.2
million to our shareholders in the form of dividends and
share repurchases in the quarter. The Company purchased 1.3 million
shares of its common stock during the first quarter. At
March 31, 2023, the Company had remaining authorization to
purchase 43.9 million shares of its common stock through open
market purchases.
2023 GUIDANCE
|
Second
Quarter
|
|
Full
Year
|
|
2023
|
|
2023
|
Net sales
|
Up or down low-single
digit %
|
|
Down mid-single digit %
to flat
|
Effective tax
rate
|
|
|
Low twenty
percent
|
Diluted net income per
share
|
|
|
$6.79
|
-
|
$7.59
|
Adjusted diluted net
income per share (1)
|
|
|
$7.95
|
-
|
$8.65
|
|
|
(1)
|
Excludes $0.81 per
share of acquisition-related amortization expense, and $0.25 to
$0.35 per share of restructuring expense.
|
"While our first quarter was strong, it is also a seasonally
smaller quarter, and our outlook for the full year remains
unchanged at this time," said Mr. Morikis. "Visibility
remains limited, and we continue to expect a very challenging
demand environment in the back half of 2023 against difficult
comparisons. On the architectural side of the business, we
are seeing demand softness in new residential and the Consumer
Brands Group DIY. On the industrial side, Europe and China have yet to fully recover, and we're
seeing increased pressure in North America. We will continue
to prioritize what we can control, by maintaining a focus on
recession resilient markets, growing new accounts and share of
wallet, continuing appropriate growth investments in stores and
sales representatives, and managing price-cost dynamics. We remain
confident in our differentiated strategy, capabilities and product
and service solutions, and we continue to expect to outperform the
market.
"Against this backdrop, we expect 2023 second quarter
consolidated net sales growth to be up or down a low-single digit
percentage compared to the second quarter of 2022. For the full
year 2023, we continue to expect consolidated net sales to be down
a mid-single digit percentage to flat compared to full year 2022.
Our full year 2023 diluted net income per share guidance remains
unchanged at $6.79 to $7.59 per share, including acquisition-related
amortization expense of $0.81 per
share and restructuring expense of $0.25 to $0.35 per
share, compared to $7.72 per share in
2022. Full year 2023 adjusted diluted net income per share is
expected to be in the range of $7.95
to $8.65 per share compared to
$8.73 per share in 2022."
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 2023, at 11:00
a.m. EDT on Tuesday, April 25, 2023. Participating on
the call will be Chairman 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®
WaterSeal®, 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
branches, 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," "target," "potential," "seek," "intend," "aspire,"
"strive" or "anticipate" or the negative thereof or comparable
terminology. These forward-looking statements are based upon
management's current expectations, predictions, 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 performance, results and experience. These
risks, uncertainties and other factors include such things as:
general business conditions, strengths of retail and manufacturing
economies and growth in the coatings industry; changes in general
economic conditions; changes in raw material and energy supplies
and pricing; disruptions in the supply chain; adverse weather
conditions or natural disasters, including those that may be
related to climate change or otherwise; losses of or changes in the
Company's relationships with customers and suppliers; competitive
factors; the Company's ability to successfully integrate past and
future acquisitions into its existing operations, as well as the
performance of the businesses acquired; the Company's ability to
achieve expected benefits of restructuring and productivity
initiatives; public health crises; damages to our business,
reputation, image or brands due to negative publicity; 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:
Jim
Jaye
Senior Vice President, Investor Relations & Corporate
Communications
Direct: 216.515.8682
investor.relations@sherwin.com
Eric Swanson
Vice President, Investor Relations
Direct:
216.566.2766
investor.relations@sherwin.com
MEDIA CONTACT:
Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
corporatemedia@sherwin.com
The
Sherwin-Williams Company and Subsidiaries
|
Statements of
Consolidated Income (Unaudited)
|
(in millions, except
per share data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Net sales
|
$
5,442.4
|
|
$
4,998.7
|
Cost of goods
sold
|
3,021.5
|
|
2,945.8
|
Gross profit
|
2,420.9
|
|
2,052.9
|
Percent to
net sales
|
44.5 %
|
|
41.1 %
|
Selling, general and
administrative expenses
|
1,693.0
|
|
1,485.5
|
Percent to
net sales
|
31.1 %
|
|
29.7 %
|
Other general expense -
net
|
10.5
|
|
2.5
|
Interest
expense
|
109.3
|
|
88.4
|
Interest
income
|
(3.5)
|
|
(0.9)
|
Other (income) expense
- net
|
(3.2)
|
|
16.3
|
Income before income
taxes
|
614.8
|
|
461.1
|
Income taxes
|
137.4
|
|
90.3
|
Net income
|
$
477.4
|
|
$
370.8
|
|
|
|
|
Net income per common
share:
|
|
|
|
Basic
|
$
1.86
|
|
$
1.43
|
Diluted
|
$
1.84
|
|
$
1.41
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
Basic
|
256.7
|
|
258.8
|
Diluted
|
259.7
|
|
263.1
|
The
Sherwin-Williams Company and Subsidiaries
|
Business Segments
(Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
Net
|
|
Segment
|
|
Net
|
|
Segment
|
|
External
|
|
Profit
|
|
External
|
|
Profit
|
|
Sales
|
|
(Loss)
|
|
Sales
|
|
(Loss)
|
Three Months Ended
March 31:
|
|
|
|
|
|
|
|
Paint Stores
Group
|
$
2,859.1
|
|
$
526.7
|
|
$ 2,491.3
|
|
$
428.8
|
Consumer Brands
Group
|
872.7
|
|
93.8
|
|
852.2
|
|
81.5
|
Performance Coatings
Group
|
1,709.8
|
|
218.9
|
|
1,654.1
|
|
144.5
|
Administrative
|
0.8
|
|
(224.6)
|
|
1.1
|
|
(193.7)
|
Consolidated
totals
|
$
5,442.4
|
|
$
614.8
|
|
$ 4,998.7
|
|
$
461.1
|
The
Sherwin-Williams Company and Subsidiaries
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
March 31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
151.4
|
|
$
401.1
|
Accounts receivable,
net
|
2,909.2
|
|
2,783.6
|
Inventories
|
2,707.8
|
|
2,328.6
|
Other current
assets
|
524.4
|
|
573.1
|
Total current
assets
|
6,292.8
|
|
6,086.4
|
Property, plant and
equipment, net
|
2,362.0
|
|
1,907.3
|
Goodwill
|
7,445.4
|
|
7,058.8
|
Intangible
assets
|
4,103.5
|
|
4,004.0
|
Operating lease
right-of-use assets
|
1,854.2
|
|
1,837.9
|
Other assets
|
1,072.0
|
|
836.0
|
Total assets
|
$
23,129.9
|
|
$ 21,730.4
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
borrowings
|
$
1,481.3
|
|
$
1,739.7
|
Accounts
payable
|
2,513.6
|
|
2,860.8
|
Compensation and taxes
withheld
|
528.0
|
|
572.3
|
Accrued
taxes
|
315.1
|
|
178.2
|
Current portion of
long-term debt
|
0.6
|
|
260.7
|
Current portion of
operating lease liabilities
|
430.2
|
|
416.0
|
Other
accruals
|
1,037.2
|
|
925.4
|
Total current
liabilities
|
6,306.0
|
|
6,953.1
|
Long-term
debt
|
9,593.1
|
|
8,592.3
|
Postretirement benefits
other than pensions
|
139.3
|
|
258.4
|
Deferred income
taxes
|
739.9
|
|
760.2
|
Long-term operating
lease liabilities
|
1,494.9
|
|
1,481.2
|
Other long-term
liabilities
|
1,689.9
|
|
1,450.9
|
Shareholders'
equity
|
3,166.8
|
|
2,234.3
|
Total liabilities and
shareholders' equity
|
$
23,129.9
|
|
$ 21,730.4
|
Regulation G Reconciliations
Management of the Company utilizes certain financial measures
that are not in accordance with U.S. generally accepted accounting
principles (US GAAP) to analyze and manage the performance of the
business. Management provides non-GAAP information in reporting its
financial results to give investors additional data to evaluate the
Company's operations. Management does not, nor does it suggest
investors should, consider such non-GAAP measures in isolation
from, or in substitution for, financial information prepared in
accordance with US GAAP.
Management believes that investors' understanding of the
Company's operating performance is enhanced by the disclosure of
diluted net income per share excluding restructuring expense and
Valspar acquisition-related amortization expense. This adjusted
earnings per share measurement is not in accordance with US GAAP.
It should not be considered a substitute for earnings per share
computed in accordance with US 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 US GAAP to adjusted diluted net income per
share.
|
|
|
|
|
Year Ended
|
|
Three Months
Ended
|
|
December 31,
2023
|
|
March 31,
2023
|
|
(after-tax
guidance)
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
|
Low
|
|
High
|
Diluted net income per
share
|
|
|
$ 1.84
|
|
$ 6.79
|
|
$ 7.59
|
|
|
|
|
|
|
|
|
Restructuring
expense:
|
|
|
|
|
|
|
|
Severance and
other
|
|
|
—
|
|
0.35
|
|
0.25
|
Total
|
—
|
—
|
—
|
|
0.35
|
|
0.25
|
|
|
|
|
|
|
|
|
Acquisition-related
amortization expense (2)
|
$ 0.27
|
$ 0.07
|
0.20
|
|
0.81
|
|
0.81
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share
|
|
|
$ 2.04
|
|
$ 7.95
|
|
$ 8.65
|
|
Three Months
Ended
|
|
Year Ended
|
|
March 31,
2022
|
|
December 31,
2022
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
|
Pre-Tax
|
Tax
Effect
(1)
|
After-Tax
|
Diluted net income per
share
|
|
|
$ 1.41
|
|
|
|
$ 7.72
|
|
|
|
|
|
|
|
|
Restructuring
expense:
|
|
|
|
|
|
|
|
Severance and
other
|
|
|
—
|
|
$ 0.18
|
$ 0.03
|
0.15
|
Impairment
|
|
|
—
|
|
0.06
|
0.01
|
0.05
|
Total
|
—
|
—
|
—
|
|
0.24
|
0.04
|
0.20
|
|
|
|
|
|
|
|
|
Acquisition-related
amortization expense (2)
|
$ 0.27
|
$ 0.07
|
0.20
|
|
1.06
|
0.25
|
0.81
|
|
|
|
|
|
|
|
|
Adjusted diluted net
income per share
|
|
|
$ 1.61
|
|
|
|
$ 8.73
|
|
|
(1)
|
The tax effect is
calculated based on the statutory rate and the nature of the
item.
|
(2)
|
Acquisition-related
amortization expense consists primarily of the amortization of
intangible assets related to the Valspar acquisition and is
included within Selling, general and administrative
expenses.
|
Management believes that investors' understanding of the
Company's operating performance is enhanced by the disclosure of
EBITDA, which is a non-GAAP financial measure defined as net income
before income taxes and interest, depreciation and amortization, as
well as Adjusted EBITDA, which is a non-GAAP financial measure that
excludes restructuring expense. Management considers EBITDA and
Adjusted EBITDA useful in understanding the operating performance
of the Company. The reader is cautioned that the Company's EBITDA
and Adjusted EBITDA should not be compared to other entities
unknowingly. Further, EBITDA and Adjusted EBITDA should not be
considered alternatives to net income or net operating cash as an
indicator of operating performance or as a measure of liquidity.
The following table reconciles net income computed in accordance
with US GAAP to EBITDA and Adjusted EBITDA.
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Three Months
|
|
Three Months
|
|
|
|
|
|
Ended
|
|
Ended
|
|
|
|
|
|
March 31,
2023
|
|
March 31,
2022
|
|
$ Change
|
|
% Change
|
Net income
|
$
477.4
|
|
$
370.8
|
|
$
106.6
|
|
28.7 %
|
Interest
expense
|
109.3
|
|
88.4
|
|
20.9
|
|
23.6 %
|
Income taxes
|
137.4
|
|
90.3
|
|
47.1
|
|
52.2 %
|
Depreciation
|
70.4
|
|
65.5
|
|
4.9
|
|
7.5 %
|
Amortization
|
83.7
|
|
78.0
|
|
5.7
|
|
7.3 %
|
EBITDA
|
$
878.2
|
|
$
693.0
|
|
$
185.2
|
|
26.7 %
|
Restructuring
|
0.9
|
|
—
|
|
0.9
|
|
100.0 %
|
Adjusted
EBITDA
|
$
879.1
|
|
$
693.0
|
|
$
186.1
|
|
26.9 %
|
The
Sherwin-Williams Company and Subsidiaries
|
Selected
Information (Unaudited)
|
(millions of
dollars, except store count data)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2023
|
|
2022
|
Depreciation
|
$
70.4
|
|
$
65.5
|
Capital
expenditures
|
209.9
|
|
106.3
|
Cash
dividends
|
156.5
|
|
150.9
|
Amortization of
intangibles
|
83.7
|
|
78.0
|
|
|
|
|
Significant
components of Other general expense - net:
|
Provisions for
environmental matters - net
|
$
12.7
|
|
$
0.6
|
(Gains) losses on sale
or disposition of assets
|
(4.6)
|
|
1.9
|
|
|
|
|
Significant
components of Other (income) expense - net:
|
Investment (gains)
losses
|
$
(3.2)
|
|
$
6.7
|
Net expense from
banking activities
|
3.9
|
|
2.9
|
Foreign currency
transaction related losses (gains)
|
6.8
|
|
4.1
|
Other
(1)
|
(10.7)
|
|
2.6
|
|
|
|
|
Store Count
Data:
|
|
|
|
Paint Stores Group -
net new stores (2)
|
4
|
|
7
|
Paint Stores Group -
total stores (2)
|
4,628
|
|
4,556
|
Consumer Brands Group
- net new stores
|
—
|
|
(3)
|
Consumer Brands Group
- total stores
|
307
|
|
307
|
Performance Coatings
Group - net new branches
|
(2)
|
|
—
|
Performance Coatings
Group - total branches
|
315
|
|
282
|
|
|
|
|
(1)
Consists of items of revenue, gains, expenses and losses unrelated
to the primary business
purpose of the Company.
|
|
|
|
|
(2) As
a result of the realignment of the Latin America business, store
counts as of March 31, 2022
were reclassified from PSG to CBG.
|
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SOURCE The Sherwin-Williams Company