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THE SHERWIN-WILLIAMS COMPANY REPORTS SECOND QUARTER 1992 EARNINGS RESULTS

 THE SHERWIN-WILLIAMS COMPANY REPORTS
 SECOND QUARTER 1992 EARNINGS RESULTS
 CLEVELAND, July 14 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) reported today that net income increased 15.5 percent to $55,103,000 or $0.62 per share for the second quarter of 1992 compared to $47,713,000 or $0.54 per share in 1991. Net sales increased 6.9 percent to $772,549,000 from $722,779,000 in 1991. For the first six months, sales increased 9.3 percent to $1,367,110,000 while income per share increased 22.2 percent to $.77 from $.63 in 1991.
 The Paint Stores Segment's sales increased 12.6 percent during the quarter. For the six month period, the Stores Segment's sales increased 15.3 percent. Comparable-store sales were up 10.7 percent in the second quarter. Adjusting for the third quarter 1991 reorganization of the Chemical Coatings Division, Paint Stores Segment's sales increased 9.5 percent in the second quarter and 11.8 percent for the six months. Comparable-store sales were up 7.8 percent in the second quarter after adjusting for the reorganization. Paint Stores' operating profit increased 16.0 percent in the quarter. Combined with a strong first quarter in comparison to 1991, the Segment's operating profit increased 36.5 percent for the first six months. There was no significant effect on Paint Stores profitability from the Chemical Coatings reorganization.
 Sales of the Coatings segment decreased .6 percent in the quarter. For the first six months of 1992, the Coatings Segment's sales increased 1.6 percent. Adjusting for the Chemical Coatings reorganization, the Segment's sales increased 3.2 percent for the quarter and 5.9 percent for the six months. Second quarter operating profit for the Segment improved 19.7 percent over last year and 22.8 percent for the first half which was partially the result of cost savings from the Chemical Coatings reorganization.
 Commenting on the second quarter and six months, John G. Breen, chairman and chief executive officer said, "We are pleased with the sales and profit gains of our operating segments in today's uncertain economic climate. We remain focused in our efforts to contain administrative expenses and raw material costs. The results for the first six months of 1992 have been encouraging. However, we will continue to implement the strategies that we set at the start of the year that reflect a slow-growth economic environment. We expect that these strategies will continue to result in improved results for the balance of 1992."
 The Sherwin-Williams Company and Subsidiaries
 Statements of Consolidated Income (Unaudited)
 Three months ended June 30
 1992 1991
 Thousands of dollars, except per share data
 Net sales $772,549 $722,779
 Costs and expenses:
 Operating expenses 685,694 648,218
 Interest expense 2,418 3,586
 Interest and net investment
 income (902) (932)
 Other (760) (1,497)
 Total 686,450 649,375
 Income before income taxes 86,099 73,404
 Income taxes 30,996 25,691
 Net Income $55,103 $47,713
 Income per share $0.62 $.54
 Average shares and equivalents
 outstanding 88,854,208 88,303,714
 Six Months Ended June 30,
 1992 1991
 Thousands of dollars, except per share data
 Net sales $1,367,110 $1,250,928
 Costs and expenses:
 Operating expenses 1,258,547 1,163,069
 Interest expense 4,792 6,893
 Interest and net investment
 income (1,881) (2,172)
 Other (755) (1,810)
 Total 1,260,703 1,165,980
 Income before income taxes 106,407 84ome per share
 $0.77 $0.63
 Average shares and equivalents
 outstanding 88,804,922 87,996,257
 -0- 7/14/92
 /CONTACT: Conway G. Ivy, vice president and treasurer of The Sherwin-Williams Company, 216-566-2102/
 (SHW) CO: The Sherwin-Williams Company ST: Ohio IN: CST SU: ERN


DA -- CL010 -- 8989 07/14/92 09:49 EDT
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Date:Jul 14, 1992
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