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THE SHERWIN-WILLIAMS COMPANY REPORTS THIRD QUARTER 1992 EARNINGS RESULTS

 THE SHERWIN-WILLIAMS COMPANY REPORTS
 THIRD QUARTER 1992 EARNINGS RESULTS
 CLEVELAND, Oct. 13 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) reported today that third quarter net income for 1992 increased 13.7 percent to $57,290,000 or $0.64 per share compared to $50,368,000 or $0.57 per share in the third quarter of 1991. Third quarter net sales increased 4.9 percent to $772,793,000 from $736,847,000 in 1991. For the first three quarters of 1992, sales increased 7.7 percent to $2,139,903,000 from $1,987,775,000 while income per share increased 17.8 percent to $1.41 from $1.20 in 1991.
 Net sales in the Paint Stores Segment increased 8.9 percent during the quarter. Comparable store sales were up 7.6 percent. For the first nine months, sales in the Paint Stores Segment increased 12.8 percent. Sales of the Paint Stores Segment are now comparable in the third quarter of each year and, after adjusting for the July 1, 1991 reorganization of the Chemical Coatings Division, sales are up 10.7 percent year-to-date. Comparable store sales were up 7.5 percent for three quarters after adjusting for the reorganization. Operating profit for the Paint Stores Segment was up slightly for the quarter as price competition, particularly retail price competition, continues to put pressure on maintaining product margins. The segment's operating profit shows a gain of 14.1 percent for the first nine months. There was no significant effect on the profitability of the Paint Stores Segment from the Chemical Coatings reorganization.
 Net sales of the Coatings Segment decreased 1.4 percent in the third quarter. For the first nine months of 1992, net sales of the Coatings Segment increased less than one percent. Adjusting for the Chemical Coatings reorganization, sales for the Coatings Segment increased 3.4 percent for the first nine months. Third quarter operating profit for the segment improved 18.8 percent over last year's third quarter and 21.2 percent for the first nine months partially the result of cost savings from the Chemical Coatings reorganization and partially the result of cost containment in administrative expenses and raw material costs.
 Commenting on the third quarter and the first nine months of 1992, John G. Breen, chairman and chief executive officer, said, "We continue to be pleased with the sales gains achieved in our Paint Stores Segment and the increased profitability of our Coatings Segment in today's increasingly tough economic climate. The results for the first nine months of 1992 have been encouraging. However, we view the remaining part of the year cautiously and anticipate a continued slow-growth economic environment. Regardless, we expect to achieve improved results for 1992."
 The Sherwin-Williams Company and Subsidiaries
 Statements of Consolidated Income (Unaudited)
 Three months ended
 September 30,
 1992 1991
 Thousands of dollars, except per
 share data
 Net sales $772,793 $736,847
 Costs and expenses:
 Operating expenses 682,738 656,457
 Interest expense 1,984 2,748
 Interest and net investment
 income (1,080) (1,130)
 Other (363) 24
 Total 683,279 658,099
 Income before income taxes 89,514 78,748
 Income taxes 32,224 28,380
 Net income $57,290 $50,368
 Income per share $0.64 $0.57
 Average shares and equivalents
 outstanding 89,946,231 88,373,169
 Nine months ended
 September 30,
 1992 1991
 Thousands of dollars, except per
 share data
 Net sales $2,139,903 $1,987,775
 Costs and expenses:
 Operating expenses 1,941,285 1,819,526
 Interest expense 6,776 9,641
 Interest and net investment
 income (2,961) (3,302)
 Other (1,118) (1,786)
 Total 1,943,982 1,824,079
 Income before income taxes 195,921 163,696
 Income taxes 70,531 58,112
 Net income $125,390 $105,584
 Income per share $1.41 $1.20
 Average shares and equivalents
 outstanding 88,852,025 88,121,894
 -0- 10/13/92
 /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


KK -- CL016 -- 9337 10/13/92 12:44 EDT
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Date:Oct 13, 1992
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