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THE SHERWIN-WILLIAMS COMPANY REPORTS THIRD QUARTER 1993 EARNINGS RESULTS

 CLEVELAND, Oct. 14 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) reported today that 1993 third quarter income increased 15.1 percent to $64,372,000 or $0.72 per share compared to restated earnings of $55,912,000 or $0.63 per share in the third quarter of 1992. Last year's reported net income for the third quarter was restated for the retroactive adoption of the new accounting standard for post- retirement benefits. For the first nine months of 1993, income before the cumulative effects of changes in accounting methods, recorded in the first quarter of 1992, increased 14.5 percent to $138,795,000 or $1.55 per share from $1.36 per share in 1992. Third quarter net sales increased 8.5 percent to $838,824,000 from $772,793,000 in 1992. Net sales through three quarters increased 6.6 percent to $2,281,275,000 from $2,139,903,000 in the same period last year.
 The Paint Stores Segment's sales increased 10.0 percent during the third quarter to $536,598,000. For the first nine months, the segment's sales have increased 8.5 percent. Comparable-store sales were up 8.9 percent in the third quarter and 7.8 percent through nine months. The Paint Stores Segment's operating profit increased 32.0 percent in the quarter to $44,647,000 and 37.6 percent in the first three quarters to $81,578,000 over restated 1992 profit levels. Sales in the segment remained relatively strong during the quarter which, when combined with controlling expenses, contributed to the profit improvement in spite of continuing competitive price pressures.
 Sales in the Coatings Segment increased 6.1 percent in the quarter to $298,522,000. For the first nine months, the Coatings Segment's sales increased 3.8 percent. Operating profit for the segment improved 12.2 percent to $70,235,000 over last year's restated third quarter and increased 9.8 percent for the first three quarters. Sales continue to improve in most operating units of the segment, while profit increases resulted primarily from manufacturing and distribution efficiencies.
 Commenting on the third quarter and first nine months of 1993, John G. Breen, chairman and chief executive officer, said, "Our 8.5 percent sales increase and double-digit profit increase during this latest quarter reflects the determined efforts of our employees in a difficult U.S. economic environment. Efficiencies realized with the additional sales volume contributed to a decrease in the company's manufacturing and distribution costs as a percentage of sales. We remain committed to our stated strategies of producing top quality products, providing excellent customer service, and gaining market share. We are pleased with the company's performance to date and expect to realize another record year of sales and earnings performance."
 The Sherwin-Williams Company and Subsidiaries
 Statements of Consolidated Income (Unaudited)
 Three months ended Sept. 30
 1993 1992
 Thousands of dollars,
 except per share data
 Net sales $838,824 $772,793
 Costs and expenses:
 Operating expenses 730,544 684,891
 Interest expense 1,760 1,984
 Interest and net investment
 income (1,960) (1,080)
 Other 4,539 (363)
 Total 734,883 685,432
 Income before income taxes and
 cumulative effects of changes
 in accounting methods 103,941 87,361
 Income taxes 39,569 31,449
 Income before cumulative effects
 of changes in accounting methods 64,372 55,912
 Cumulative effect of change in
 accounting method for income taxes --- ---
 Cumulative effect of change in
 accounting method for postretirement
 benefits other than pensions --
 net of income taxes of $62,464 --- ---
 Net Income $ 64,372 $ 55,912
 Income per share:
 Before cumulative effect of
 change in accounting methods $ 0.72 $ 0.63
 Cumulative effect of change in
 accounting method for income
 taxes --- ---
 Cumulative effect of change in
 accounting method for
 postretirement benefits other
 than pensions -- net of income
 taxes --- ---
 Income per share $ 0.72 $ 0.63
 Average shares and equivalents
 outstanding 89,478,770 88,954,564
 Nine months ended Sept. 30
 1993 1992
 Thousands of dollars,
 except per share data
 Net sales $2,281,275 $2,139,903
 Costs and expenses:
 Operating expenses 2,051,821 1,947,846
 Interest expense 5,213 6,776
 Interest and net investment
 income (4,766) (2,961)
 Other 6,935 (1,118)
 Total 2,059,203 1,950,543
 Income before income taxes and
 cumulative effects of changes
 in accounting methods 222,072 189,360
 Income taxes 83,277 68,170
 Income before cumulative effects
 of changes in accounting methods 138,795 121,190
 Cumulative effect of change in
 accounting method for income taxes --- 18,057
 Cumulative effect of change in
 accounting method for postretirement
 benefits other than pensions --
 net of income taxes of $62,464 --- (99,828)
 Net Income $ 138,795 $ 39,419
 Income per share:
 Before cumulative effect of
 change in accounting methods $ 1.55 $ 1.36
 Cumulative effect of change in
 accounting method for income
 taxes --- 0.20
 Cumulative effect of change in
 accounting method for
 postretirement benefits other
 than pensions -- net of income
 taxes --- (1.12)
 Income per share $ 1.55 $ 0.44
 Average shares and equivalents
 outstanding 89,425,305 88,854,802
 The company's adoption of SFAS No. 106 and SFAS No. 109, effective Jan. 1, 1992, decreased previously reported 1992 third quarter income before cumulative effects of changes in accounting methods by $1,378 ($.01 per share) and $4,200 ($.05 per share) year-to-date. The cumulative effects of SFAS No. 106 and SFAS No. 109, prior to Jan. 1, 1992, are reflected in 1992 first quarter net income.
 -0- 10/14/93
 /CONTACT: Conway G. Ivy, vice president, corporate planning and development, of The Sherwin-Williams Company, 216-566-2102/
 (SHW)


CO: The Sherwin-Williams Company ST: Ohio IN: CST SU: ERN

AR-BM -- CL007 -- 2072 10/14/93 09:32 EDT
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Date:Oct 14, 1993
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