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The Sherwin-Williams Company, a global leader in the paint and coatings industry, was founded in 1866 and has its global headquarters in Cleveland, Ohio. The company engages in the development, manufacture, distribution, and sale of paints, coatings, and related products. It serves professional, industrial, commercial, and retail customers across North and South America, Europe, and Asia. Sherwin-Williams operates through three main segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group.
The Paint Stores Group is the largest segment, selling Sherwin-Williams branded architectural paints and coatings, industrial and marine products, and original equipment manufacturer product finishes through over 5,000 company-operated stores. This segment targets professional end-users such as contractors and painting professionals.
The Consumer Brands Group distributes branded products through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. Some of its well-known brands include Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, and Cabot®.
The Performance Coatings Group provides a broad range of highly-engineered solutions for the construction, industrial, packaging, and transportation markets across over 120 countries. The segment covers various applications such as automotive refinishing, protective and marine coatings, and general industrial finishes.
Recently, Sherwin-Williams has reported strong financial performance, with significant sales and margin growth across its segments. The company has been actively involved in strategic acquisitions and divestitures to streamline operations and focus on core growth areas. For instance, it has divested a non-core aerosol business in the U.S. and its China architectural business while acquiring German-based SIC Holding GmbH, enhancing its capabilities in the industrial wood and automotive coatings markets.
In its latest financial results, Sherwin-Williams reported record sales and earnings, with consolidated net sales reaching $23.05 billion and adjusted diluted net income per share increasing by 18.6% to $10.35 per share for the full year 2023. The company also generated strong operating cash flow, returning $2.06 billion to shareholders through dividends and share repurchases.
Looking forward, Sherwin-Williams continues to invest in growth initiatives, including new store openings, customer-focused innovation, and digital technologies, ensuring it remains a market leader. The company has a proven strategy and is well-positioned to navigate the variable demand environment across different regions and end-markets, maintaining its focus on creating shareholder value.
The Sherwin-Williams Company (NYSE: SHW) has declared a quarterly dividend of $0.60 per common share. This dividend is payable on December 2, 2022, to shareholders of record as of November 18, 2022. The decision reflects the company’s commitment to returning value to its shareholders while maintaining solid financial performance.
The Sherwin-Williams Company (NYSE: SHW) announced the acquisition of Industria Chimica Adriatica S.p.A. (ICA), an Italian manufacturer of industrial wood coatings, with annual sales exceeding €150 million. ICA operates globally with facilities in Italy and Poland and participation in a joint venture in India. The acquisition is poised to enhance Sherwin-Williams' product offerings in coatings technology, leveraging ICA's innovative products, strong customer relationships, and expert leadership. The deal is expected to close by the end of 2022.
The Sherwin-Williams Company (NYSE: SHW) is set to announce its financial results for Q3 2022 on October 25, 2022, before market opening. The results will detail the company's financial condition and reportable segment results. Following the release, a conference call will be conducted at 11:00 a.m. EDT the same day, featuring Chairman and CEO John Morikis and senior executives discussing Q3 outcomes and the outlook for Q4 2022. Investors can access the results and the webcast on the company's investor relations website.
The Sherwin-Williams Company (NYSE: SHW) reported a 9.2% increase in consolidated net sales for Q2 2022, reaching $5.87 billion. However, diluted net income per share fell to $2.21, down 8.7% from the previous year. Adjusted net income per share also decreased to $2.41. The company lowered its FY22 guidance for diluted net income per share to $7.65 - $7.95 and adjusted EPS to $8.50 - $8.80. While demand remained strong in some segments, challenges persisted in the DIY market and Europe, impacting overall sales performance.
The Sherwin-Williams Company (NYSE: SHW) has declared a quarterly dividend of $0.60 per common share. This dividend is set to be paid on September 9, 2022, to shareholders recorded as of August 19, 2022. This announcement reflects Sherwin-Williams' ongoing commitment to returning value to its shareholders.
The Sherwin-Williams Company (NYSE: SHW) will announce its second-quarter financial results for the period ending June 30, 2022, before the market opens on July 27, 2022. A conference call will be held at 11:00 a.m. EDT on the same day to discuss these results and provide an outlook for the third quarter and full year 2022, featuring CEO John Morikis and other executives. Investors can access the press release and financial details on the company's investor relations webpage.
The Sherwin-Williams Company (NYSE: SHW) announced its acquisition of Gross & Perthun GmbH, a German developer and manufacturer of coatings for heavy equipment and transportation. The acquisition involves a business with approximately 100 employees and annual sales of about $50 million. It is expected to close by Q3 2022, enhancing Sherwin-Williams’ Performance Coatings Group and expanding its footprint in Europe. CEO John G. Morikis emphasized the strategic value and synergies anticipated from this acquisition.
The Sherwin-Williams Company (NYSE: SHW) will conduct its Financial Community Presentation on June 8, 2022, at 583 Park Avenue, New York. Key executives, including Chairman John Morikis and COO Heidi Petz, will present at the event starting at 1:30 p.m. ET, followed by a Q&A session. Interested participants can register online. The event will also be webcast, allowing broader access to stakeholders.
The Sherwin-Williams Foundation has teamed up with the Urban League of Greater Cleveland to launch the Construction Accelerator Program (CAP), aimed at boosting minority-owned businesses in Northeast Ohio's construction sector. The initiative will provide eligible businesses with access to capital, mentorship, and training, enhancing their capabilities for growth. Sherwin-Williams is committing a minimum of $600 million to its global headquarters project, aligning with its economic inclusion objectives. This partnership seeks to break down barriers and create sustainable opportunities in the construction industry.
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