24.03.2008 12:30:00
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The Sherwin-Williams Company Updates 2008 Sales and Earnings Expectations
The Sherwin-Williams Company (NYSE: SHW) is updating its sales and
earnings per share expectations for the first quarter and full year 2008
that were previously announced on January 29, 2008.
For the quarter, we expect to achieve a low single digit percentage
increase in consolidated net sales over the first quarter of 2007. The
previous expectation for consolidated net sales in the quarter had been
a low-to-mid single digit percentage increase. Diluted net income per
common share for the quarter is expected to be in the range of $.56 to
$.61 per share. The January expectation for the quarter was $.72 to $.80
per share. The Company reported diluted net income per common share of
$.83 per share in the first quarter of 2007. The lower anticipated
earnings per share is due primarily to the negative impact on first
quarter operations of lower domestic net sales and the timing and
severity of raw material cost increases.
For the full year 2008, we are reaffirming our prior consolidated net
sales expectation of a low-to-mid single digit percentage increase over
2007. We anticipate diluted net income per common share for 2008 will be
in the range of $4.70 to $4.85 per share. The January expectation for
2008 was in the range of $5.00 to $5.15 per share. The Company reported
diluted net income per common share of $4.70 per share for the full year
2007. The lower expectation of diluted net income per common share for
the full year 2008 relates primarily to the first quarter shortfall and
the expected continuation of the sluggish U.S. economy that will be
partly offset by improved international operations.
The Company will conduct a conference call to discuss its updated
expectations at 11:00 a.m. ET on Monday, March 24, 2008. The conference
call will be webcast simultaneously in the listen only mode by Vcall. To
listen to the webcast on the Sherwin-Williams website, www.sherwin.com,
click on About Us, choose Investor Relations, then select Press Releases
and click on the webcast icon following the reference to the March 24th
release. The webcast will also be available at Vcall’s
Investor Calendar website, www.investorcalendar.com.
An archived replay of the webcast will be available at www.sherwin.com
beginning approximately two hours after the call ends and will be
available until Friday, April 11, 2008 at 5:00 p.m. ET.
Founded in 1866, The Sherwin-Williams Company is a global leader in the
manufacture, development, distribution, and sale of coatings and related
products to professional, industrial, commercial, and retail customers.
The company manufactures products under well-known brands such as
Sherwin-Williams®,
Dutch Boy®, Krylon®,
Minwax®, Thompson’s®
Water Seal®, and many
more. With global headquarters in Cleveland, Ohio, Sherwin-Williams®
branded products are sold exclusively through a chain of 3,325
company-operated stores and facilities, 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 Global Group distributes a
wide range of products in more than 30 countries around the world. For
more information, visit www.sherwin.com.
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 forward-looking statements are based upon management’s
current expectations, 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 results and experience. These risks, uncertainties and other
factors include such things as: general business conditions, strengths
of retail and manufacturing economies and the growth in the coatings
industry; changes in the Company’s
relationships with customers and suppliers; changes in raw material
availability and pricing; unusual weather conditions; 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.
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Aktien in diesem Artikel
Sherwin-Williams Co. | 375,95 | 1,03% |
Indizes in diesem Artikel
S&P 500 | 6 032,38 | 0,56% |