CLEVELAND, April 9, 2012 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) is updating its sales and earnings expectations for the first quarter ended March 31, 2012 previously given on January 26, 2012. Based on stronger than anticipated preliminary sales and earnings results, diluted net income per common share for the first quarter is expected to be in the range of $.92 to $.95 per share compared to the January guidance of $.56 to $.74 per share. The Company reported diluted net income per common share of $.63 per share in the first quarter 2011.
The expected increase in first quarter diluted net income per common share over the earlier guidance for the quarter was due primarily to strong sales and operating results of the Paint Stores Group. Net sales in the Paint Stores Group increased approximately 20% in the quarter due primarily to improving domestic architectural paint sales volume across all end market segments and price increases.
The Company will conduct a conference call to discuss its financial results for the first quarter and its outlook for the second quarter and full year 2012 at 11:00 a.m. ET on Thursday, April 19, 2012. 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 April 19th release. The webcast will also be available at Vcall's Investor Calendar website, www.investorcalendar.com. An archived replay of the live webcast will be available at www.sherwin.com beginning approximately two hours after the call ends and will be available until Wednesday, May 9, 2012 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.
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.
Investor Relations Contact:
Senior Vice President, Corporate Communications and Public Affairs
Director, Corporate Communications
SOURCE The Sherwin-Williams Company