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Sherwin-Williams Lowers FY18 Earnings Outlook - Quick Facts

Sherwin-Williams Company (SHW) on Tuesday announced preliminary unaudited sales and earnings results for the fourth quarter and full year ended December 31, 2018. The company lowered its earnings outlook for fiscal 2018, citing non-operating expenses and lower fourth-quarter sales.

The company noted that its fourth-quarter consolidated net sales increased about 2 percent compared to the year-ago period. The company's previous guidance called for a mid-single digit percentage increase.

Preliminary net sales from stores in the U.S and Canada open for more than twelve calendar months increased approximately 3 percent in the quarter.

Based primarily on the lower fourth-quarter sales and non-operating expenses expected to be recognized in the fourth quarter, Sherwin-Williams now expects earnings per share for fiscal 2018 to be about $11.15 per share compared to its earlier guidance of $13.85 to $14.00 per share provided on October 25, 2018.

Adjusted earnings per share for the full year is now expected to be approximately $18.53, which excludes acquisition-related costs and other non-operating expenses of $4.66 and $2.72 per share, respectively.

This compares to the company's October adjusted guidance of $19.05 to $19.20 per share, which excludes acquisition-related costs and other non-operating expenses of $3.86 and $1.34 per share, respectively.

For fiscal 2017, Sherwin-Williams reported earnings per share from continuing operations of $19.11 per share, or $15.07 on an adjusted basis, excluding a $7.04 per share benefit related to tax reform and acquisition-related costs of $3.00 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $19.11 for fiscal 2018. Analysts' estimates typically exclude specific items.

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