Sherwin-Williams Co (NYSE:SHW)
$ 362.72 1.34 (0.37%) Market Cap: 91.35 Bil Enterprise Value: 103.02 Bil PE Ratio: 36.97 PB Ratio: 24.39 GF Score: 93/100
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Q3 2024 Sherwin-Williams Co Earnings Call Transcript

Oct 22, 2024 / 02:00PM GMT
Release Date Price: $361.38 (-5.34%)

Key Points

Positve
  • Sherwin-Williams Co (SHW) grew consolidated sales, expanded gross margin, and increased diluted earnings per share and EBITDA in the third quarter.
  • The company returned $631 million to shareholders through dividends and share repurchases during the quarter.
  • Sherwin-Williams Co (SHW) is investing in long-term growth opportunities, including stores, sales, technical reps, and digital capabilities, to drive sustained above-market growth.
  • The Paint Stores Group saw sales increase by low single digits, with volume and price both up.
  • The Protective & Marine segment experienced high single-digit growth, with a solid pipeline of projects extending into next year.
Negative
  • Approximately 200 stores were closed temporarily due to Hurricane Helene, and 225 stores were affected by Hurricane Milton, impacting sales.
  • The Consumer Brands Group saw a high single-digit decrease in sales, affected by unfavorable foreign exchange rates and weakness in the DIY market.
  • The Performance Coatings Group's net sales were flat, with adjusted segment margin decreasing due to lower sales in North America and unfavorable FX.
  • Sherwin-Williams Co (SHW) faces challenges in the DIY market, which remains soft, and in the Property Management segment, which is flat due to delays in CapEx projects.
  • The company anticipates potential extended holiday shutdowns among industrial customers, which could impact fourth-quarter performance.
Operator

Good morning. Thank you for joining the Sherwin-Williams Company review of the third quarter 2024 results and our outlook for the fourth quarter and full year of 2024.

With us on today's call are Heidi Petz, President and CEO; Al Mistysyn, Chief Financial Officer; Jane Cronin, Senior Vice President, Enterprise Finance; and Jim Jaye, Senior Vice President, Investor Relations and Communications.

This conference call is being webcast simultaneously in listen-only mode by Issuer Direct via the internet at www.sherwin.com. An archived replay of this webcast will be available at www.sherwin.com, beginning approximately 2 hours after this conference call concludes.

This conference call will include certain forward-looking statements as defined under the US federal securities laws with respect to sales, earnings and other matters. Any forward-looking statements speak only as of the date on which such statement is made and the company undertakes no obligation

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