EXHIBIT 99
[LOGO] FOR IMMEDIATE RELEASE
CONTACT: CONWAY G. IVY
SENIOR VICE PRESIDENT, CORPORATE
PLANNING AND DEVELOPMENT
216-566-2102
NEWS:
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The Sherwin-Williams Company - 101 Prospect Avenue, N.W.,
Cleveland, Ohio 44115 - (216) 566-2140
CLEVELAND, OHIO, April 12, 2004 - The Sherwin-Williams Company (NYSE: SHW) is
meeting with security analysts on Tuesday, April 13th and will announce its
sales results and updated earnings expectations for the first quarter of 2004.
The Company last announced its sales and earnings expectations on February 5,
2004.
Consolidated sales for the first quarter of 2004 increased $171.1
million or 14.9% over the first quarter of 2003. The sales gain in the first
quarter was due primarily to strong domestic architectural paint sales to
do-it-yourself (DIY) and contractor customers and improving sales and market
conditions in domestic industrial maintenance, product finishes and automotive
markets. Also, consolidated sales for the first quarter of 2004 compare
positively to last year sales due in part to the adverse impact on sales in 2003
of harsh weather conditions in parts of the United States and by a soft domestic
economic environment in 2003. The Company had estimated in early February that
first quarter sales this year would increase in the mid-to-high single digits
over last year's level. Primarily as a result of sales exceeding expectations,
the Company anticipates that its diluted net income per common share in the
first quarter of 2004 will be in the range of $.33 to $.35 per share compared to
$.21 per share in the first quarter of 2003. On February 5, 2004, the Company
had expected diluted net income per common share in the first quarter of 2004 of
$.26 to $.30 per share.
For the first quarter of 2004, Paint Stores Segment sales increased
12.2% due primarily to continuing strong domestic architectural paint sales to
contractors and DIY customers. Industrial maintenance and product finishes sales
improved during the quarter as the domestic economic environment continued to
strengthen compared to a soft domestic economic environment during the first
three quarters of 2003. Consumer Segment sales improved 19.2% during the quarter
due to new product and new customer sales and acquisitions in comparison to last
year's first quarter sales that were adversely impacted by stringent inventory
control by many retail customers as a result of harsh weather conditions. Sales
in the Automotive Finishes Segment were up 13.1% due to the impact of favorable
currency exchange rates, continuing strength in the core collision business
sector and improved original equipment manufacturer (OEM) sales. In the
International Coatings Segment, sales increased 32.1% positively impacted by
beneficial currency exchange rates compared to the adverse impact on sales of
unfavorable currency exchange rates a year ago. Strengthening South American
economies and increased United Kingdom sales helped most International
operations achieve volume gains.
During the first quarter of 2004, the Company purchased 1,850,000
shares of its common stock. The Company had remaining authorization at March 31,
2004 to purchase 15,173,000 common shares.
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Management will update its consolidated sales and diluted net income
per common share expectations for the year 2004 on Thursday, April 29, 2004 when
the financial results for the first quarter ended March 31, 2004 are announced.
The Sherwin-Williams Company, founded in 1866, is one of the world's
leading companies engaged in the manufacture, distribution and sale of coatings
and related products to professional, industrial, commercial and retail
customers.
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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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