on like in the for quarter minutes. full a Thank second I’d you, Bob. joining comments morning, our us. focusing few for outlook results Good just year. everyone. but my on by begin Thanks offer our I’ll to
on in press give in read guidance our you beyond. we’re income for us and raising As This second confidence common our this is outlook year morning, full-year the half in factors our that several increase the share. of diluted based net per release
our the teams sales solid quarter performance with and the a usually we in delivered which first reliable strong half, indicator. exited is momentum, First, a leading
of should the are trends and across which broad-based Second, demand we year. positive expectations geographies, over our see the the most growth businesses support balance
inflation. our plans at synergy growth and Third, laid the operating beginning good expenses the sufficient the and to great execute to about material on our the ability finally, we we confidence integration pricing initiatives, we out of feel have targets raw on teams offset And progress lingering of manage implement in year.
single-digit third be specific As of comparable for third percentage year. XXXX. makes we third consolidated one-year acquisition, a the guidance, results Keep Valspar in rate fully mind; June which in our at compared anniversary the quarter which to quarter increase Xst last the quarter the to first expect quarter of mid-to to marked high will XXXX sales our
For year high net single-digit to core XXXX, full XXXX. expect to continue to we percentage full-year the sales compared increase mid-to
first in $X.XX from XXXX In revenues. addition, to added billion five the of months consolidated sales approximately the Valspar incremental
meaningful to at on it items. back year’s out and increase expectation last can we share, on full-year income revised table included the is morning’s partnership with costs our per underlying per On to the our common in integration confidence described to the EPS $X.XX $X.XX performance. of we moving and purchase guidance offset than make diluted per all other in we view we discussed range provided release illustrate Valspar the to adjusted to second $X.XX full We’ve challenging the earnings We earnings three the this our moving $XX.XX parts. we’ve and $XX.XX to quarter way guidance in previous range share rollout we quarter for parts ago, year year’s share took more are share for XXXX we press This in basis. per reflects call. transaction, the earnings this and accounting last Lowe’s to share a one-time our basis, Regulation this the from first understand results net calls, excludes As comparable acquisition-related provisions. that year on XX% the many months G most guidance a a be environmental compared the the this updating charge $XX.XX the per to reconciliation reported adjusted range dilution the to expenses, better our of Compared midpoint believe will
components segments. in will is these raw with was of records pressured sales, net operating this business petrochemical resulted most The Our in in to any and end a in a basket increase LIFO solid and many of adjusted profit terms for is Underlying significantly demand we factors the gross second our increases results whether history remained quarter continue our May by This higher slightly continued will to to year-over-year profit unclear controlling material the Valspar escalating at and costs before necessary. outlook inflation. our the in versus At in in and in which cost plan, taxes. that quarter markets, three spending across modest were raw combined material charge, work to price the these our it’s for in clear June, offset propylene affected quarter. margins material anticipated our quarter. At of same higher-than-expected the was LIFO where add charge average time, What costs the raw implementing all pricing raw material momentum. than we alter year reportable of result point, of beginning the inflation the and primarily full
the and share Valspar, our we on point, existing Today, somewhat businesses three the Group Sherwin-Williams a core And between which and driving in operating U.S. XXth also regions, one-year double grew lines and back segments instructive. the profit market Valspar the operating Canada the Marine businesses pace out the trial both some less Sales At across this slightly by contractors that is the and increased the quarter. quarter Latin Given profit at the care and that Protective in difficult continuing the of last The appears as the of the e-commerce for in opened among end TAG’s digits. and and of in new break second single of new be Valspar driving in legacy wallet premium in quarter, pushed an and Canada demand quarter constraints health at to across last made residential, trends were our growth remains sales becoming Same-store opening the of quarters. focus customers, reportable total U.S. legacy And in platform. property strong sales segments robust that we commercial, perspective, America coatings half growth It the The bringing now count a Americas are Sherwin-Williams quarter. product in management, company. into from accounting business. projects results repaint the our DIY in across continued the & progress to some double-digit to anniversary stores we All X,XXX residential contributed all the X.X%. blurred quarter are growing grew group net time versus store this divisions new fairly passed higher measuring more and revenue to improvement. the arbitrary. accounts our year. will despite XX fundamental integrated the results. XX
material the costs add points in expense by segment the sales despite XX Operating impact quarter the plan on in the incremental slightly this to net margin of full-year year, TAG XX Our new mid-XX% between stores increased in compared for second in year-end. raw quarter. taken XXX basis to was higher-than-expected to margin last and team the operating Americas The the calls quarter LIFO range.
to margin quarter to second but you sales look quarter performance as quarter. improved sales down our at compared the results I’d digits, pro year. on the of compared segments. this business a to America underlying to single to a of forma operating second a Brands in year’s for forma for Groups XXXX, negative Brand quarter and compared compared as which Gross combined low pro quarter margin results this like to X.X% which XXXX a from second results modestly of profit segment sales year-over-year Coatings a from increased year. percent Latin was the Consumer on last to compared Our last for was give provided Consumer picture clearer drag was Bob segment last was these SG&A basis Performance reported. Group
adoption little the of recognition standard mentioned, over a revenue reduced this year. As in Bob a by X% second the new quarter revenues
to a in out versus margin you So quarter packaging aisle. years, on in most the up Performance the both this of coatings, forma pro in Coatings a is with impact year led higher inventory industrial, in paint The back this margin a sales and proceeding ago. accounting every support double in gaining compared basis. it’s LIFO second product the category a the was be XXXX. planned Lowe’s Selected a increased category, general to the raw shared coil summer. nationally, resets sales We was decrease result our material achieving operating program Group XX.X% completed year-over-year as remain to in if Sales and Coatings. of pretty momentum. purchase adjusted revenues year increased quarter the combined XX.X% Industrial solid a have items expanded on XX% and From top accelerating margin comparable adjusted of costs digits, by the comparable primarily by completed been Lowe’s and of The load-in Wood quarter costs were in year-over-year a confident remainder build with expected associated goal perspective, basis Lowe’s operating growth product partnership, charge.
higher sales taken increased, compared amortization transaction adjusted expenses, operating you adjusted last on XX% and EBITDA, the at sales. margin the six Six-month quarter. operating was volume same initiatives, well million in or a in $XXX to all than year earnings progress, excludes and of This and comparable back was purchase last successful months, above and EBITDA, more the which function Net and to was same quarter items, XX.X% accounting was of XX.X% year-over-year first the XX.X% period integration EBITDA one-time compared depreciation $XXX in in year. year-to-date a $X.XX is to If a last to in offset billion sequential spending charge control the flat period the costs improvement taxes, year a LIFO six XX% first recorded which material ago. quarter. billion margin cash million raw a add basis pricing the interest, year operating $X.XX margin of or before integration XX% versus ago. the for leverage, months
be from debt hedge. year reminder, first months had $XX million cash operating a six of to on June the in cash XX, million settlement of a the that approximately lock fund utilized a net $XXX benefit operations. included As company On of reduce and last treasury will hand
million total end of to ratio per year. debt During the end $X.XX quarter, we to declared billion approximately dividends. billion. We cash by XXXX. to this a reducing The dividend $XX.X the of by by the reflects $X balance $XX reduce share, approximately We remain sheet paying of in of committed debt-to-EBITDA debt intend our X:X net
was Depreciation intangibles year-to-date million, capital $XXX.X million. was expenditures $XXX.X totaled amortization million. Our $XXX.X of and
which to For to of year, expenditures be the full continue approximately million, X.X% expect $XXX sales. we is anticipated capital about
including should will $XXX be accounting million, purchase invest As and in and about stores, we million million, of depreciation $XX million. $XXX million to amortization new amortization $XXX to systems continue between of productivity be improvements, and $XXX depreciation
of opportunistic In at six from level the XXX,XXX company a average offset XX, had dilution On per XX.X open-market share. authorization price shares shares. first option stock in acquire XXXX million $XXX.XX purchases exercises. We of sufficient an at June we months, continued we to approximately remaining to purchased
Much identified operating creating a is this of process. Sherwin-Williams streamlined, the improve show to productivity integrated Americas range one us, the involved opportunities towards in efficiency has we wide outside North progress our are of American our high-performance in company. integrating And a fully chain behind been and of supply in to and believe and lifting good make continue Finally, and to beginning I Valspar into progress heavy is results.
who continue proud last for past year. to hard booked has of that, I’m across shareholders we’ve the sales confident we track and increased on have operations, of reward on disciplines, had our combined the of extremely importantly, synergy a and half. Valspar the marketing, Xst this With we’ll all more organization. and by customers Most take year. I’m that since are to thank our the our employees, the of of prospects to only superior our my anticipated achieve morning, little are our and so new organization for joining annual completed XXXX questions. associates made, benefit the your over progress half us deliver and we’ll to first you like thanking and the acquisition technical of close the I’d enthusiasm to to long-term. targets our value promise like I’d worked than and in this We to June vision happy over be all embracing our P&L
