- The Sherwin-Williams Company reported a 1.4% increase in sales for the second quarter and first six months of 2008 compared to the same periods in 2007. Earnings per share were $1.45 for the second quarter and $2.07 for the first six months.
- Sales increased for the Global Group but declined for the Paint Stores Group and Consumer Group due to soft demand in the US housing and DIY markets. Earnings declined across all business segments.
- The company expects sales and earnings per share to be lower in the third quarter and full year 2008 compared to 2007, citing continued weakness in the US housing market.
- Sales increased 3.3% to a record $2.269 billion in 3Q08 and 2.1% to a record $6.280 billion in the first nine months.
- EPS was $1.50 in 3Q08, above the guidance range, and $3.57 in the first nine months.
- Guidance for 4Q08 EPS is $0.40 to $0.60 and the full year guidance is raised to $3.97 to $4.17 per share.
- Sherwin-Williams reported a 1.5% increase in first quarter sales to a record $1.782 billion and EPS of $0.64, above guidance of $0.56 to $0.61.
- Global Group sales increased 14.8% due to volume gains, price increases, and acquisitions while Paint Stores Group sales declined 1.9% due to soft architectural paint and non-paint sales.
- The company expects Q2 EPS of $1.45 to $1.60 and reaffirms full year 2008 EPS guidance of $4.70 to $4.85, representing a low single digit increase in consolidated sales.
The Sherwin-Williams Company reported financial results for the first quarter of 2009. Consolidated net sales were $1.551 billion, down 13% from the previous year due to weak paint sales volume and currency impacts. Diluted earnings per share were $0.32, down from $0.64 the previous year due to lower sales and costs from reduced production volumes. For the second quarter, the company expects sales to decline 9-12% and earnings per share to be between $1.20-$1.45. For the full year, the company expects mid to high single-digit percentage sales decline but maintains guidance of $3.00-$4.00 earnings per share.
P&G Beats First Quarter Earnings Expectations on Record Volume and Salesfinance3
P&G reported strong financial results for the first quarter that beat analysts' expectations. Volume, sales, and earnings all grew by double digits compared to the previous year. Net sales increased 13% to $12.2 billion due to strong volume growth across all business segments. Net earnings grew 20% to $1.76 billion, driven by volume growth and lower costs despite increased marketing investments. The company expects continued strong performance for the remainder of the fiscal year.
PPG Industries reported record fourth quarter and annual financial results for 2006. Key highlights include:
- Record quarterly and annual sales, with annual sales breaking $11 billion for the first time. Sales grew over 8% annually, the fourth straight year of 7-9% growth.
- Sales records were set in six coatings businesses and the optical business in Q4, and eight of 15 businesses for the full year.
- Annual sales growth was broad-based across geographies and sources, with double-digit growth in Europe and Latin America.
- Earnings per share increased 14% from 2005, and the company generated over $1 billion in cash from operations for the year.
PPG Industries reported third quarter 2007 financial results. Key highlights include:
- Sales from continuing operations reached a new third quarter record of $2.8 billion, up over 10% year-over-year.
- All business segments achieved sales growth between 11-20% and posted strong earnings growth.
- Adjusted earnings per share from continuing operations was $1.34, over 15% higher than third quarter 2006.
- The company achieved these results through global sales growth while some US end markets softened.
The document provides an overview of the key differences between US GAAP and IFRS accounting standards. Some of the main differences discussed include financial statement presentation requirements, consolidation approaches, business combination accounting, inventory valuation, impairment testing, financial instrument accounting, foreign currency translation, lease classification, income tax accounting, and revenue recognition. While convergence efforts have reduced many differences, the standards continue to have some divergent requirements.
This is an example of an investment memo for a consumer products company, Kraft Heinz. This does not constitute investment advice and is an outdated valuation. This should only serve educational purposes.
- Sales increased 3.3% to a record $2.269 billion in 3Q08 and 2.1% to a record $6.280 billion in the first nine months.
- EPS was $1.50 in 3Q08, above the guidance range, and $3.57 in the first nine months.
- Guidance for 4Q08 EPS is $0.40 to $0.60 and the full year guidance is raised to $3.97 to $4.17 per share.
- Sherwin-Williams reported a 1.5% increase in first quarter sales to a record $1.782 billion and EPS of $0.64, above guidance of $0.56 to $0.61.
- Global Group sales increased 14.8% due to volume gains, price increases, and acquisitions while Paint Stores Group sales declined 1.9% due to soft architectural paint and non-paint sales.
- The company expects Q2 EPS of $1.45 to $1.60 and reaffirms full year 2008 EPS guidance of $4.70 to $4.85, representing a low single digit increase in consolidated sales.
The Sherwin-Williams Company reported financial results for the first quarter of 2009. Consolidated net sales were $1.551 billion, down 13% from the previous year due to weak paint sales volume and currency impacts. Diluted earnings per share were $0.32, down from $0.64 the previous year due to lower sales and costs from reduced production volumes. For the second quarter, the company expects sales to decline 9-12% and earnings per share to be between $1.20-$1.45. For the full year, the company expects mid to high single-digit percentage sales decline but maintains guidance of $3.00-$4.00 earnings per share.
P&G Beats First Quarter Earnings Expectations on Record Volume and Salesfinance3
P&G reported strong financial results for the first quarter that beat analysts' expectations. Volume, sales, and earnings all grew by double digits compared to the previous year. Net sales increased 13% to $12.2 billion due to strong volume growth across all business segments. Net earnings grew 20% to $1.76 billion, driven by volume growth and lower costs despite increased marketing investments. The company expects continued strong performance for the remainder of the fiscal year.
PPG Industries reported record fourth quarter and annual financial results for 2006. Key highlights include:
- Record quarterly and annual sales, with annual sales breaking $11 billion for the first time. Sales grew over 8% annually, the fourth straight year of 7-9% growth.
- Sales records were set in six coatings businesses and the optical business in Q4, and eight of 15 businesses for the full year.
- Annual sales growth was broad-based across geographies and sources, with double-digit growth in Europe and Latin America.
- Earnings per share increased 14% from 2005, and the company generated over $1 billion in cash from operations for the year.
PPG Industries reported third quarter 2007 financial results. Key highlights include:
- Sales from continuing operations reached a new third quarter record of $2.8 billion, up over 10% year-over-year.
- All business segments achieved sales growth between 11-20% and posted strong earnings growth.
- Adjusted earnings per share from continuing operations was $1.34, over 15% higher than third quarter 2006.
- The company achieved these results through global sales growth while some US end markets softened.
The document provides an overview of the key differences between US GAAP and IFRS accounting standards. Some of the main differences discussed include financial statement presentation requirements, consolidation approaches, business combination accounting, inventory valuation, impairment testing, financial instrument accounting, foreign currency translation, lease classification, income tax accounting, and revenue recognition. While convergence efforts have reduced many differences, the standards continue to have some divergent requirements.
This is an example of an investment memo for a consumer products company, Kraft Heinz. This does not constitute investment advice and is an outdated valuation. This should only serve educational purposes.
P&G Delivers Double-Digit Sales Growth in First Quarterfinance3
P&G reported double-digit sales growth in the first quarter, exceeding Wall Street earnings estimates. Unit volume grew 13% driven by double-digit growth in fabric and home care and health care. Net sales increased 11% to $10.8 billion. Core earnings per share grew 17% to $1.12 per share, beating consensus estimates by two cents. The company expects high single-digit volume growth and mid to upper single-digit sales growth in the second quarter. For the fiscal year, sales growth of 4-6% and double-digit earnings per share growth are expected.
Coast Wholesale Appliances Inc. (Coast) reported its financial results for the third quarter of 2012. Coast saw an 8% increase in quarterly sales revenue and maintained its gross profit from the previous year, though its gross margin percentage declined. For the first nine months of the year, Coast's sales revenue was up 8.5% and EBITDA increased slightly, but its gross margin percentage also declined. Coast remains focused on improving profitability through initiatives like store renovations and reducing inventory levels. However, competitive pressures continue to compress pricing and margins in Coast's core builder business.
Abbott: 2009 Annual Shareholders Meeting Remarks And Presentationsinvestorrelation
Miles White, Chairman and CEO of Abbott, presented at the company's annual shareholders meeting. He summarized Abbott's strong financial performance in 2008, with double-digit sales and earnings growth despite economic challenges. Abbott experienced growth across all major businesses - medical devices, nutrition, diagnostics, and pharmaceuticals. White highlighted several new product launches that contributed to growth and discussed Abbott's leadership positions in various health care markets. He expressed confidence in Abbott's ability to meet financial goals for 2009 and emphasized the company's diversity and strength compared to peers in withstanding economic downturns.
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations finance3
- P&G reported diluted net earnings per share of $1.58 for the second quarter, a 61% increase from the previous year, driven by a $0.63 gain from the sale of the Folgers business. Organic sales grew 2% due to price increases and positive product mix while net sales declined 3% from unfavorable foreign exchange and lower volume.
- The CEO acknowledged it was a challenging quarter but said P&G delivered earnings in line with expectations and will continue focusing on innovation, cost management and productivity to drive long-term profitable growth.
- For the fiscal year, P&G expects organic sales growth of 2-5% and earnings per share of $4.29,
PPG Industries reported financial results for the first quarter of 2007. Key points include:
- Sales grew 11% to $2.9 billion, a new quarterly record, driven by double-digit growth in the Performance and Applied Coatings and Optical and Specialty Materials segments.
- Earnings per share were $1.17, including a $0.03 per share charge for an asbestos settlement.
- Volumes grew 3% overall, with strong growth in Europe and Asia offsetting softer conditions in North America.
- The outlook remains positive, with expectations for continued global growth in automotive and industrial production, particularly in emerging markets.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...finance3
- P&G reported 4th quarter EPS of $0.92, a 37% increase, and operating profit growth of 13% behind balanced 5% organic sales and volume growth.
- For the fiscal year, net sales increased 9% to $83.5 billion and EPS grew 20% to $3.64, marking the 7th consecutive year of top-line growth meeting or exceeding targets.
- Segment results were mixed, with some like Beauty and Grooming seeing sales growth from new product launches and markets, while others like Health & Well-Being faced commodity cost pressures and market changes.
- The Timken Company reported record second quarter sales of $1.39 billion, up 5% from the previous year, and net income increased 11% to a record $74.7 million.
- Excluding special items, earnings per share increased 17% to a record $0.90 per share compared to $0.77 in the prior year.
- All business segments saw sales increases compared to the previous year, with the Steel Group achieving record sales and earnings before interest and taxes of $75.4 million, up 33% year-over-year.
Suominen Corporation’s Financial Statement’s Release for 1 Jan–31 Dec 2016: Net sales and operating profit declined, cash flow from operations grew from the comparison period
This project analyzes the financial condition of the companies (Kraft Group and Heinz SA) before and after the merger, that occurred in 2015 in the USA, and if the merger is efficient or not.
- The document is the transcript from 3M's Q1 2006 earnings conference call.
- 3M had strong sales growth of 8.3% in Q1 2006, with all six business segments growing. Operating income grew 18.8%.
- Geographic growth was strong, with Asia Pacific growing 12.0% and Europe growing 7.9% in local currency.
P&G Delivers at Top End of Increased Earnings Expectationsfinance3
P&G delivered strong financial results in the October-December quarter, with double-digit growth in unit volume, net sales, and earnings. Unit volume grew 19% overall and 9% excluding acquisitions, with all business segments experiencing growth. Net sales increased 20% to $13.22 billion due to volume growth and a 4% boost from foreign exchange rates. Reported net earnings grew 22% to $1.82 billion, driven by volume growth and manufacturing cost savings enabling marketing investments.
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...finance3
P&G reported strong quarterly results with 9% sales growth and 17% EPS growth. They also announced plans to create a standalone coffee company called Folgers Coffee Company by spinning it off or splitting it off from P&G. The coffee business generated $1.6B in sales in 2007. All business segments saw sales growth, led by Beauty and Health Care. For fiscal 2008, P&G expects 4-6% organic sales growth and 14-15% EPS growth.
Martinrea International Inc. is an automotive parts manufacturer that has experienced significant revenue growth through acquisitions and organic growth. The company is well positioned to benefit from increasing auto sales and the trend toward lighter weight vehicles. The analyst values Martinrea using a discounted cash flow model and estimates the stock price could rise 70-105% to a range of $16-19.50 per share based on margin expansion, growth opportunities, and a narrowing of its valuation gap with peers. Key growth drivers include the company's global scale, research capabilities, aluminum expertise, and strong order backlog.
Tim Jerzyk, Senior Vice President of Investor Relations/Treasurer at Yum! Brands, provided a detailed guidance update for full-year 2008. Key points included expectations of 12% EPS growth excluding special items and up to 16% including special items. Goals were to build leading brands across China, drive expansion in international markets, improve US brand positions and returns, and deliver industry-leading shareholder and franchisee returns. The guidance also provided financial targets for revenue growth, new restaurant openings, margins, ownership levels, and more for its divisions.
Coast Wholesale Appliances Inc. reported higher first quarter 2013 sales and profits compared to the previous year. Sales increased 14.4% to $34.4 million due to a 25.2% rise in builder segment sales. Gross profit grew 7.8% to $7.4 million, though margins declined due to competitive pressures. EBITDA increased 74% to $1.1 million through higher revenues and cost controls. The company continued initiatives to enhance stores and expand product offerings to increase sales and profits.
This presentation by Mondelēz International discusses the company's strategy and financial outlook. Some key points:
- Mondelēz aims to grow revenue at or above snack category growth rates through focusing on power brands and revenue management actions. It also aims to expand margins by reducing supply chain and overhead costs.
- In 2015, Mondelēz delivered organic net revenue growth of 1.4%, adjusted operating income margin expansion of 150 basis points, and adjusted EPS growth of 13.5% on a constant currency basis.
- For 2016, Mondelēz expects organic net revenue growth of at least 2%, adjusted operating income margin expansion to 15-16%, and double-digit
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
The document provides an overview of the transformation of TXU from a regulated monopoly utility to an industrial energy company through deregulation of the Texas energy market. It discusses how regulators recognized the need for market solutions to drive efficiency and innovation. The restructuring of the Texas power market allowed competition to spur investment and efficiency gains, providing customers with lower electricity prices than under regulation. It established Texas as the only true competitive retail electric market in the U.S.
The document provides notice of Calpine Corporation's 2004 Annual Meeting of Stockholders to be held on May 26, 2004. The meeting will address electing three Class II Directors, amending Calpine's Certificate of Incorporation to increase authorized shares, amending stock incentive and purchase plans to increase shares available for grants, and considering three stockholder proposals as well as ratifying the appointment of PricewaterhouseCoopers as independent accountants. Only stockholders of record as of March 29, 2004 are entitled to vote. A majority of shares is required for a quorum and approval of most matters.
- Calpine Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2005.
- The filing includes consolidated condensed balance sheets, statements of operations, and statements of cash flows for the periods presented.
- It provides notes and details around Calpine's organization, accounting policies, strategic initiatives, debt, derivatives, contingencies and other disclosures.
The document provides notice of Calpine Corporation's 2005 Annual Meeting of Stockholders. It will be held on May 25, 2005 to elect three Class III directors, consider amending the company's certificate of incorporation to declassify the board of directors, and ratify the appointment of PricewaterhouseCoopers LLP as the company's independent accountants. Only stockholders of record as of April 1, 2005 are entitled to vote. The meeting will require a quorum and matters will be decided by a plurality or majority of votes cast.
P&G Delivers Double-Digit Sales Growth in First Quarterfinance3
P&G reported double-digit sales growth in the first quarter, exceeding Wall Street earnings estimates. Unit volume grew 13% driven by double-digit growth in fabric and home care and health care. Net sales increased 11% to $10.8 billion. Core earnings per share grew 17% to $1.12 per share, beating consensus estimates by two cents. The company expects high single-digit volume growth and mid to upper single-digit sales growth in the second quarter. For the fiscal year, sales growth of 4-6% and double-digit earnings per share growth are expected.
Coast Wholesale Appliances Inc. (Coast) reported its financial results for the third quarter of 2012. Coast saw an 8% increase in quarterly sales revenue and maintained its gross profit from the previous year, though its gross margin percentage declined. For the first nine months of the year, Coast's sales revenue was up 8.5% and EBITDA increased slightly, but its gross margin percentage also declined. Coast remains focused on improving profitability through initiatives like store renovations and reducing inventory levels. However, competitive pressures continue to compress pricing and margins in Coast's core builder business.
Abbott: 2009 Annual Shareholders Meeting Remarks And Presentationsinvestorrelation
Miles White, Chairman and CEO of Abbott, presented at the company's annual shareholders meeting. He summarized Abbott's strong financial performance in 2008, with double-digit sales and earnings growth despite economic challenges. Abbott experienced growth across all major businesses - medical devices, nutrition, diagnostics, and pharmaceuticals. White highlighted several new product launches that contributed to growth and discussed Abbott's leadership positions in various health care markets. He expressed confidence in Abbott's ability to meet financial goals for 2009 and emphasized the company's diversity and strength compared to peers in withstanding economic downturns.
P&G Delivers Second Quarter EPS and Organic Sales in Line with Expectations finance3
- P&G reported diluted net earnings per share of $1.58 for the second quarter, a 61% increase from the previous year, driven by a $0.63 gain from the sale of the Folgers business. Organic sales grew 2% due to price increases and positive product mix while net sales declined 3% from unfavorable foreign exchange and lower volume.
- The CEO acknowledged it was a challenging quarter but said P&G delivered earnings in line with expectations and will continue focusing on innovation, cost management and productivity to drive long-term profitable growth.
- For the fiscal year, P&G expects organic sales growth of 2-5% and earnings per share of $4.29,
PPG Industries reported financial results for the first quarter of 2007. Key points include:
- Sales grew 11% to $2.9 billion, a new quarterly record, driven by double-digit growth in the Performance and Applied Coatings and Optical and Specialty Materials segments.
- Earnings per share were $1.17, including a $0.03 per share charge for an asbestos settlement.
- Volumes grew 3% overall, with strong growth in Europe and Asia offsetting softer conditions in North America.
- The outlook remains positive, with expectations for continued global growth in automotive and industrial production, particularly in emerging markets.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
P&G Reports Fourth Quarter EPS of $0.92 and Operating Profit Growth of 13%, b...finance3
- P&G reported 4th quarter EPS of $0.92, a 37% increase, and operating profit growth of 13% behind balanced 5% organic sales and volume growth.
- For the fiscal year, net sales increased 9% to $83.5 billion and EPS grew 20% to $3.64, marking the 7th consecutive year of top-line growth meeting or exceeding targets.
- Segment results were mixed, with some like Beauty and Grooming seeing sales growth from new product launches and markets, while others like Health & Well-Being faced commodity cost pressures and market changes.
- The Timken Company reported record second quarter sales of $1.39 billion, up 5% from the previous year, and net income increased 11% to a record $74.7 million.
- Excluding special items, earnings per share increased 17% to a record $0.90 per share compared to $0.77 in the prior year.
- All business segments saw sales increases compared to the previous year, with the Steel Group achieving record sales and earnings before interest and taxes of $75.4 million, up 33% year-over-year.
Suominen Corporation’s Financial Statement’s Release for 1 Jan–31 Dec 2016: Net sales and operating profit declined, cash flow from operations grew from the comparison period
This project analyzes the financial condition of the companies (Kraft Group and Heinz SA) before and after the merger, that occurred in 2015 in the USA, and if the merger is efficient or not.
- The document is the transcript from 3M's Q1 2006 earnings conference call.
- 3M had strong sales growth of 8.3% in Q1 2006, with all six business segments growing. Operating income grew 18.8%.
- Geographic growth was strong, with Asia Pacific growing 12.0% and Europe growing 7.9% in local currency.
P&G Delivers at Top End of Increased Earnings Expectationsfinance3
P&G delivered strong financial results in the October-December quarter, with double-digit growth in unit volume, net sales, and earnings. Unit volume grew 19% overall and 9% excluding acquisitions, with all business segments experiencing growth. Net sales increased 20% to $13.22 billion due to volume growth and a 4% boost from foreign exchange rates. Reported net earnings grew 22% to $1.82 billion, driven by volume growth and manufacturing cost savings enabling marketing investments.
P&G Reports $0.98 EPS, Up 17%, on 9% Sales Growth; Announces Plan to Create S...finance3
P&G reported strong quarterly results with 9% sales growth and 17% EPS growth. They also announced plans to create a standalone coffee company called Folgers Coffee Company by spinning it off or splitting it off from P&G. The coffee business generated $1.6B in sales in 2007. All business segments saw sales growth, led by Beauty and Health Care. For fiscal 2008, P&G expects 4-6% organic sales growth and 14-15% EPS growth.
Martinrea International Inc. is an automotive parts manufacturer that has experienced significant revenue growth through acquisitions and organic growth. The company is well positioned to benefit from increasing auto sales and the trend toward lighter weight vehicles. The analyst values Martinrea using a discounted cash flow model and estimates the stock price could rise 70-105% to a range of $16-19.50 per share based on margin expansion, growth opportunities, and a narrowing of its valuation gap with peers. Key growth drivers include the company's global scale, research capabilities, aluminum expertise, and strong order backlog.
Tim Jerzyk, Senior Vice President of Investor Relations/Treasurer at Yum! Brands, provided a detailed guidance update for full-year 2008. Key points included expectations of 12% EPS growth excluding special items and up to 16% including special items. Goals were to build leading brands across China, drive expansion in international markets, improve US brand positions and returns, and deliver industry-leading shareholder and franchisee returns. The guidance also provided financial targets for revenue growth, new restaurant openings, margins, ownership levels, and more for its divisions.
Coast Wholesale Appliances Inc. reported higher first quarter 2013 sales and profits compared to the previous year. Sales increased 14.4% to $34.4 million due to a 25.2% rise in builder segment sales. Gross profit grew 7.8% to $7.4 million, though margins declined due to competitive pressures. EBITDA increased 74% to $1.1 million through higher revenues and cost controls. The company continued initiatives to enhance stores and expand product offerings to increase sales and profits.
This presentation by Mondelēz International discusses the company's strategy and financial outlook. Some key points:
- Mondelēz aims to grow revenue at or above snack category growth rates through focusing on power brands and revenue management actions. It also aims to expand margins by reducing supply chain and overhead costs.
- In 2015, Mondelēz delivered organic net revenue growth of 1.4%, adjusted operating income margin expansion of 150 basis points, and adjusted EPS growth of 13.5% on a constant currency basis.
- For 2016, Mondelēz expects organic net revenue growth of at least 2%, adjusted operating income margin expansion to 15-16%, and double-digit
This document is Hershey Foods Corporation's 2003 annual report and proxy statement to shareholders. It discusses Hershey's financial performance in 2003, including 13% earnings per share growth and continued margin expansion. It outlines the company's strategy of investing in core brands and expanding into snack market adjacencies. Key initiatives included restructuring the US sales force, creating a US Snack Group, and launching new better-for-you snack products. The report also discusses governance improvements and leadership changes on the board and in management.
The document provides an overview of the transformation of TXU from a regulated monopoly utility to an industrial energy company through deregulation of the Texas energy market. It discusses how regulators recognized the need for market solutions to drive efficiency and innovation. The restructuring of the Texas power market allowed competition to spur investment and efficiency gains, providing customers with lower electricity prices than under regulation. It established Texas as the only true competitive retail electric market in the U.S.
The document provides notice of Calpine Corporation's 2004 Annual Meeting of Stockholders to be held on May 26, 2004. The meeting will address electing three Class II Directors, amending Calpine's Certificate of Incorporation to increase authorized shares, amending stock incentive and purchase plans to increase shares available for grants, and considering three stockholder proposals as well as ratifying the appointment of PricewaterhouseCoopers as independent accountants. Only stockholders of record as of March 29, 2004 are entitled to vote. A majority of shares is required for a quorum and approval of most matters.
- Calpine Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended September 30, 2005.
- The filing includes consolidated condensed balance sheets, statements of operations, and statements of cash flows for the periods presented.
- It provides notes and details around Calpine's organization, accounting policies, strategic initiatives, debt, derivatives, contingencies and other disclosures.
The document provides notice of Calpine Corporation's 2005 Annual Meeting of Stockholders. It will be held on May 25, 2005 to elect three Class III directors, consider amending the company's certificate of incorporation to declassify the board of directors, and ratify the appointment of PricewaterhouseCoopers LLP as the company's independent accountants. Only stockholders of record as of April 1, 2005 are entitled to vote. The meeting will require a quorum and matters will be decided by a plurality or majority of votes cast.
The document provides notice of Calpine Corporation's 2005 Annual Meeting of Stockholders. It will be held on May 25, 2005 to elect three Class III directors, consider amending the company's certificate of incorporation to declassify the board of directors, and ratify the appointment of PricewaterhouseCoopers LLP as the company's independent accountants. Only stockholders of record as of April 1, 2005 are entitled to vote. The meeting will require a quorum and matters will be decided by a plurality or majority of votes cast.
This document is Calpine Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2005 filed with the United States Securities and Exchange Commission. It includes information on Calpine's business operations, legal proceedings, financial statements, executive compensation and other required disclosures. The report indicates that Calpine is a large accelerated filer and the aggregate market value of shares held by non-affiliates was approximately $1.9 billion as of June 30, 2005.
The document provides notice of Calpine Corporation's 2004 Annual Meeting of Stockholders to be held on May 26, 2004. The meeting will address electing three Class II Directors, amending Calpine's Certificate of Incorporation to increase authorized shares, amending stock incentive and purchase plans to increase shares available for grants, and considering three stockholder proposals, as well as ratifying the appointment of PricewaterhouseCoopers as independent accountants. Only stockholders of record as of March 29, 2004 are entitled to vote. A majority of shares is required for a quorum and most matters.
NiSource Inc. is a utility company focused on natural gas and electric utilities. It has over 3 million customers across 9 states. In 2002, NiSource focused on strengthening its balance sheet by reducing debt, streamlining operations, and shedding non-core assets. It raised $735 million through an equity offering, using the funds to further pay down debt. NiSource maintained investment-grade credit ratings while improving transparency and adhering to new governance standards. It focused on efficiently operating its regulated gas and electric utilities to serve customers in a high-demand region from Indiana to New England.
- Sales increased 3.3% to a record $2.269 billion in 3Q08 and 2.1% to a record $6.280 billion in the first nine months.
- EPS was $1.50 in 3Q08, above the guidance range, and $3.57 in the first nine months.
- Guidance for 4Q08 EPS is $0.40 to $0.60 and the full year guidance is raised to $3.97 to $4.17 per share.
- Sherwin-Williams reported a 1.5% increase in first quarter sales to a record $1.782 billion and EPS of $0.64, above guidance of $0.56 to $0.61.
- The Global Group saw a 14.8% increase in sales driven by volume gains, price increases, and acquisitions.
- While paint demand was weaker than expected, price increases and cost reductions announced in the first quarter will be more fully implemented in the coming months.
- Guidance for Q2 EPS is $1.45 to $1.60 and full year EPS is reaffirmed at $4.70 to $4.85.
Ball Corporation reported solid first quarter earnings and a good start to the year. Earnings were higher than expected in the metal food and household products segment due to improved manufacturing performance and some price recovery. The European beverage can segment continued its strong results with double-digit sales growth driven by increased custom beverage can volumes and a stronger Euro. Looking ahead, Ball is focused on execution and initiatives to improve harmonization across its businesses to foster continued momentum and earnings growth.
Ball Corporation reported solid first quarter earnings for 2008. Earnings per share were 80 cents, up from the record 86 cents in the first quarter of 2007. Higher earnings in European beverage cans and food and household products offset lower earnings in North American beverage cans and aerospace. The company expects full-year free cash flow of $300 million and continued strong performance in European beverage cans. Operational improvements and focus on costs also drove better results in food and household products in the first quarter.
P&G Reports 8% Net Sales and 22% EPS Growth in the Fourth Quarter finance3
The Procter & Gamble Company reported 8% net sales growth and 22% earnings per share growth in the fourth quarter. P&G also announced plans to repurchase $24-30 billion of company shares over the next three years through increased share buybacks of $8-10 billion annually. Every business segment grew organic sales for the fiscal year, led by high-single digit growth in blades and razors and fabric and home care. Chairman A.G. Lafley expressed confidence in P&G's strategies and ability to take advantage of growth opportunities.
John DeereMedia Release & Financials 2008 3rdfinance11
Deere reported higher third-quarter earnings, with net income reaching a record $575 million. Sales increased 17% globally and 38% outside the US and Canada, driven by continued strength in the global farm sector. While commodity prices have moderated, farm incomes and machinery demand remain high. Deere expects full-year equipment sales to increase 21% and projects fourth quarter net income of $425 million, though rising material costs may impact margins.
P&G Reports Strong Sales and Earnings Growth, Increases Fiscal Year Outlook finance3
P&G reported strong sales and earnings growth in the first quarter. Net sales increased 27% to $18.79 billion due to growth in both the base P&G business and the addition of Gillette. Organic sales grew 6% and earnings per share increased 3% to $0.79, though EPS growth excluding Gillette dilution was 9-10%. P&G increased its full-year earnings per share outlook due to better cost expectations and expects EPS growth of 13-14% for fiscal year 2007.
Morgan Stanley reported financial results for the first quarter of 2008. Net revenues were $8.3 billion, down 17% from the previous year's first quarter. Income from continuing operations was $1.551 billion, or $1.45 per share, compared to $2.314 billion, or $2.17 per share in the first quarter of 2007. Institutional Securities revenues were $6.2 billion, the third highest quarter ever, driven by record equities trading revenues. Global Wealth Management achieved net revenues of $1.6 billion and net new assets of $11 billion. Asset Management faced challenges with losses in real estate investments.
The Home Depot Announces First Quarter Resultsfinance2
The Home Depot reported first quarter earnings of $356 million, down from $1 billion in the same period last year. This included a $543 million non-recurring charge for closing underperforming stores. Excluding this charge, earnings were $697 million. Sales decreased 3.4% to $17.9 billion due to a 6.5% drop in comparable store sales. The company's CEO acknowledged difficult market conditions and said the company would focus on investing in existing stores.
Morgan Stanley reported record first quarter results for 2007, with net income up 70% from the previous year. Revenue was $11 billion, up 29%, driven by record sales and trading in both fixed income and equities. Return on equity was 29.9%, up from 21.3% the previous year. All business segments achieved record or higher results, with institutional securities delivering a 71% rise in pre-tax income on the back of strong fixed income and equities trading.
Highlights of the third quarter of 2018
Net sales amounted to SEK 30,444m (29,042). Sales growth was 0.7%, mainly driven by price increases in several markets.
Operating income amounted to SEK 1,756m (1,981), corresponding to a margin of 5.8% (6.8).
Increased prices and mix contributed positively across all business areas but could not fully offset higher input costs, lower volumes and accelerating currency headwinds in Latin America.
Major Appliances North America also faced higher cost inflation from tariffs in addition to lower sales to private label.
Operating cash flow after investments amounted to SEK 1,352m (2,287).
Income for the period decreased to SEK 1,162m (1,440), and earnings per share was SEK 4.04 (5.01).
- The Home Depot reported third quarter earnings for fiscal year 2008, with sales of $17.8 billion, down 6.2% from the previous year, and same-store sales down 8.3%. Earnings per share were $0.45.
- Challenging housing and home improvement markets continued to pressure results. Previously strong regions like the Northwest saw double-digit negative comps.
- While sales were weak across most departments, building materials had positive comps led by roofing and insulation. Initiatives to improve merchandising and focus on value are showing early signs of success through improved transactions, market share gains, and gross margin expansion despite volatile costs.
- Tightening credit availability also
- The Home Depot reported third quarter earnings for fiscal year 2008, with sales of $17.8 billion, down 6.2% from the previous year, and same-store sales down 8.3%. Earnings per share were $0.45.
- Challenging housing and home improvement markets continued to pressure results. Previously strong regions like the Northwest saw double-digit negative comps.
- While sales were weak across most departments, building materials had positive comps led by roofing and insulation. Initiatives to improve merchandising and focus on value are showing early signs of success through improved transactions, market share gains, and gross margin expansion despite volatile costs.
- Tightening credit availability also
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for the first quarter of 2008, with net sales growing 20% driven by growth in the pharmaceutical business. Earnings from continuing operations grew 51% to $1.29 billion compared to the first quarter of 2007. The company reaffirmed its 2008 earnings guidance and announced plans to file an IPO to sell approximately 10% of its Mead Johnson Nutritionals business. Key drugs such as Abilify, Plavix, and Baraclude saw sales increases in the double-digit percentages compared to the first quarter of 2007.
Morgan Stanley reported record quarterly results for Q2 2006, with earnings per share up 115% year-over-year. Net revenues were a record $8.9 billion, up 48% from Q2 2005, driven by strong performance across institutional securities, wealth management, asset management, and Discover. All business segments achieved record or highest quarterly results. The company saw significant revenue growth in areas like fixed income, equity trading, and investment gains.
PrivateBancorp reported its first quarterly profit since launching a strategic growth plan. Net revenue grew 23% over the previous quarter to $88.3 million. Client deposits increased $920.6 million or 15% over the previous quarter. Non-performing assets increased to $191.6 million due to weakness in the commercial real estate sector across the company's markets. The company's efficiency ratio improved to 65.8% for the quarter.
PPG Industries reported record third quarter sales and earnings. Sales totaled $2.8 billion, up 10% from the previous year, driven by acquisitions and currency gains. Earnings per share were $0.54, which included large environmental and legal charges, but adjusted earnings were $1.28 per share compared to $1.15 the prior year. The company achieved sales records across many business units due to strong volume growth internationally, while input costs increased slightly.
bristol myerd squibb Financial Results for the Fourth Quarter and Twelve Mont...finance13
Bristol-Myers Squibb reported strong financial results for the fourth quarter and full year 2008, driven by growth of key franchises and products. Fourth quarter sales increased 4% year-over-year to $5.2 billion. Gross profit margins improved due to cost improvements and favorable product mix. The company provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00, expecting revenue and earnings growth. Bristol-Myers Squibb continued progress on productivity initiatives and business development deals to supplement its pipeline.
John DeereMedia Release & Financials 2007 3rdfinance11
Deere reported record third quarter earnings of $537 million, a 28% increase in EPS from continuing operations. Net sales increased 6% to $6.634 billion for the quarter driven by strong performance in agricultural, commercial, and consumer equipment businesses globally. The company expects equipment sales to increase 16% in the fourth quarter and 7% for the full year.
Strong Volume and Operating Margin Improvements Drive Earnings Growthfinance3
P&G reported strong financial results for the quarter ended December 31, 2002, with unit volume growth of 8% and core earnings per share growth of 10%. Volume growth was driven by double-digit increases in health care and beauty care. Gross margins expanded 140 basis points due to base business savings and lower material costs. For the fiscal year, P&G expects sales growth at the top end of its 4-6% target range and earnings per share growth of 12-13%.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain the meaning or significance of this number.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided, so a concise 3 sentence summary cannot capture much meaningful information from this very brief document.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
This document contains selected historical net revenue and EBITDA data by resort for MGM MIRAGE and its subsidiaries. It shows that for the quarter ending September 30, 2004, Mandalay Bay had the highest net revenue of $194,864,000 and EBITDA of $47,807,000. Overall for 2004, Mandalay Bay had the highest annual net revenue of $823,464,000 and EBITDA of $241,512,000 among all the listed resorts. The data is broken out by quarter and resort, with notes on what properties are included in certain categories.
This document provides pro forma net revenues and EBITDA by resort for MGM MIRAGE and subsidiaries for the second quarter and first half of 2005 and 2004. It shows that the Bellagio and MGM Grand Las Vegas resorts generated the highest net revenues and EBITDA amounts both quarterly and year-to-date. Additional data includes pro forma results for other Nevada properties, MGM Grand Detroit, and Mississippi properties including Beau Rivage and Gold Strike Tunica. Schedules also reconcile operating income to EBITDA for the periods presented.
This document provides supplemental data on net revenues and EBITDA by resort for MGM MIRAGE and its subsidiaries. It shows that for the second quarter of 2005, net revenues increased over 60% and EBITDA increased over 47% compared to the same period in 2004. The largest contributors to net revenues and EBITDA were the Bellagio, MGM Grand Las Vegas, and other Las Vegas Strip properties. EBITDA margins expanded as several new acquisitions were integrated into operations.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
In World Expo 2010 Shanghai – the most visited Expo in the World History
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
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Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
1. The Sherwin-Williams Company Reports 2008 Second Quarter and First Six Months Results
Sales increased 1.4% to a record $2.230 billion in 2Q08 and 1.4% to a record $4.011 billion in
first six months
EPS was $1.45 in 2Q08 and $2.07 in first six months
Net operating cash through the first six months was $262.8 million
EPS range $1.20 to $1.45 for 3Q08. Reaffirming EPS range of $3.60 to $4.10 for the full year
CLEVELAND, OHIO, July 17, 2008 – The Sherwin-Williams Company (NYSE: SHW) announced its financial
results for the second quarter and first six months ended June 30, 2008. Compared to the same periods in 2007,
consolidated net sales increased $31.4 million, or 1.4%, to $2.230 billion in the quarter and $56.9 million, or 1.4%, to
$4.011 billion in the first six months due to strong sales by the Global Group and acquisitions. Seven acquisitions
completed after the second quarter of 2007 increased consolidated net sales 2.4% in the quarter and 2.5% in the first
six months. Favorable currency translation rate changes increased consolidated net sales 1.1% in the quarter and 1.3%
in the first six months.
Diluted net income per common share decreased 4.6% in the quarter to $1.45 per share from $1.52 per share in 2007
and decreased 11.5% in the first six months to $2.07 per share from $2.34 per share last year including second quarter
2008 asset impairment charges of approximately $.12 per share. Acquisitions and currency translation rate changes
had a combined favorable impact on diluted net income per common share of approximately $.02 per share in the
quarter. In the first six months, acquisitions had an unfavorable impact on diluted net income per common share that
was offset by currency translation rate changes resulting in no net effect on diluted net income per common share.
Net sales in the Paint Stores Group decreased $10.4 million, or 0.8%, to $1.355 billion in the quarter and $30.2
million, or 1.2%, to $2.386 billion in the first six months due primarily to soft domestic architectural paint sales in the
new residential, residential repaint, DIY and commercial markets as well as weak sales in non-paint categories.
Acquisitions added 2.6% to this Group’s net sales in the quarter and 2.9% in the first six months. Net sales from stores
open for more than twelve calendar months decreased 4.5% in the quarter and 5.4% in the first six months over last
year’s comparable periods. Paint Stores Group segment profit decreased $27.7 million, or 11.6%, to $210.4 million
during the quarter and $66.8 million, or 18.5%, to $293.7 million during the first six months due primarily to second
quarter impairment charges of $20.4 million related to certain acquired trademarks, lower net sales and gross margin
pressures caused by increasing product and freight costs. Acquisitions negatively impacted the Group’s segment profit
by 0.3% in the quarter and 2.2% in the first six months.
Net sales of the Consumer Group declined $12.7 million, or 3.2%, to $383.9 million in the quarter and $27.0 million,
or 3.9%, to $670.8 million in the first six months. The sales declines were due primarily to soft DIY demand at most of
the Group’s retail customers. Segment profit decreased $23.8 million, or 28.8%, to $58.8 million in the quarter and
$37.1 million, or 26.7%, to $101.6 million in the first six months. Segment profit decreased due primarily to dramatic
increases in raw material costs, lower volume throughput in manufacturing and distribution operations and a second
quarter impairment charge of $2.7 million related to an acquired trademark. A 2007 acquisition had no significant
impact on this Group’s net sales or segment profit.
The Global Group’s net sales stated in U.S. dollars increased $54.6 million, or 12.6%, to $488.9 million in the quarter
and $114.3 million, or 13.7%, to $950.8 million in the first six months due primarily to volume gains, selling price
increases, currency translation impact and acquisitions. Favorable currency translation rate changes increased net sales
of the Global Group by 5.8% in the quarter and 6.3% in the first six months. Acquisitions increased this Group’s net
sales in U.S. dollars by 3.8% in the quarter and 3.7% in the first six months. Stated in U.S. dollars, segment profit of
the Global Group in the quarter decreased $.8 million, or 1.7%, to $48.0 million and increased $6.8 million, or 8.1%,
in the first six months including a second quarter goodwill impairment charge of $.8 million. Segment profit stated in
local currency declined 7.5% in the quarter and was flat with last year in the first six months driven primarily by the
negative impact of the domestic economy on portions of this Segment’s business that could not be completely offset
by increased foreign sales, improved operating efficiencies related to additional manufacturing volume and expense
control. Acquisitions had a 3.1% and 2.3% accretive effect on segment profit of the Global Group in the quarter and
first six months, respectively.
2. The Company acquired 2.1 million shares of its common stock through open market purchases during the quarter and
6.2 million shares during the first six months. The Company had remaining authorization at June 30, 2008 to purchase
20.8 million shares.
Commenting on the second quarter and first six months results, Christopher M. Connor, Chairman and Chief
Executive Officer, said, “We continue to manage through an unprecedented downturn in the U.S. housing market that
is both deep and wide. This downturn has severely depressed paint demand in the domestic new residential, residential
repaint, DIY and commercial markets. In spite of the continuing decline in demand, our Paint Stores Group remains
focused on providing superior, knowledgeable customer service and gaining business in all markets and product lines.
Our Consumer Group faces the same market softness and has been coping with the extraordinary dynamics of rapid
raw material cost increases. The employees in our Consumer Group remain focused on improving their productivity
and service levels while reducing production and inventory levels to deal with declining sales volumes. We continue to
be optimistic about the strength of our foreign business units in our Global Group and the sales growth they have been
achieving in the architectural, industrial maintenance, OEM and automotive finishes product lines. Price increases and
cost reductions announced across all business segments during the first half of this year will continue to be
implemented in the coming months as our management teams strive to maintain their profitability during this tough
economic environment.
“As we have previously mentioned, in 2008 the Paint Stores Group will open new store locations at their historic
average annual rate of approximately 100 new stores while accelerating the rate at which we close redundant store
locations from acquisitions, expected to be approximately 80 locations closed by year end. This was evident during the
second quarter when the Group closed 17 more stores than they opened. In the first six months of 2008, the Paint
Stores Group has opened 39 new stores and closed 62. Our Global Group continued to expand their store network by
opening two net new locations and acquiring one during the quarter, bringing the net store additions to 12 in the first
six months of 2008.
“During the quarter, we used our cash to continue to buy shares of our stock and increase the dividend rate. We have
strategically positioned our balance sheet to be financially sound and capable of financing our business growth. We
expect to continue to achieve high levels of net operating cash flow in part by maintaining control over working
capital.
“During the third quarter of 2008, we anticipate consolidated net sales will be slightly below last year’s third quarter.
We expect diluted net income per common share for the third quarter will be in the range of $1.20 to $1.45 per share
compared to $1.55 per share last year. For the full year 2008, we are reaffirming our June 3, 2008 guidance that we
anticipate consolidated net sales will be slightly lower than 2007. We are also reaffirming our June 3, 2008 guidance
that we expect diluted net income per common share for full year 2008 will be in the range of $3.60 to $4.10 per share
compared to $4.70 per share earned in 2007.”
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. The company
manufactures products under well-known brands such as Sherwin-Williams®, Dutch Boy®, Krylon®, Minwax®,
Thompson’s® Water Seal®, and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams®
branded products are sold exclusively through a chain of more than 3,000 company-operated stores and facilities,
while the company’s other brands are sold through leading mass merchandisers, home centers, independent paint
dealers, hardware stores, automotive retailers, and industrial distributors. The Sherwin-Williams Global Group
distributes a wide range of products in more than 30 countries around the world. For more information, visit
www.sherwin.com.
______________________________________________________________________________________________
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
3. 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.
Contacts:
Robert Wells
Vice President-Corporate Communications and Public Affairs
Sherwin-Williams
Direct: 216.566.2244
rjwells@sherwin.com
Mike Conway
Director Corporate Communications and Investor Relations
Sherwin-Williams
Direct: 216.515.4393
Pager: 216.422.3751
mike.conway@sherwin.com
4. The Sherwin-Williams Company and Subsidiaries
Statements of Consolidated Income (Unaudited)
Three months ended June 30, Six months ended June 30,
Thousands of dollars, except per share data 2008 2007 2008 2007
Net sales $ 2,229,545 $ 2,198,188 $ 4,011,227 $ 3,954,366
Cost of goods sold 1,256,642 1,211,618 2,257,816 2,176,429
Gross profit 972,903 986,570 1,753,411 1,777,937
Percent to net sales 43.6% 44.9% 43.7% 45.0%
Selling, general and administrative expenses 676,984 666,899 1,328,691 1,284,640
Percent to net sales 30.4% 30.3% 33.1% 32.5%
Other general expense (income) - net 1,280 7,789 1,395 7,024
Impairment of trademarks and goodwill 23,912 23,912
Interest expense 18,133 16,786 35,806 35,367
Interest and net investment income (878) (3,683) (1,394) (10,783)
Other income - net (2,700) (4,366) (4,200) (4,974)
Income before income taxes 256,172 303,145 369,201 466,663
Income taxes 84,489 100,538 119,572 152,254
Net income $ 171,683 $ 202,607 $ 249,629 $ 314,409
Net income per common share:
Basic $ 1.48 $ 1.56 $ 2.12 $ 2.41
Diluted $ 1.45 $ 1.52 $ 2.07 $ 2.34
Average shares outstanding - basic 116,220,461 129,647,874 117,859,378 130,351,224
Average shares and equivalents outstanding - diluted 118,684,720 133,286,728 120,379,140 134,146,842
5. The Sherwin-Williams Company and Subsidiaries
Business Segments (Unaudited)
Thousands of dollars 2008 2007
Net Segment Net Segment
External Profit External Profit
Sales (Loss) Sales (Loss)
Three months ended June 30:
Paint Stores Group $ 1,355,033 $ 210,444 $ 1,365,423 $ 238,161
Consumer Group 383,932 58,848 396,647 82,613
Global Group 488,858 48,030 434,293 48,880
Administrative 1,722 (61,150) 1,825 (66,509)
Consolidated totals $ 2,229,545 $ 256,172 $ 2,198,188 $ 303,145
Six months ended June 30:
Paint Stores Group $ 2,386,184 $ 293,737 $ 2,416,346 $ 360,534
Consumer Group 670,814 101,609 697,853 138,676
Global Group 950,773 91,101 836,507 84,276
Administrative 3,456 (117,246) 3,660 (116,823)
Consolidated totals $ 4,011,227 $ 369,201 $ 3,954,366 $ 466,663
6. The Sherwin-Williams Company and Subsidiaries
Consolidated Financial Position (Unaudited)
Thousands of dollars June 30,
2008 2007
Cash $ 45,574 $ 57,542
Accounts receivable 1,092,306 1,093,345
Inventories 920,638 898,049
Other current assets 309,111 291,338
Short-term borrowings (933,574) (454,977)
Current portion of long-term debt (11,427) (10,210)
Accounts payable (874,161) (885,187)
Other current liabilities (750,948) (748,552)
Working capital (202,481) 241,348
Net property, plant and equipment 904,819 878,240
Deferred pension assets 408,872 395,912
Goodwill and intangibles 1,329,994 1,302,371
Other non-current assets 154,463 136,083
Long-term debt (294,479) (292,059)
Postretirement benefits other than pensions (264,327) (304,274)
Other long-term liabilities (371,332) (342,388)
Shareholders' equity $ 1,665,529 $ 2,015,233
Selected Information (Unaudited)
Thousands of dollars Three months ended June 30, Six months ended June 30,
2008 2007 2008 2007
Paint Stores Group - net new stores (17) 144 (A) (23) 161 (A)
Paint Stores Group - total stores 3,302 3,207 3,302 3,207
Global Group - net new branches 3 9 12 19
Global Group - total branches 531 488 531 488
Depreciation $ 35,325 $ 33,272 $ 71,148 $ 65,510
Capital expenditures 31,061 44,844 70,885 83,331
Cash dividends 41,137 41,444 83,175 82,951
Amortization of intangibles 5,364 5,897 10,674 11,349
Significant components of Other general expense (income) - net:
Provision for environmental related matters - net 711 7,658 711 7,717
Loss (Gain) on disposition of assets 569 131 684 (693)
Significant components of Other income - net:
Dividend and royalty income (2,730) (623) (3,544) (1,938)
Net expense of financing
and investing activities 1,673 1,460 2,898 2,902
Foreign currency related (gains) losses (164) (4,128) (1,769) (3,151)
Intersegment transfers:
Consumer Group 480,350 471,329 827,810 815,396
Global Group 42,273 30,384 73,092 67,265
Administrative 2,562 2,414 5,327 4,837
(A)- Includes 131 stores acquired in May 2007.