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Mar 31, 2021
Sherwin-Williams Q1 2021 Earnings Report
Sherwin-Williams reported strong first-quarter results driven by sales growth and margin expansion.
Key Takeaways
Sherwin-Williams reported a 12.3% increase in consolidated net sales to $4.66 billion. Adjusted diluted net income per share increased by 51.5% to $2.06, and adjusted EBITDA increased to $848.7 million. The company saw strong architectural paint demand and improving industrial end markets.
Consolidated net sales increased by 12.3% to $4.66 billion.
Net sales from U.S. and Canada stores open more than twelve months increased by 8.2%.
Adjusted diluted net income per share grew by 51.5% to $2.06.
Adjusted EBITDA increased to $848.7 million, representing 18.2% of sales.
Revenue by Segment
Forward Guidance
The company anticipates FY21 diluted net income per share in the range of $7.66 to $7.93 per share and expects net sales to be up mid-to-high single digit %.
Positive Outlook
- Net sales are expected to be up mid-to-high teens % for the second quarter of 2021.
- Company is very encouraged with our strong start to the year
- Continuing strength in the demand environment
- Businesses are extremely well positioned
- Confident in long-term ability to grow faster than the market
Challenges Ahead
- Full year adjusted earnings guidance remains unchanged
- Near-term uncertainty of raw material availability
- Cost inflation
- Loss of $0.34 per share from the divestiture
- Acquisition-related amortization expense of $0.80 per share
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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