Your Source for Up-To-Date News and Research on the Collision Repair Industry 

 

click here to subscribe to the FREE INSIGHT Editor's Desk News Alert Email

SUBSCRIBERS-ONLY
Today's News
INSIGHT This Month
INSIGHT Archives
Survey Center
Letter to the Editor

Business Tools
Subscription Information
CSI Reporting
Financial Analysis
IRS Audit Guide

Management/
Technical Info
Market Watch Rates
INSIGHT Inside this month's issue...

Feedback
Letter to the Editor

Sherwin-Williams 2nd Quarter Earnings to Exceed Previous Expectations

The Sherwin-Williams Company is updating its expectations for the second quarter and year 2002 which were last announced on April 18, 2002.

Consolidated net sales for the second quarter increased 3.2 percent versus the same quarter last year due primarily to better than expected sales volume. On April 18, 2002, consolidated net sales for the quarter were anticipated to be flat to up slightly over the second quarter of 2001. Diluted net income per common share for the second quarter of 2002 will be $.70 per share due to better than expected gross margin improvement and expense control. The previously announced expectations for the second quarter were $.62 to $.68 per share. The Company will release a more complete disclosure of second quarter results on July 18, 2002.

Annual sales for 2002 are expected to be up slightly over 2001. Previously, sales were anticipated to be flat to up slightly for the year. For 2002, diluted net income per common share before cumulative effect of change in accounting principle is expected to be within the range of $1.92 to $2.03 per share. On April 18, 2002, expectations were in the range of $1.88 to $2.03 per share for the year.

Diluted net income per common share was $.58 per share in the second quarter of 2001 and $1.68 per share for the year. Adding back goodwill amortization to 2001 net income to be comparable with the new accounting standard effective in 2002, diluted net income per common share would have been $.62 per share in the second quarter 2001 and $1.83 per share for the year.

©2002 Collision Repair Industry INSIGHT
All Rights Reserved

FEATURED
LINKS:

INSIGHT Supports the NABC!
Do You?