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Letter to the Editor
Wednesday March 12
Sherwin-Williams Lowers Q1 Earnings Expectations
The Sherwin-Williams Company is updating its expectations for the first quarter and reaffirming its annual expectations for 2003 which were previously announced on February 6, 2003.Sales for the quarter are expected to be the same as or slightly higher than the first quarter of 2002. The previous expectation for sales in the first quarter had been an increase over last year of approximately 2.5 to 4.5 percent. Severe winter weather over most of the country in February and lower-than-expected sales of product finishes and industrial maintenance products adversely impacted sales results. The lower-than-expected sales is anticipated to result in diluted net income per common share for the first quarter of 2003 in the range of $.20 to $.23 per share. The earlier expectation for the first quarter of 2003 was $.24 to $.27 per share. These amounts compare to diluted net income per common share before the cumulative effect of change in accounting principle of $.23 per share in the first quarter of 2002.
Annual sales for 2003 are expected to be up 3 to 5 percent over 2002. With annual sales at that level, diluted net income per common share for 2003 is anticipated to be within the range of $2.17 to $2.29 per share. These expectations are the same as those provided on February 6, 2003.
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