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EXHIBIT 99
[LOGO] FOR IMMEDIATE RELEASE
CONTACT: CONWAY G. IVY
VICE PRESIDENT, CORPORATE
PLANNING AND DEVELOPMENT
216-566-2102
NEWS:
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The Sherwin-Williams Company - 101 Prospect Avenue, N.W.,
Cleveland, Ohio 44115 - (216) 566-2140
CLEVELAND, OHIO, December 4, 2000. The Sherwin-Williams Company (NYSE: SHW)
announced today that it expects diluted earnings per share for the year 2000 to
be approximately $1.90 per share. The Company last announced on October 18, 2000
that it expected diluted earnings per share for the year to be in the range of
$1.96 to $2.00 per share. First Call currently reports a range of $1.95 to $1.98
per share for the year. The Company's diluted earnings per share were $1.80 per
share for the year 1999.
The reduction in the earnings per share expectation is partially due to the
impact on operating profit margins of poor exterior coatings sales in the Paint
Stores and Consumer Segments. Softer than anticipated retail markets, leading to
inventory corrections by some major retailers in the United States and the
United Kingdom, the continuing price competition in South America and greater
than anticipated costs and expenses also contributed to the reduction in
earnings. Previously, consolidated sales increases for the year were expected to
be in the mid-single digit (4 to 6 percent) range. Although overall sales for
the year should still be in the lower part of that range, earnings will be
reduced.
Commenting on the Company's reduction in its earnings per share expectation,
Christopher M. Connor, Chairman and Chief Executive Officer said, "We are
disappointed with having to lower our expectation of operating results for the
year. However, we have implemented plans and programs to move the Company
forward next year despite a continuing soft environment. We anticipate that 2001
will be another year of increased sales performance and our 24th year of
consecutive earnings improvement."
Mr. Connor is scheduled to present at the Salomon Smith Barney Chemical
Conference in New York City on Tuesday, December 5, 2000, at 11:20 a.m. Eastern
Standard Time (EST).
The conference presentation by Sherwin-Williams will be webcast simultaneously
in the listen only mode via Veracast. To access the audio link to the live
presentation on December 5th, go to the Sherwin-Williams website,
www.sherwin.com, click on Investor Relations, then choose Press Releases and
click on "Webcast" following the reference to the December 1st release. To
listen to the live presentation, please go to the website at least fifteen
minutes early to download
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and install any necessary free audio plugin software.
For those who cannot listen to the live webcast, an archived replay will be
available at www.sherwin.com beginning approximately one hour after the live
presentation. The archived replay will be available until Thursday, December 7,
at 5:00 p.m. EST. Additional instructions to listen to the webcast are available
on the webcast site.
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This press release contains certain "forward-looking statements" with respect to
sales, earnings and other matters. These forward-looking statements are based
upon management's expectations and beliefs concerning future events.
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. These risks,
uncertainties and other factors include such things as: general business
conditions; strengths of retail economies and the growth in the coatings
industry; changes in the Company's relationships with customers and suppliers;
unusual weather conditions; and other risks and uncertainties described from
time to time in the Company's reports filed with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the date on which
such statement is made, and the Company undertakes no obligation to update any
forward-looking statement, whether as a result of new information, future events
or otherwise.
