The Sherwin-Williams Company (NYSE:SHW) Q3 2020 Earnings Conference Call October 27, 2020 11:00 AM ET Company Participants Jim Jaye - Senior Vice President, Investor Relations John Morikis - Chairman & Chief Executive Officer Al Mistysyn - Chief Financial Officer Conference Call Participants Ghansham Panjabi - Baird Jeff Zekauskas - JPMorgan Steve Byrne - Bank of America Arun Viswanathan - RBC Capital Markets Bob Koort - Goldman Sachs P.J. Juvekar - Citigroup David Begleiter - Deutsche Bank Kevin McCarthy - ...

业绩总结 - 2020年第三季度销售额为51.22亿美元，同比增长5.2%[6] - 毛利润为24.55亿美元，同比增长10.3%，毛利率提高220个基点至47.9%[7][8] - 调整后每股收益（EPS）为8.29美元，同比增长24.7%[8] - 调整后息税折旧摊销前利润（EBITDA）增加1.1亿美元，达到11亿美元，占销售额的21.6%[9] - 净经营现金流为14.89亿美元，同比增长64.8%[10] - 2020年第三季度的净外部销售额为51.222亿美元，较2019年同期的48.677亿美元增长了7.1%[31] - 2020年第三季度的调整后每股收益为8.29美元，较2019年同期的6.65美元增长了24.6%[34] - 2020年第三季度的EBITDA为11.05亿美元，较2019年同期的9.379亿美元增长了17.4%[37] - 2020年第三季度的调整后EBITDA占净销售额的比例为21.6%，高于2019年的18.9%[37] 用户数据 - 美洲地区同店销售增长3.1%，销售额为29.78亿美元，同比增长2.8%[12][13] - 2020年第三季度，公司的美洲集团销售额为29.783亿美元，占总销售额的58.2%[31] - 2020年第三季度，公司的消费者品牌集团销售额为8.381亿美元，占总销售额的16.4%[31] - 2020年第三季度，公司的绩效涂料集团销售额为13.053亿美元，占总销售额的25.4%[31] 未来展望 - 预计2020年第四季度销售额同比增长3%至7%[18] - 2020年全年的调整后每股收益预期为24.00至24.30美元[18] 财务状况 - 截至2020年9月30日，公司总债务为82.912亿美元，长期债务为82.91亿美元，利率为3.56%[28] - 2020年第三季度的利息支出为8330万美元，较2019年同期的8530万美元略有下降[37] - 2020年第三季度的所得税费用为1.698亿美元，较2019年同期的1.333亿美元增长了27.4%[37]

业绩总结 - 2019年公司总收入为179亿美元，调整后的EBITDA为30.57亿美元[59] - 2019年每股收益（EPS）为21.12美元，较2018年增长了14%[59] - 2019年净收入为1,541.3百万美元，较2018年的1,108.7百万美元增长39%[120] - 2019年净运营现金流为23.21亿美元，较2018年增长了16.5%[59] - 2019年调整后的EBITDA为3,056.8百万美元，较2018年的2,821.9百万美元增长8.3%[121] 用户数据 - 2019年美洲集团的销售额为102亿美元，销售利润率为20.2%[12] - 2019年消费者品牌集团的销售额为27亿美元，销售利润率为15.5%[28] - 2019年性能涂料集团的销售额为52亿美元，销售利润率为13.0%[34] - 2019年消费者品牌集团的净外部销售为2,676.8百万美元，较2018年的2,739.1百万美元下降2.3%[118] - 2019年性能涂料集团的净外部销售为5,049.2百万美元，较2018年的5,166.4百万美元下降2.3%[118] 未来展望 - 2019年公司在资本支出方面的投资目标为销售额的2%以下[61] - 2019年美国建筑涂料行业总销量约为8.31亿加仑，同比增长约2.0%[85] - 2019年全球涂料市场总值约为1320亿美元，涂料总量约为98亿加仑[77] 市场扩张与并购 - 公司在过去十年中进行了14次收购，增强了市场竞争力[62] - 截至2020年6月30日，Sherwin-Williams的长期债务总额为161.9亿美元，其中94%为固定利率债务[101] - Sherwin-Williams在美国的涂料店总数为4758家，覆盖多个州[105] 股东回报 - 公司在过去十年中回购了3200万股股票，减少了14%的流通股本[67] - 2019年公司股息为每股5.36美元，连续41年增加股息[63] 负面信息 - 2019年消费者品牌集团的报告段利润为373.2百万美元，占销售的13.9%[118] - 2019年性能涂料集团的报告段利润为379.1百万美元，占销售的7.5%[118] - 2019年利息支出为349.3百万美元，较2018年的366.7百万美元下降4.1%[120] - 2019年折旧费用为262.1百万美元，较2018年的278.2百万美元下降5.8%[120]

The Sherwin-Williams Company (NYSE:SHW) Q2 2020 Earnings Conference Call July 28, 2020 11:00 AM ET Company Participants Jim Jaye – Senior Vice President-Investor Relations John Morikis – Chairman and Chief Executive Officer Al Mistysyn – Chief Financial Officer Conference Call Participants Chris Parkinson – Credit Suisse Jeff Zekauskas – JPMorgan Ghansham Panjabi – Baird Bob Koort – Goldman Sachs Steve Byrne – Bank of America David Begleiter – Deutsche Bank Vincent Andrews – Morgan Stanley Greg Melich – Eve ...

The Sherwin-Williams Company (NYSE:SHW) Q1 2020 Results Conference Call April 29, 2020 11:00 AM ET Company Participants John Morikis - Chairman & CEO David Sewell - President and COO Allen Mistysyn - CFO Jane Cronin - SVP, Corporate Controller Jim Jaye - SVP, Investor Relations Conference Call Participants Chris Parkinson - Credit Suisse Ghansham Panjabi - Baird John McNulty - BMO Capital Markets Arun Viswanathan - RBC Capital Markets Steve Byrne - Bank of America Robert Koort - Goldman Sachs P.J. Juvekar - ...

The Sherwin-Williams Company (NYSE:SHW) Q4 2019 Earnings Conference Call January 30, 2020 11:00 AM ET Company Participants Jim Jaye - Senior Vice President, Investor Relations John Morikis - Chairman & Chief Executive Officer Al Mistysyn - Chief Financial Officer Conference Call Participants Christopher Parkinson - Credit Suisse Stephen Byrne - Bank of America Merrill Lynch Jeff Zekauskas - JPMorgan Ghansham Panjabi - Baird John McNulty - BMO Capital Markets Arun Viswanathan - RBC Capital Markets Kevin McCa ...

OPERATING SEGMENTS ADJUSTMENTS TO SEGMENT PROFIT 4Q AND FULL YEAR 2019 Consolidated | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------|----------------------------------|-------|-------|--------------|-------------------------------------------|------------|-------| | | | | | | | | | | | (in millions) | | | | | Consolidated | | | | | | | Three Months Ended December 31, | | | | December 31, | Year Ended | | | | | 2019 | | 2018 | | 2019 | ...

The Sherwin-Williams Company (NYSE:SHW) Q3 2019 Earnings Conference Call October 22, 2019 11:00 AM ET Company Participants John Morikis - Chairman & Chief Executive Officer Al Mistysyn - Chief Financial Officer Jane Cronin - Senior Vice President, Corporate Controller Jim Jaye - Senior Vice President, Investor Relations & Communications. Conference Call Participants Christopher Parkinson - Credit Suisse Jeff Zekauskas - JPMorgan Mike Harrison - Seaport Global Securities John McNulty - BMO Capital Markets Vi ...

The Sherwin-Williams Company (NYSE:SHW) Q2 2019 Results Earnings Conference Call July 23, 2019 11:00 AM ET Company Participants Jim Jaye - Senior Vice President of Investor Relations & Corporate Communications John Morikis - Chairman, Chief Executive Officer Al Mistysyn - Senior Vice President of Finance and Chief Financial Officer Conference Call Participants Jeff Zekauskas - JPMorgan Ghansham Panjabi - Baird Robert Koort - Goldman Sachs Christopher Parkinson - Credit Suisse Steve Byrne - Bank of America M ...

The Sherwin-Williams Company (NYSE:SHW) Q1 2019 Earnings Conference Call April 23, 2019 11:00 AM ET Company Participants John Morikis - Chairman and CEO Al Mistysyn - CFO Jane Cronin - SVP, Corporate Controller Bob Wells - SVP, Corporate Communications Jim Jaye - VP, IR Conference Call Participants Christopher Parkinson - Credit Suisse Jeff John Zekauskas - JPMorgan John Roberts - UBS Truman Patterson - Wells Fargo Ghansham Panjabi - Robert W. Baird Robert Koort - Goldman Sachs Steve Byrne - Bank of America ...