Sherwin-Williams reports Q2 adjusted EPS $3.38, consensus $3.81

Reports Q2 revenue $6.31B, consensus $6.3B. “Sherwin-Williams (SHW) continued to execute on our consistent and disciplined strategy in a demand environment that remained choppy as we anticipated,” said CEO Heidi Petz. “Consolidated sales were within our guided range, and we delivered gross margin expansion for the 12th consecutive quarter. Given the demand softness in the quarter, which we expect will continue if not deteriorate in the second half of the year, we aggressively accelerated and increased our restructuring actions, resulting in pre-tax expenses of $59M. Additionally, work on our new buildings project progressed faster than anticipated, resulting in approximately $40M of pre-tax transition and related costs in the quarter, which we previously expected to begin occurring in our second half…Solid cash generation enabled us to return $716M to shareholders through dividends and share repurchases during the quarter…”