Earnings Call Excerpt
Sherwin-Williams Company (SHW)
Q4 2008 Earnings Call
January 22, 2009 9:00 a.m. ET
Executives
Chris Connor – Chairman and CEO
Sean Hennessey – Senior VP of Finance and CFO
John Ault – Vice President Corporate Controller
Bob Wells – VP Corporate Communications
Analysts
Saul Ludwig – Keybanc Capital Markets
Chuck Cerankosky – FTN Midwest Securities
Dmitry Silverstein – Longbow Research
PJ Juvekar – Citigroup Incorporated
Amy Zhang – Goldman Sachs
Jeffrey Zekauskas – JP Morgan Chase
Greg Melich – Morgan Stanley
[Omar Lee] – Cleveland Research Company
Steve O'Neil – Hilliard Lyons
Dennis McGill – Zelman & Associates
[Vlad Arkimono] – Coastal Capital Management
Presentation
Operator
Good morning. Thank you for joining the Sherwin-Williams company’s review of fourth quarter and full year 2000 results and expectations for 2009. With us on today’s call are Chris Connor, Chairman and CEO; Sean Hennessey, Senior VP of Finance and CFO; John Ault, Vice President Corporate Controller; and Bob Wells, Vice President and Corporate Communications.
This conference call is being broadcast simultaneously in listen-only mode by Vcall via the internet at www.sherwin.com. An archives replay of this webcast will be available at Sherwin.com beginning approximately two hours after this conference call ends and will be available until Wednesday, February 11, 2009 at 5 p.m. eastern standard time.
This conference call will include certain forward-looking statements as defined under U.S. Federal securities laws with respect to sales, earnings and other matters. Any forward-looking statement speaks only as of the date on which such statement is made, and the company under takes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
A full declaration regarding forward-looking statements is provided in the company's earnings release, transmitted earlier this morning.
After the review of our fourth quarter and full year results and 2009 expectations, we will open the session to questions. I will now turn the call over to Bob Wells.
Bob Wells
Thanks, Jackie. In order to allow more time for questions, we have provided balance sheet items and over statistical data on our website sherwin.com under Investor Relations 2008 Year-End Press Release.
Summarizing overall company performance for the fourth quarter and full year 2008, consolidated sales for the fourth quarter declined 8.3% to $1.7 billion due to sales volume declines resulting from worsening economic conditions in the U.S. and abroad. For the full year, sales declined $25 million or three-tenths of a percent to $7.98 billion.
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