Sherwin-Williams Co. (NYSE: SHW) reported Q2 EPS of $2.94, including a $.06 per share EPS loss from Comex, $0.01 better than the analyst estimate of $2.93. Revenue for the quarter came in at $3.04 billion versus the consensus estimate of $3.01 billion.

Sherwin-Williams Co. sees Q3 2014 EPS of $3.15-$3.25, versus the consensus of $3.06. Anticipates 3Q14 sales increase of 9% to 14%.

Sherwin-Williams Co. sees FY2014 EPS of $8.50-$8.70, including a Comex EPS loss of $.35 per share, versus the consensus of $8.49.

Commenting on the financial results, Christopher M. Connor, Chairman and Chief Executive Officer, said, "We are pleased with the continued strong positive sales and earnings per share momentum. Our Paint Stores Group continues to lead with sales volume and operating results. Our Consumer Group and Global Finishes Group, excluding the Venezuela charges, continue to show operating margin improvements. The Paint Stores Group architectural volume growth was strong across all end market segments. The Comex acquisition is performing better than expected in the year. Our Consumer Group improved its operating results through higher volume sales and operating efficiencies. Our Global Finishes Group continues to improve its operating margins through improved operating efficiencies. The Latin America Coatings Group is minimizing the impact on its core operating margins through selling price increases and good cost control, although we are not satisfied with the results.

"We are continuing to invest in our business. In the first six months, Paint Stores Group opened 33 net new stores. For the year, we expect our Paint Stores Group to open 80 to 90 new stores. Our working capital ratio (accounts receivable plus inventories less accounts payable to sales) at June 30, 2014 was 11.7% compared to 12.0% last year. During the quarter, we continued to buy shares of our stock, and we increased the dividend rate to $.55 from $.50 last year. Our balance sheet remains flexible and is positioned well for future acquisitions and other investments in our business.

"For the third quarter, we anticipate our consolidated net sales will increase nine to fourteen percent compared to last year's third quarter. At that anticipated sales level, we estimate diluted net income per common share in the third quarter of 2014 to be in the range of $3.15 to $3.25 per share compared to $2.55 per share earned in the third quarter of 2013. This guidance includes our expectation that the Comex acquisition will increase net sales $120 million to $130 million and reduce diluted net income per common share by approximately $.05 per share in the third quarter. For the full year 2014, we expect consolidated net sales to increase eight to thirteen percent compared to full year 2013. With annual sales at that level, we have raised our expectation for diluted net income per common share for 2014 to a range of $8.50 to $8.70 per share compared to $7.26 per share earned in 2013. This annual guidance includes our expectation that the Comex acquisition will increase net sales by a low single digit percentage in the year and negatively impact diluted net income per common share $.35 per share in 2014."

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