imageJanuary 6, 2021

I am very pleased to report that we generated record sales, earnings and cash flow for our fiscal 2021 second quarter, which concluded on November 30, 2020. This excellent performance was achieved largely due to your efforts to grow the top line—despite challenging economic conditions worldwide—and continue to implement MAP to Growth operational improvements.

Consolidated sales for the second quarter were a record $1.49 billion, a 6% increase over the prior-year period. Organic sales grew in a broad range of categories, including cleaning and disinfecting products, air purification equipment, small project paints, OEM coatings, and others. Acquisitions also contributed to sales, including the second-quarter addition of Ali Industries, which is best known for its Gator brand of abrasive products. Foreign currency translation also added to sales as international markets, particularly those in Europe, showed improvement.

Net income was $127.7 million, up 65.7% over the prior-year period, and consolidated earnings before interest and taxes (EBIT) increased 49.8% to $178.7 million. On an adjusted basis, our consolidated EBIT margin increased 240 basis points to 13.4% during the quarter, driven by three of our four segments registering substantial EBIT margin improvements and high EBIT growth. This was even more impressive given a tough comparison to last year when adjusted EBIT increased by 22.0%. So, while our Consumer Group continues to lead the way, driven by unprecedented consumer demand for its small project paints, caulks, sealants, stains and cleaners, our other segments are finding ways to compete and win in the markets they serve as well.

Looking ahead to the third quarter of fiscal 2021, we anticipate consolidated sales growth in the mid-single-digit range with continued strong leverage to the bottom line from our MAP to Growth program, resulting in adjusted EBIT growth of 30% or more. For the fourth quarter, we expect sales in all four segments to be up due to an easier comparison to last year’s fourth quarter, which is when the economic interruption caused by the pandemic was most severe.

At 10 a.m. Eastern Time today, we are hosting a conference call and webcast with financial analysts where we will discuss our results in more detail. It can be accessed at and will also be available as a replay. I encourage you to listen to the presentation.

Thank you for your continued hard work and dedication during these unprecedented times. Despite the many challenges we have experienced during the past several months, it is through your efforts that we have found innovative ways to safely operate our business, meet our customers’ needs and serve our communities. I wish you and your families good health and prosperity in 2021. Happy New Year!

Very truly yours,

Frank C. Sullivan
Chairman and Chief Executive Officer

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