"We continue to see strong demand across the pro architectural and industrial end markets we serve," said Chairman, President and Chief Executive Officer, John G. Morikis. "However, persistent and industry-wide raw material availability issues have not improved as anticipated, impacting our ability to fully meet the strong demand. Raw material availability negatively impacted consolidated sales by approximately 3.5% in our second quarter, and we previously communicated that we anticipated less of an impact in the third quarter. We are now expecting raw material availability, including the unfavorable impact of Hurricane Ida, to negatively impact our third quarter consolidated sales by a high-single digit percentage.

"At the same time, our total cost basket, including raw materials, transportation and labor, continues to move upward. As a result of these increasing costs and in addition to the significant pricing actions we have already taken, we have announced a 4 percent surcharge in The Americas Group effective September 20 through the end of the year. We are confident in our ability to offset inflationary pressures, and we will continue to implement additional pricing actions across our segments over the remainder of this year and into next year as necessary. Our full year sales and diluted net income per share guidance remains unchanged, with full year 2021 adjusted diluted net income per share expected to increase 13.6% at the midpoint of the range compared to the prior year. We will provide an update on our full year outlook with our third quarter results on October 26, 2021."

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