Painting & Coating Industry (PCI) logo Powder coating summit logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Painting & Coating Industry (PCI) logo Powder coating summit logo
  • NEWS
    • Latest News
    • Market Trends & Reports
    • Price Alerts
    • Subscribe to eNewsletters
    • Global Top 10/ PCI 25
    • Weekly Featured Article
    • COATLE Word Game
  • PRODUCTS
    • Product News
    • Must See Products and Services
  • MATERIALS
    • Additives
    • Resins/Polymers
    • Pigments
    • Equipment
    • Distributors
  • TECHNOLOGIES
    • Adhesives
    • Architectural Coatings
    • Industrial Coatings
    • Nanotechnology
    • Powder Coatings
    • Solventborne
    • Special Purpose Coatings
    • Sustainability
    • UV Coatings
    • Waterborne
    • FINISHING
      • Finishing News
      • Finishing Technologies
      • Finishing Equipment
    • RESOURCES
      • Columns
        • Ask Joe Powder
        • Did you know?
        • Distribution Dive
        • Focus on Canada
        • Formulating With Mike
        • Innovation Insights
        • Moody's Coatings Conundrums
        • Powder Coating Perspectives
        • Target the Market
        • TiO2 Insider
      • Blogs
        • Editor's Viewpoint
        • Industry Insights
      • Coatings Supplier Handbook
      • Podcasts and Videos
        • COAT-IT! Podcast
        • Videos/PCI TV
      • PCI Store
      • Classifieds
      • eBooks
      • Sponsor Insights
      • White Papers
      • COATLE Word Game
    • EVENTS
      • Coatings Trends & Technologies Summit
      • Paint and Coatings Academy
      • Webinars
      • Calendar of Events
      • Lifetime Achievement Award
    • DIRECTORIES
      • Buyer's Guide
      • Equipment Directory
      • Materials Directory
    • EMAGAZINE
      • Current Issue
      • eMagazine Archive
      • China Issue Archive
      • Editorial Advisory Board
    • CONTACT
      • Contact Us
      • Advertise
      • Subscribe to eMagazine
      • Subscribe to eNewsletters
    Breaking News

    Sherwin-Williams' Fourth-Quarter Profit Up 30 Percent

    January 28, 2010

    CLEVELAND – The Sherwin-Williams Co. has announced its financial results for the fourth quarter and year ended Dec. 31, 2009. Compared to the same periods last year, consolidated net sales decreased 5.9 percent to $1.60 billion in the quarter and 11.1 percent to $7.09 billion in the year due primarily to weak paint sales volume. Currency translation rate changes increased consolidated net sales 2.0 percent in the quarter and decreased consolidated net sales 1.3 percent in the year. Acquisitions were not significant to consolidated net sales in the quarter or year.
     
    Diluted net income per common share increased 38.1 percent to $.58 per share in the quarter from $.42 per share in the fourth quarter 2008 and decreased 5.5 percent to $3.78 per share in the year from $4.00 per share in 2008. Asset impairment charges and a loss on dissolution of a foreign subsidiary in the fourth quarter of 2009 reduced diluted net income per common share approximately $.13 per share. Asset impairment charges reduced diluted net income per common share $.18 per share in the fourth quarter 2008 and $.31 per share in the year 2008. Acquisitions and currency translation rate changes, net, increased 2009 diluted net income per common share by $.02 per share in the quarter and, combined, reduced diluted net income per common share by $.04 in the year.
     
    Net sales in the Paint Stores Group decreased 11.4 percent in the quarter to $920.2 million and 12.9 percent in the year to $4.21 billion due primarily to decreased paint volume sales. Net sales from stores open for more than 12 calendar months decreased 11.4 percent in the quarter and 12.9 percent in the year. Paint Stores Group segment profit increased 5.9 percent in the quarter due primarily to reduced selling, general and administrative expense, and lower asset impairment charges that more than offset the effect of the decline in paint volume sales. Segment profit decreased 7.4 percent in the year due primarily to the effect of lower paint volume sales partially offset by improved gross profit margins, reductions in selling, general and administrative expense, and reduced asset impairment charges.
     
    Net sales of the Consumer Group decreased 2.2 percent to $240.1 million in the quarter and 3.7 percent to $1.23 billion in the year. The sales declines were due primarily to lower volume sales to most of the Group’s retail customers. Consumer Group segment profit decreased $7.7 million in the quarter due primarily to the effect of lower volume sales partially offset by reduced asset impairment charges. Segment profit increased 12.2 percent in the year due primarily to good cost control, reduced asset impairment charges, and favorable freight and other distribution costs that were partially offset by lower fixed cost absorption from decreased manufacturing and distribution volume.
     
    Net sales of the Global Finishes Group increased 5.5 percent to $437.1 million in the quarter when stated in U.S. dollars due primarily to favorable currency translation rate changes. Net sales decreased 11.4 percent in the year to $1.65 billion when stated in U.S. dollars due primarily to lower paint sales volume and unfavorable currency translation rate changes that were partially offset by acquisitions and selling price increases. Acquisitions increased this group’s net sales in U.S. dollars by 0.7 percent in the quarter and 1.5 percent in the year.
     
    Commenting on the financial results, Christopher M. Connor, Chairman and Chief Executive Officer, said, “While we are disappointed that our full-year sales and earnings fell short of the prior year, we are encouraged by our earnings performance in the last half of the year resulting primarily from the appropriate steps taken by our operating segments to control costs and improve efficiencies. We are beginning to see some stability in our sales to certain market segments, although demand in most end markets remains weak and industry-wide volume is down significantly from peak levels achieved a few years ago. We continue to focus on volume growth opportunities, primarily through share gain, by capitalizing on our controlled distribution network and strong brands.”
     
    Looking forward, Connor said, “We anticipate that the stabilization we are beginning to experience in some segments of the U.S. and global economies will continue, although not at a sufficient pace to offset continued softness in many other areas of the global economy. Therefore, in the first quarter of 2010, we anticipate that consolidated net sales will be flat to down slightly versus the first quarter of 2009. At that anticipated sales level, we estimate diluted net income per common share in the first quarter of 2010 will be in the range of $.30 to $.40 per share compared to $.32 per share earned in the first quarter of 2009. For the full-year 2010, we expect consolidated net sales to increase above 2009 levels by a low-to-middle single-digit percentage. With annual sales at that level, we anticipate diluted net income per common share for 2010 will be in the range of $4.05 to $4.45 per share compared to $3.78 per share earned in 2009.”

    Share This Story

    Looking for a reprint of this article?
    From high-res PDFs to custom plaques, order your copy today!

    Recommended Content

    JOIN TODAY
    to unlock your recommendations.

    Already have an account? Sign In

    • PCI-0724-Global10-Feature-1440.png

      2024 Global Top 10: Top Paint and Coatings Companies

      Who ranks on top? PCI’s annual ranking of the top 10...
      Global Top 10 and PCI 25
      By: Courtney Bassett
    • PCI-0724-PCI25-Feature-1440.png

      2024 PCI 25: Top Paint and Coatings Companies

      PCI's annual ranking of the top 25 North American paint...
      Paint and Coating Market Reports
      By: Courtney Bassett
    • pci1022-Kinaltek-Lead-1170.jpg

      A Novel Pigment Production Technology

      Following an extensive R&D program that demonstrated...
      Paint and Coating Pigments
      By: Jawad Haidar and Nitin Soni
    You must login or register in order to post a comment.

    Report Abusive Comment

    Manage My Account
    • eMagazine
    • eNewsletter
    • Online Registration
    • Subscription Customer Service

    More Videos

    Sponsored Content

    Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the PCI audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of PCI or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

    close
    • Modern arapartment complex painted in bright colors.
      Sponsored byEPS - Engineered Polymer Solutions

      Architectural Polymers Leading the Way in Coatings Innovation

    • paint sprayer in a workshop
      Sponsored byallnex

      Enabling Performance and Compliance: allnex Introduces a New Line of VOC Exempt Solvent-Borne Resins

    Popular Stories

    No. 3 AkzoNobel

    AkzoNobel to Close Two Manufacturing Sites

    BASF SE Logo

    BASF Reportedly Eyes Exit from Coatings

    Modern arapartment complex painted in bright colors.

    Architectural Polymers Leading the Way in Coatings Innovation



    PCI Buyers Guide

    Submit a Request for Proposal (RFP) to suppliers of your choice with details on what you need with a click of a button

    Start your RFP

    Browse our Buyers Guide for manufacturers and distributors of all types of coatings products and much more!

    Find Suppliers

    Events

    September 3, 2025

    Coatings Trends & Technologies Summit

    The Coatings Trends & Technologies (CTT) Summit is an annual conference for both liquid and powder coatings formulators and manufacturers to discuss innovations in coatings technology. This event combines high-quality technical presentations, a resource-rich exhibit hall, and dedicated networking opportunities to connect scientific minds, foster innovation, and cultivate game-changing new ideas!

    January 1, 2030

    Webinar Sponsorship Information

    For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

    View All Submit An Event

    Poll

    Longest-running laboratory experiment

    What is the longest-running laboratory experiment?
    View Results Poll Archive

    Products

    CTT Summit Short Courses (Live 9/3/25)

    Coatings Trends & Technologies Summit is expanding its offerings with four short courses. These short courses will offer an extensive day of interactive learning.

    See More Products
    pci  webinar april 2025

    PCI CASE EBOOK

    Related Articles

    • Sherwin-Williams' Profit up in First Quarter

      See More
    • Sherwin-Williams' Sales up 14 Percent

      See More
    • NEWS

      Sherwin-Williams’ First-Quarter Sales Increase 15 Percent

      See More
    ×

    Keep the info flowing with our eNewsletters!

    Get the latest industry updates tailored your way.

    JOIN TODAY!
    • RESOURCES
      • Advertise
      • Contact Us
      • Directories
      • Store
      • Want More
    • SIGN UP TODAY
      • Create Account
      • eMagazine
      • eNewsletters
      • Customer Service
      • Manage Preferences
    • SERVICES
      • Marketing Services
      • Reprints
      • Market Research
      • List Rental
      • Survey & Sample
    • STAY CONNECTED
      • LinkedIn
      • Facebook
      • Youtube
      • X (Twitter)
    • PRIVACY
      • PRIVACY POLICY
      • TERMS & CONDITIONS
      • DO NOT SELL MY PERSONAL INFORMATION
      • PRIVACY REQUEST
      • ACCESSIBILITY

    Copyright ©2025. All Rights Reserved BNP Media.

    Design, CMS, Hosting & Web Development :: ePublishing