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    Breaking NewsGlobal Top 10 and PCI 25

    Sherwin-Williams Reports Double-Digit Sales Increase

    NEWS
    January 27, 2012

    CLEVELAND - The Sherwin-Williams Co. announced its financial results for the year and fourth quarter ended December 31, 2011. Compared to the same periods in 2010, consolidated net sales increased $989.3 million, or 12.7 percent, to $8.77 billion in the year and increased $174.8 million, or 9.2 percent, to $2.07 billion in the quarter due primarily to selling price increases, acquisitions, and higher paint sales volume in the company’s Global Finishes and Latin America Coatings Groups. 

    Net sales in the Paint Stores Group increased 9.1 percent to $4.78 billion in the year and increased 13.5 percent to $1.13 billion in the quarter due primarily to selling price increases and improving domestic architectural paint sales volume across most segments. Net sales from stores open for more than 12 calendar months increased 8.3 percent in the year and 12.7 percent in the quarter over last year’s comparable periods. Paint Stores Group segment profit increased to $645.7 million in the year from $619.6 million last year and decreased $1.4 million to $133.4 million in the quarter from $134.8 million last year. Segment profit in the year increased due to selling price increases partially offset by raw material cost increases and increases in selling, general, and administrative expenses. Segment profit as a percent to net sales decreased in the year to 13.5 percent from 14.1 percent in 2010 and decreased in the quarter to 11.8 percent from 13.5 percent last year. 

    Net sales of the Consumer Group decreased 1.8 percent to $1.27 billion in the year and 1.1 percent to $252.1 million in the quarter. Segment profit decreased to $173.7 million in the year from $204.0 million last year. Segment profit increased to $30.2 million in the quarter from $26.1 million. As a percent to net external sales, segment profit decreased in the year to 13.6 percent from 15.7 percent in 2010 and increased in the quarter to 12.0 percent from 10.2 percent last year. 

    The Global Finishes Group’s net sales stated in U.S. dollars increased 32.5 percent to $1.88 billion in the year due primarily to acquisitions, selling price increases, higher paint sales volume, and favorable currency translation rate changes. In the quarter, the Global Finishes Group’s net sales increased 8.1 percent to $463.3 million due primarily to selling price increases and acquisitions. Stated in U.S. dollars, segment profit in the year increased to $90.3 million from $64.7 million last year and increased in the quarter to $13.0 million from $9.2 million last year. 

    The Latin America Coatings Group’s net sales stated in U.S. dollars increased 22.7 percent to $828.5 million in the year due primarily to acquisitions, selling price increases, higher paint sales volume and favorable currency translation rate changes. Net sales increased 4.0 percent to $220.1 million in the quarter due primarily to selling price increases and higher paint sales volume partially offset by unfavorable currency translation changes. 

    Looking forward, Christopher M. Connor, Chairman and Chief Executive Officer, said, “In the first quarter of 2012, we anticipate our consolidated net sales will increase nine to 14 percent compared to the first quarter of 2011. At that anticipated sales level, we estimate diluted net income per common share in the first quarter of 2012 will be in the range of $.56 to $.74 per share compared to $.63 per share earned in the first quarter of 2011. For the full year 2012, we expect consolidated net sales to increase above 2011 levels by a high single-to-low-teens percentage. With annual sales at that level, we anticipate diluted net income per common share for 2012 will be in the range of $5.37 to $5.67 per share compared to 4.14 per share earned in 2011.”

    KEYWORDS: financial reports

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