CLEVELAND - Paint and coating manufacturer The Sherwin-Williams Co., Cleveland, announced its financial results for the year and fourth quarter ended December 31, 2012. Compared to the same periods in 2011, consolidated net sales increased $768.8 million, or 8.8 percent, to $9.53 billion in the year and increased $151.4 million, or 7.3 percent, to $2.22 billion in the quarter due primarily to higher paint sales volume in the company’s Paint Stores Group and selling price increases. Acquisitions increased consolidated net sales approximately 0.9 percent in the year and in the quarter. Unfavorable currency translation rate changes decreased consolidated net sales 1.8 percent in the year and 1.0 percent in the quarter.
Net sales in the Paint Stores Group increased 13.2 percent to $5.41 billion in the year and increased 9.8 percent to $1.25 billion in the quarter due primarily to higher paint sales volume across all end market segments as well as higher year-over-year selling prices. Net sales from stores open for more than 12 calendar months increased 12.5 percent in the year and 9.2 percent in the quarter over last year's comparable periods.
Net sales of the Consumer Group increased 3.7 percent to $1.32 billion in the year due primarily to selling price increases and acquisitions.
The Global Finishes Group's net sales stated in U.S. dollars increased 4.4 percent to $1.96 billion in the year due primarily to selling price increases, higher paint sales volume and acquisitions partially offset by unfavorable currency translation rate changes.
The Latin America Coatings Group's net sales stated in U.S. dollars increased 0.9 percent to $836.1 million in the year and increased 5.2 percent to $231.5 million in the quarter due primarily to selling price increases and higher paint sales volume partially offset by unfavorable currency translation rate changes.
Commenting on the financial results, Christopher M. Connor, Chairman and Chief Executive Officer, said, “We are pleased to report record highs for multiple financial measures in 2012, including sales, earnings per share, net operating cash and earnings before interest, taxes, depreciation and amortization. All of our operating segments contributed to the record year with increases in sales and operating profit, lead by our Paint Stores Group.”
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