The Sherwin-Williams Company Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Impairment Charges for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter and Full Year 2012
January 26, 2012 at 01:00 pm
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The Sherwin-Williams Company reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net sales of $2,070,442,000 against $1,895,619,000 for the same period a year ago. The increase in sales primarily due to selling price increases, acquisitions, and higher paint sales volume in company's Global Finishes and Latin America Coatings Groups. Income before income taxes was $129,543,000 against $103,698,000 a year ago. Net income was $14,552,000 or $0.14 per diluted share against $72,918,000 or $0.67 per diluted share a year ago.
For the full year, the company reported net sales of $8,765,699,000 against $7,776,424,000 for the same period a year ago. The increase in sales primarily due to selling price increases, acquisitions, and higher paint sales volume in company's Global Finishes and Latin America Coatings Groups. Income before income taxes was $741,548,000 against $677,784,000 a year ago. Net income was $441,860,000 or $4.14 per diluted share against $462,485,000 or $4.21 per diluted share a year ago.
The company reported trademark impairment charges of $4.7 million in the year and fourth quarter ended December 31, 2011 compared to $0.1 million for the same period a year ago.
For the first quarter of 2012, the company anticipates its consolidated net sales will increase 9% to 14% compared to the first quarter of 2011. At that anticipated sales level, the company's estimate diluted net income per common share will be in the range of $0.56 to $0.74 per share compared to $0.63 per share earned in the first quarter of 2011.
The Sherwin-Williams Company specializes in developing, manufacturing and marketing paints, coating and related products. Net sales break down by activity as follows:
- retail sale of paints and industrial and architectural coating (56.5%): owned, at the end of 2020, 4,774 specialized stores worldwide;
- professional sale of paints and industrial and architectural coating (16.6%): activity ensured through a network of 282 branches worldwide (of which 221 in the United States);
- sale of industrial coatings for wood finishing and industrial applications (26.8%)
- other (0.1%).
At the end of 2020, the group had 100 principal production sites worldwide.
The Sherwin-Williams Company Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Reports Impairment Charges for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter and Full Year 2012