remain focused on addressing continuing upward pressure on
raw material costs through pricing and pro6ductivity.”
Sherwin-Williams reports fourth quarter results
The Sherwin-Williams Company released its financial results for
the fourth quarter and year ended December 31, 2010. Compared to the same periods in 2009, consolidated net sales increased $296.8 million, or 18. 6 percent, to $1.90 billion in the
quarter and $682.2 million, or 9. 6 percent, to $7.78 billion in
the year due primarily to higher paint sales volume, acquisitions
and selling price increases. Acquisitions increased consolidated
net sales 8. 7 percent in the quarter and 3. 4 percent in the year.
Net sales in the Paint Stores Group increased 8. 6 percent to
$999.3 million in the quarter and increased 4.1 percent to $4.38
billion in the year due primarily to selling price increases and
improving domestic architectural paint sales to residential repaint contractors and DIY customers. Paint Stores Group segment profit increased to $134.8 million in the quarter from
$119.9 million last year and increased to $619.6 million in the
year from $600.2 million last year. Net sales of the Consumer
Group increased 6.2 percent to $255.0 million in the quarter
and 5. 9 percent to $1.30 billion in the year due primarily to improving demand at some of the segment’s retail, industrial and
institutional customers. Segment profit increased to $26.1 million in the quarter from $4.6 million last year and increased to
$204.0 million in the year from $157.4 million last year. The
Global Finishes Group’s net sales increased 46. 4 percent to
$640.1 million in the quarter due primarily to acquisitions,
higher paint sales volume, and selling price increases. Net sales
increased 26. 5 percent to $2.09 billion in the year due primarily
to acquisitions, higher paint sales volume, and favorable currency translation rate changes. Segment profit in the quarter increased to $28.8 million from a loss of $1.1 million last year
due primarily to reduced asset impairment charges, increased
paint sales volume, and selling price increases, partially offset
by dilution from acquisitions. Segment profit increased in the
year to $123.7 million from $65.0 million last year due primarily to increased paint sales volume, a reduction in asset impairment charges, and favorable currency rate changes, partially
offset by dilution from acquisitions. “We are pleased that all of
our operating segments achieved sales and operating profit
growth on a year over year basis in this continuing uncertain
environment. Our operating segments continue to control costs
and have implemented price increases to offset the current raw
material increases,” said Christopher Connor, chairman and
CEO. “Over the past year, our Paint Stores Group continued to
focus on gaining business in all markets and product lines while
maintaining customer service in a difficult raw material environment. Consumer Group improved their operating results
through increased sales, realizing the benefits from prior year
site rationalizations, and maintaining good cost control. In the
Global Finishes Group, we continue to be pleased with the
growth in architectural, OEM and automotive finishes sales volume. The Sayerlack and Acroma acquisitions are performing to
expectations. CW
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