Sherwin-Williams reports new sales record
Cleveland-based paint giant Sherwin-Williams described a strong performance in 2012 and posted record sales of $9.53 billion for 2012, an increase of 8.8%.
For the fourth quarter, sales increased 7.3% to $2.22 billion, primarily due to higher paint sales volume in the Paint Stores Group and selling price increases.
Net sales in the Paint Stores Group increased 13.2% to $5.41 billion in the year and increased 9.8% to $1.25 billion in the quarter.
Christopher Connor, chairman and CEO, described an all-around strong performance in 2012. "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," he said. "All of our operating segments contributed to the record year with increases in sales and operating profit, lead by our Paint Stores Group."
Total net income for the quarter was $117.2 million, up 34.5% from the previous year's quarter. For the full year, net income rose 33.1% to $987.3 million.