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Sherwin Williams Co (SHW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Sherwin Williams Co

CIK: 89800 Ticker: SHW

EXHIBIT 99

 

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The Sherwin-Williams Company • 101 West Prospect Avenue •

Cleveland, Ohio 44115 • (216) 566-2140

The Sherwin-Williams Company Reports 2013 Year-end Financial Results

 

    Consolidated net sales for the year increased 6.8% to a record $10.19 billion

 

    Full year diluted net income per common share increased 20.6% to a record $7.26 per share, including a charge of $.21 per share related to Brazil tax assessments and a $.13 per share EPS loss from Comex

 

    Earnings before interest, taxes, depreciation and amortization increased $207.2 million in the year to a record $1.34 billion

 

    Net operating cash increased $195.8 million to a record $1.08 billion

 

    The Company anticipates diluted earnings per share for 2014 in the range of $8.12 to $8.32 per share, including a Comex EPS loss of $.45 to $.55 per share

CLEVELAND, OHIO, January 30, 2014 – The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2013. Compared to the same periods in 2012, consolidated net sales increased $651.1 million, or 6.8%, to $10.19 billion in the year and increased $235.2 million, or 10.6%, to $2.46 billion in the quarter due primarily to higher paint sales volume in our Paint Stores Group and acquisitions. Acquisitions increased consolidated net sales 1.8% in the year and 4.6% in the quarter. Unfavorable currency translation rate changes decreased consolidated net sales 0.8% in the year and 1.1% in the quarter.

Diluted net income per common share in the year increased to $7.26 per share from $6.02 per share in 2012. Full year 2013 included charges of $.21 per share related to Brazil tax assessments and $.02 per share from early retirement of debt. Full year 2012 EPS included a U.S. Department of Labor (DOL) settlement related to the Company’s employee stock ownership plan of $.47 per share. Diluted net income per common share in the quarter was $1.14 per share, including early retirement of debt, compared to $.65 per share a year ago, including the DOL settlement noted above. Unfavorable currency translation rate changes decreased diluted net income per common share by $.04 per share for the year and $.02 per share in the quarter. Acquisitions decreased diluted net income per common share $.11 per share for the year and quarter.

Net sales in the Paint Stores Group increased 10.9% to $6.00 billion in the year and increased 17.6% to $1.46 billion in the quarter due primarily to higher architectural paint sales volume across all end market segments and acquisitions. Acquisitions increased net sales 2.2% in the year and 7.5% in the quarter. Net sales from stores open for more than twelve calendar months increased 7.8% in the year and 9.2% in the quarter over last year’s comparable periods. Paint Stores Group segment profit increased to $990.5 million in the year from $861.8 million last year due primarily to higher paint sales volume partially offset by increases in selling, general and administrative expenses and the loss from acquisitions. Segment profit decreased to $168.5 million in the quarter from $181.5 million last year due primarily to the loss from acquisitions partially offset by higher paint sales volume. Acquisitions had an unfavorable impact on segment profit of $43.1 million in the year and $40.4 million in the quarter 2013. Segment profit as a percent to net sales increased in the year to 16.5% from 15.9% in 2012 and

 

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The following information was filed by Sherwin Williams Co (SHW) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Income
Statements Of Consolidated Income (parenthetical)
Statements Of Consolidated Income Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Shareholders' Equity
Statements Of Consolidated Shareholders' Equity (parenthetical)
- Fair Value Measurements On Recurring Basis (details)
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Capital Stock
Capital Stock (details)
Capital Stock (tables)
Debt
Debt (details Textual 1)
Debt (details Textual)
Debt (details)
Debt (tables)
Exit Or Disposal Activities
Exit Or Disposal Activities (details)
Exit Or Disposal Activities (tables)
Exit Or Disposal Activities Exit Or Disposal Activities (textuals) (details)
Goodwill, Intangible And Long-lived Assets
Goodwill, Intangible And Long-lived Assets (details 1)
Goodwill, Intangible And Long-lived Assets (details Textual)
Goodwill, Intangible And Long-lived Assets (details)
Goodwill, Intangible And Long-lived Assets (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Litigation
Litigation Litigation (details)
Net Income Per Common Share
Net Income Per Common Share (details)
Net Income Per Common Share (tables)
Operating Leases
Operating Leases (details Textual)
Operating Leases (details)
Operating Leases (table)
Other
Other (details)
Other (tables)
Other (textual) (details)
Other Long-term Liabilities
Other Long-term Liabilities (details)
Pension Health Care And Postretirement Benefits Other Than Pensions (details 5)
Pension Health Care And Postretirement Benefits Other Than Pensions (details Textual)
Pension, Health Care And Postretirement Benefits Other Than Pensions
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 1)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 2)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 3)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details 4)
Pension, Health Care And Postretirement Benefits Other Than Pensions (details)
Pension, Health Care And Postretirement Benefits Other Than Pensions (tables)
Reportable Segment Information
Reportable Segment Information (details Textual)
Reportable Segment Information (details)
Reportable Segment Information (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details 3)
Significant Accounting Policies (details Textual)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Long-term Debt (details)
Significant Accounting Policies - Non-traded Investments (details Textual)
Significant Accounting Policies Accounting Policies - Warranties (details)
Stock Purchase Plan And Preferred Stock
Stock Purchase Plan And Preferred Stock (details Textual)
Stock- Based Compensation (details 1)
Stock- Based Compensation (details 2)
Stock- Based Compensation (details Textual)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Summary Of Quarterly Results Of Operations (details)
Summary Of Quarterly Results Of Operations (tables)
Summary Of Quarterly Results Of Operations (unaudited)
Valuation And Qualifying Accounts And Reserves (schedule Ii)
Valuation And Qualifying Accounts And Reserves (schedule Ii) (details)
Ticker: SHW
CIK: 89800
Form Type: 10-K Annual Report
Accession Number: 0000089800-14-000045
Submitted to the SEC: Thu Feb 27 2014 2:26:31 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Retail Building Materials Hardware Garden Supply

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