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Sherwin Williams Co (SHW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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 2015 Year-end Financial Results

 

    Consolidated net sales for the year increased 1.9% to a record $11.34 billion

 

    Full year diluted net income per common share increased 27.1% to a record $11.16 per share

 

    Earnings before interest, taxes, depreciation and amortization increased $287.9 million in the year to a record $1.81 billion

 

    Net operating cash increased $365.9 million to a record $1.45 billion

 

    The Company anticipates diluted earnings per share for 2016 in the range of $12.20 to $12.40 per share

CLEVELAND, OHIO, January 28, 2016 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2015. Compared to the same periods in 2014, consolidated net sales increased $209.8 million, or 1.9%, to $11.34 billion in the year and increased $35.2 million, or 1.4%, to $2.60 billion in the quarter due primarily to higher paint sales volume in our Paint Stores and Consumer Groups. Unfavorable currency translation rate changes decreased consolidated net sales 3.3% in the year and 3.6% in the quarter.

Diluted net income per common share in the year increased to $11.16 per share from $8.78 per share in 2014 and increased in the quarter to $2.12 per share compared to $1.37 per share a year ago. The increases in full year and fourth quarter diluted net income per common share were due primarily to improved operating results of the Paint Stores and Consumer Groups. Unfavorable currency translation rate changes decreased diluted net income per common share by $.26 per share for the year and $.06 per share in the quarter.

Net sales in the Paint Stores Group increased 5.2% to $7.21 billion in the year and increased 5.9% to $1.68 billion in the quarter due primarily to higher architectural paint sales volume across all end market segments. Net sales from stores open for more than twelve calendar months increased 4.2% in the year and 5.1% in the quarter over last year’s comparable periods. Paint Stores Group segment profit increased to $1.43 billion in the year from $1.20 billion last year and increased to $316.1 million in the quarter from $247.5 million last year due primarily to higher paint sales volume. Segment profit as a percent to net sales increased in the year to 19.9% from 17.5% in 2014 and increased in the quarter to 18.9% from 15.6% last year.

Net sales of the Consumer Group increased 11.1% to $1.58 billion in the year and increased 13.6% to $314.6 million in the quarter due primarily to sales of HGTV HOME® by Sherwin-Williams paint to Lowe’s stores. Segment profit increased to $308.8 million in the year from $252.9 million last year and increased $20.6 million to $50.9 million from $30.3 million last year due primarily to improved operating efficiencies. As a percent to net external sales, segment profit increased in the year to 19.6% from 17.8% in 2014 and increased in the quarter to 16.2% from 11.0% last year.

The Global Finishes Group’s net sales stated in U.S. dollars decreased 7.9% to $1.92 billion in the year and decreased 9.5% to $454.8 million in the quarter. Unfavorable currency translation rate changes decreased net sales 7.5% and 7.1% in the year and quarter, respectively. Stated in U.S. dollars, segment profit in the year was essentially flat at $201.9 million compared to $201.1 million last year due primarily to decreasing raw material costs and good cost control partially offset by unfavorable currency translation rate changes and a gain on the early termination of a customer agreement in the third quarter 2014. Segment profit increased in the quarter to $50.6 million from $39.0 million last year due primarily to decreasing raw material costs and good cost control partially offset by unfavorable currency translation rate changes. Unfavorable foreign currency translation rate changes decreased segment profit $26.5 million in the year and $4.9 million in the quarter. As a percent to net external sales, segment profit was 10.5% in twelve months 2015 compared to 9.7% in 2014 and 11.1% in the quarter versus 7.8% last year.

 

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The following information was filed by Sherwin Williams Co (SHW) on Thursday, January 28, 2016 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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Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts And Reserves (schedule Ii)
Valuation And Qualifying Accounts And Reserves (schedule Ii) (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Income
Statements Of Consolidated Shareholders' Equity
Statements Of Consolidated Shareholders' Equity (parenthetical)
Acquisitions
Acquisitions (details)
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 (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 (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 (tables)
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 4)
Significant Accounting Policies (details Textual)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Fair Value Measurements On Recurring Basis (details)
Significant Accounting Policies - Long-term Debt (details)
Significant Accounting Policies - Non-traded Investments (details Textual)
Stock Purchase Plan And Preferred Stock
Stock Purchase Plan And Preferred Stock (details Textual)
Stock-based Compensation
Stock-based Compensation (details 1)
Stock-based Compensation (details 2)
Stock-based Compensation (details Textual)
Stock-based Compensation (details)
Stock-based Compensation (tables)
Summary Of Quarterly Results Of Operations
Summary Of Quarterly Results Of Operations (details)
Summary Of Quarterly Results Of Operations (tables)
Ticker: SHW
CIK: 89800
Form Type: 10-K Annual Report
Accession Number: 0000089800-16-000026
Submitted to the SEC: Wed Feb 24 2016 2:23:45 PM EST
Accepted by the SEC: Wed Feb 24 2016
Period: Thursday, December 31, 2015
Industry: Retail Building Materials Hardware Garden Supply

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