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Sherwin Williams Co (SHW) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

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 2011 Year-end Financial Results

 

   

Consolidated net sales for the year increased 12.7% to a record $8.77 billion

 

   

Diluted net income per common share was $4.14 per share in twelve months 2011, including a $.70 per share charge related to the IRS settlement, compared to $4.21 per share last year

 

   

Year-end working capital ratio (accounts receivable plus inventories less accounts payable to sales) improved to 10.9% from 11.9% last year

 

   

Net operating cash was $735.8 million

 

   

Anticipates diluted earnings per share for 2012 in the range of $5.37 to $5.67 per share

CLEVELAND, OHIO, January 26, 2012 — The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2011. Compared to the same periods in 2010, consolidated net sales increased $989.3 million, or 12.7%, to $8.77 billion in the year and increased $174.8 million, or 9.2%, to $2.07 billion in the quarter due primarily to selling price increases, acquisitions, and higher paint sales volume in our Global Finishes and Latin America Coatings Groups. Acquisitions increased consolidated net sales 4.5% in the year. Currency translation rate changes increased consolidated net sales 0.7% in the year and decreased consolidated net sales 1.2% in the quarter.

Diluted net income per common share in the year decreased to $4.14 per share from $4.21 per share in 2010, including an increase in income tax expense of $.70 per share relating to the IRS settlement and asset impairment charges of $.03 per share in 2011 versus $.04 per share in 2010. Charges relating to costs to repurchase long-term debt and an increase in income taxes related to the Health Care and Education Reconciliation Act of 2010, net of the favorable impact of the disposition of closed manufacturing sites, reduced diluted net income per common share $.18 per share in the year 2010. For the year, favorable currency translation rate changes of $.05 per share more than offset the dilution from acquisitions of $.04 per share. Diluted net income per common share was $.14 per share in the quarter compared to $.67 per share a year ago, including the IRS settlement and asset impairment charges noted above for the fourth quarter 2011 and 2010, respectively. Acquisitions and currency translation rate changes had an unfavorable impact on fourth quarter diluted net income per common resulting in a reduction of $.03 per share.

Effective with the fourth quarter 2011, the Company has expanded its Reportable Operating Segments from three to four due to the continued revenue growth and geographic expansion of our Global Finishes Group. The Latin America Coatings Group, previously aggregated within the Global Finishes Group, will now stand on its own as an individual Reportable Operating Segment. This change allows for a clearer view of our business results. Historical business segment information has been updated to reflect this change in Reportable Operating Segments.

Net sales in the Paint Stores Group increased 9.1% to $4.78 billion in the year and increased 13.5% to $1.13 billion in the quarter due primarily to selling price increases and improving domestic architectural paint sales volume across most segments. Net sales from stores open for more than twelve calendar months increased 8.3% in the year and 12.7% in the quarter over last year’s comparable periods. Paint Stores Group segment profit increased to $645.7 million in the year from $619.6 million last year and decreased $1.4 million to $133.4 million in the quarter from $134.8 million last year. Segment profit in the year increased due to selling price increases partially offset by raw material cost increases and increases in selling, general, and administrative expenses to maintain customer service. Segment profit in the quarter decreased due primarily to continuing raw material cost increases and increases in selling, general, and administrative expenses, and increased asset impairment charges offset by selling price increases and higher paint sales volume. Segment profit as a percent to net sales decreased in the year to 13.5% from 14.1% in 2010 and decreased in the quarter to 11.8% from 13.5% last year. Trademark impairment charges were $4.7 million in the year and fourth quarter 2011 compared to $0.1 million in the year and fourth quarter 2010.


The following information was filed by Sherwin Williams Co (SHW) on Thursday, January 26, 2012 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 Shareholders' Equity And Comprehensive Income
Statements Of Consolidated Shareholders' Equity And Comprehensive Income (parenthetical)
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 Textual)
Exit Or Disposal Activities (details)
Exit Or Disposal Activities (tables)
Goodwill, Intangible And Long-lived Assets
Goodwill, Intangible And Long-lived Assets (details 1)
Goodwill, Intangible And Long-lived Assets (details 2)
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
Loss On Dissolution Of A Foreign Subsidiary
Loss On Dissolution Of A Foreign Subsidiary (details Textual)
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 Textual)
Other (details)
Other (tables)
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 1)
Significant Accounting Policies (details 2)
Significant Accounting Policies (details 3)
Significant Accounting Policies (details 4)
Significant Accounting Policies (details Textual)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
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)
Ticker: SHW
CIK: 89800
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-075061
Submitted to the SEC: Thu Feb 23 2012 3:07:32 PM EST
Accepted by the SEC: Thu Feb 23 2012
Period: Saturday, December 31, 2011
Industry: Retail Building Materials Hardware Garden Supply

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