Sherwin-Williams crosses the $1 billion income mark

The Sherwin-Williams Company has its financial results for the fourth quarter and full year ended Dec. 31, and it looks as though 2015 was a bit of a record year for the company.

"It is gratifying to report another year of record performances in sales, net income, which surpassed $1.0 billion for the first time, earnings per share, earnings before interest, taxes, depreciation and amortization and net operating cash," said president and CEO John Morikis.

Full-year net income of $1.05 billion marked the first time the company crossed the billion mark in income. That's up from $865.89 million in 2014.

Net sales for the year put Sherwin-Williams at $11.34 billion, up from $11.13 billion the year before.

For the three-month period ended Dec. 31, sales of $2.60 billion represented a 1.4% increase over last year. Meanwhile, net income of $198.0 million was up from $132.7 million in 2014.

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.

"Over the past year, our Paint Stores Group grew architectural sales volume across every end market segment and delivered positive operating results," added Morikis. "The Consumer Group improved its operating results through improved operating efficiencies. The HGTV HOME by Sherwin-Williams paint program continues to drive sales improvements in Consumer Group. Our Global Finishes Group improved segment profit as a percent to sales through greater operating efficiencies and good cost control. The Latin America Coatings Group continues to manage through the negative effects of currency devaluation and weak end market demand in some geographies by raising selling prices and good cost control."