Sherwin-Williams profits slump
Sherwin-Williams, the paint and coatings manufacturer, posted fourth quarter 2018 consolidated net sales of $4.06 billion marking more than a 2% increase from consolidated net sales of $3.98 billion.
Full-year 2018 net sales increased 17% to $17.53 billion from net sales of $14.98 billion.
The Cleveland, Ohio-based company reported a net income of $101 million for the quarter, down from a net income of $853 million in the fourth quarter 2017. For the year, Sherwin-Williams posted a net income of $1.1 billion down from a net income of $1.7 billion a year ago.
Net sales in the company’s The Americas Group increased 5.6% to $9.63 billion in the year and increased 3% to $2.25 billion in the quarter due primarily to higher architectural paint sales volume across most end market segments and selling price increases.
Net sales from stores in U.S. and Canada open for more than 12 calendar months increased 5.1% for the year and 2.9% in the quarter compared to the same period a year ago.
Net sales of the Consumer Brands Group increased 27.1% to $2.74 billion in the year due primarily to incremental Valspar sales, selling price increases and a new customer program. For the fourth quarter, net sales in the Consumer Brands Group decreased 6.5% to $534.4 million in the quarter due primarily to lower volume sales to some of the Group's retail customers and the new revenue standard, partially offset by a new customer program and selling price increases.
The Performance Coatings Group's net sales increased 39.4% to $5.17 billion in the year due primarily to incremental Valspar sales and selling price increases. Net sales for the group increased 4.6% to $1.27 billion in the quarter due primarily to selling price increases.
"Sherwin-Williams delivered record results in 2018 despite a fourth quarter that was below our expectations,” said John Morikis, Chairman, president, CEO and chairman of Sherwin-Williams.
Full-year 2018 net sales increased 17% to $17.53 billion from net sales of $14.98 billion.
The Cleveland, Ohio-based company reported a net income of $101 million for the quarter, down from a net income of $853 million in the fourth quarter 2017. For the year, Sherwin-Williams posted a net income of $1.1 billion down from a net income of $1.7 billion a year ago.
Net sales in the company’s The Americas Group increased 5.6% to $9.63 billion in the year and increased 3% to $2.25 billion in the quarter due primarily to higher architectural paint sales volume across most end market segments and selling price increases.
Net sales from stores in U.S. and Canada open for more than 12 calendar months increased 5.1% for the year and 2.9% in the quarter compared to the same period a year ago.
Net sales of the Consumer Brands Group increased 27.1% to $2.74 billion in the year due primarily to incremental Valspar sales, selling price increases and a new customer program. For the fourth quarter, net sales in the Consumer Brands Group decreased 6.5% to $534.4 million in the quarter due primarily to lower volume sales to some of the Group's retail customers and the new revenue standard, partially offset by a new customer program and selling price increases.
The Performance Coatings Group's net sales increased 39.4% to $5.17 billion in the year due primarily to incremental Valspar sales and selling price increases. Net sales for the group increased 4.6% to $1.27 billion in the quarter due primarily to selling price increases.
"Sherwin-Williams delivered record results in 2018 despite a fourth quarter that was below our expectations,” said John Morikis, Chairman, president, CEO and chairman of Sherwin-Williams.