Sherwin-Williams recorded fourth quarter sales of $1.28 billion, up 11.1% over the same quarter one year ago. The company’s full-year sales rose 4.3% to $5.41 billion. Net income for the fourth quarter rose 24.1% to $70.8 million and income, before cumulative effect of change in accounting principles, rose 6.9% to $332.1 million.
Strong domestic architectural paint sales, an increasingly favorable DIY market and improving commercial architectural, industrial maintenance and product finishes sales were primarily responsible for the sales gain recorded in the fourth quarter. The company reported that strong domestic architectural paint sales that continued to gain momentum throughout the year helped to offset soft domestic commercial architectural, industrial maintenance and product finishes sales in the first three quarters of 2003. Sherwin-Williams reported that its domestic automotive refinish business was sluggish all year.