Financial News

Sherwin-Williams Reports 2009 Year-End Financial Results

March 16, 2010

Sherwin-Williams announced its financial results for the fourth quarter and year ended December 31, 2009. Compared to the same periods last year, consolidated net sales decreased 5.9% to $1.60 billion in the quarter and 11.1% to $7.09 billion in the year due primarily to weak paint sales volume. Currency translation rate changes increased consolidated net sales two percent in the quarter and decreased consolidated net sales 1.3% in the year. Acquisitions were not significant to consolidated net sales in the quarter or year. Net sales in the Paint Stores Group decreased 11.4% in the quarter to $920.2 million and 12.9% in the year to $4.21 billion due primarily to decreased paint volume sales. Net sales of the Consumer Group decreased 2.2% to $240.1 million in the quarter and 3.7% to $1.23 billion in the year. The sales declines were due primarily to lower volume sales to most of the Group’s retail customers. Net sales of the Global Finishes Group increased 5.5% to $437.1 million in the quarter when stated in U.S. dollars due primarily to favorable currency translation rate changes. Net sales decreased 11.4% in the year to $1.65 billion when stated in U.S. dollars due primarily to lower paint sales volume and unfavorable currency translation rate changes that were partially offset by acquisitions and selling price increases.