Cleveland, OH, February 4--Paintmaker and retailer Sherwin-Williams reported earnings in the fourth quarter that increased 16.5 percent on sales increases and recent acquisitions. The company earned $82.5 million, or 57 cents per share, up from $70.8 million, or 48 cents a share, in the same quarter of 2003.
For all of 2004, the company earned $393.3 million, or $2.72 per share, bettering the 2003 showing of $332.1 million, or $2.26 per share.
Both the fourth quarter and annual results were one cent per share higher than the average expectation of analysts surveyed by Thomson First Call.
The company said fourth-quarter sales grew 16.7 percent to $1.5 billion from $1.3 billion a year ago. Sales for the full year were $6.1 billion, 13 percent higher than in 2003.
The results include the September acquisitions of Duron Inc. and Paint Sundry Brands Corp. Acquisitions increased sales 10 percent in the fourth quarter and 4.1 percent for all of 2004, the company said.
Sales in the company Paint Store Segment increased 22.8 percent in the fourth quarter to $1.02 billion and 14.6 percent for the year to $3.98 billion.
The company said the increased net sales in both periods were due primarily to continuing strong domestic architectural paint sales to contractor and DIY customers and improvement of industrial maintenance and product finishes sales.
Same store sales increased 10.9 percent in the fourth quarter and 10.1 percent for the full year.
The company estimated first-quarter earnings to be in range from 48 cents to 53 cents a share.
