Cleveland, OH, Feb. 5--Sherwin-Williams Co.'s fourth-quarter earnings rose 24 percent, aided by improved sales overseas and at its U.S. paint stores.
The paint maker said Thursday it earned $70.8 million, or 48 cents per share, on fourth-quarter sales of $1.28 billion, up from fourth-quarter 2002 profits of $57.1 million, or 38 cents per share, on sales of $1.16 billion.
First Call expected earnings of 45 cents per share.
Fourth-quarter 2003 sales in the company's paint store segment increased 9.7 percent, helped in part by improved sales to do-it-yourselfers. International coatings segment sales increased 53 percent to $90 million and car finishing sales rose 8.6 percent to $114 million.
For 2003, Sherwin-Williams earned $332 million, or $2.26 per share, on sales of $5.41 billion. The company earned $128 million, or 84 cents per share, on sales of $5.18 billion in 2002, when it took a $183 million charge for an accounting change.
