SHW Plans To Acquire Comex Business In Mexico
Mar 7 14
The Sherwin-Williams Company (NYSE:SHW) is planning to acquire Comex business in Mexico. SWH met with the Federal Economic Competition Commission in Mexico to discuss the company's ongoing effort to acquire the Comex business in Mexico. The purpose of this meeting was to discuss various issues relating to potential remedies required by the Commission as a condition of regulatory approval of the transaction. Sherwin-Williams have not re-filed its appeal with the Commission.
The Sherwin-Williams Company Declares Increased Quarter Dividend Payable on March 14, 2014
Feb 19 14
The Board of Directors of The Sherwin-Williams Company announced an increase in its quarterly dividend from $0.50 per common share to $0.55 per common share, payable on March 14, 2014, to shareholders of record on March 3, 2014. This increase follows 35 consecutive years of dividend increases.
The Sherwin-Williams Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014
Jan 30 14
The Sherwin-Williams Company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $2,457,058,000 compared with $2,221,870,000 for the same period a year ago. Income before income taxes was $149,228,000 compared with $94,193,000 for the same period a year ago. Net income was $116,123,000 or $1.14 per diluted share compared with $68,052,000 or $0.65 per diluted share for the same period a year ago.
For the full year, the company reported net sales of $10,185,532,000 compared with $9,534,462,000 for the same period a year ago. Income before income taxes was $1,085,958,000 compared with $907,309,000 for the same period a year ago. Net income was $752,561,000 or $7.26 per diluted share compared with $631,034,000 or $6.02 per diluted share for the same period a year ago. In 2012, the company generated net operating cash flow of $887.9 million.
In the first quarter of 2014, the company anticipated consolidated net sales will increase 7% to 12% compared to the first quarter of 2013. At that anticipated sales level, the company estimated diluted net income per common share in the first quarter of 2014 will be in the range of $0.95 to $1.15 per share compared to $1.11 per share earned in the first quarter of 2013. This guidance includes expectation that the Comex stores in the U.S. and Canada will contribute $97 million to $107 million to net sales and negatively impact diluted net income per common share $0.15 to $0.25 per share in the first quarter.
For the full year 2014, the company expected consolidated net sales to increase 8% to 13% compared to full year 2013. With annual sales at that level, the company anticipated diluted net income per common share for 2014 will be in the range of $8.12 to $8.32 per share compared to $7.26 per share earned in 2013. This annual guidance includes expectation that the Comex acquisition will increase net sales by a low single digit percentage in the year and negatively impact diluted net income per common share $0.45 to $0.55 per share in 2014.
Santa Clara Superior Court Judge Issues Final Verdict Ordering Sherwin Williams, National Lead and ConAgra
Jan 8 14
On January 7, 2014, Santa Clara Superior Court Judge James P. Kleinberg issued his final verdict ordering Sherwin Williams, National Lead and ConAgra to pay $1.15 billion into a fund to remove lead paint from homes in various counties and cities in California. This decision is the large public nuisance award in history of the State of California and comes after 13 years of vigorous litigation. The case has already gone up to the Court of Appeal twice and the California Supreme Court once. The Court increased the final verdict and Judgment from the tentative 1.1 billion to 1.15 billion by increasing the amount payable for the cost of remediation. The court has now rejected the paint companies' latest arguments contesting their liability after the judge's tentative ruling of December 16, 2013.
The Sherwin-Williams Company to Report Q4, 2013 Results on Jan 30, 2014
Dec 27 13
The Sherwin-Williams Company announced that they will report Q4, 2013 results at 9:00 AM, Eastern Standard Time on Jan 30, 2014