Sherwin-Williams sales up 18% for Q4

Cleveland-based Sherwin-Williams reported fourth-quarter net income of $72.9 million, up 11.6% from $65.3 million reported for the same period last year.

Sales for the quarter ended Dec. 31 were $1.89 billion, up 18.8% from $1.59 billion reported for the same period in 2009.

For the full year, the company reported net income of $462.4 million, up 6.1% from $435.8 million for fiscal year 2009.

Sales for 2010 totaled $7.77 billion, up 9.5% from $ 7.09 billion reported last year.

“We are pleased that all of our operating segments achieved sales and operating profit growth on a year-over-year basis in this continuing uncertain environment,” said Christopher Connor, chairman and CEO. “Our operating segments continue to control costs and have implemented price increases to offset the current raw material increases.

Comp-store sales increased 8.6% in the quarter and 3.8% for the full year.

By segment, net sales in the Paint Stores Group increased 8.6% to $999.3 million in the quarter and increased 4.1% to $4.38 billion in the year, due primarily to selling price increases and improving domestic paint sales to residential repaint contractors and DIY customers.

Consumer Group net sales increased 6.2% to $255.0 million in the quarter and 5.9% to $1.30 billion in the year, due primarily to improving demand at some of the segment’s retail, industrial and institutional customers.

The Global Finishes Group’s net sales increased 46.4% to $640.1 million in the quarter, due primarily to acquisitions, higher paint sales volume and selling price increases.

Looking forward, Conner said the company anticipates net sales to increase in the mid to high teens for the first quarter of 2011, with full-year net sales to increase by a high single-digit percentage.