Sherwin-Williams sales are down, but expectations up

Cleveland, Ohio-based paint manufacturer Sherwin-Williams reported net income for the fourth quarter ended Dec. 31 at $65.3 million, up 30.2% from $50.2 million in the same quarter last year. Sales for the quarter were $1.59 billion, down 5.9% from $1.69 billion as reported for the fourth quarter of 2008.

For the full year, the company reported a net income of $435.8 million, down 8.6% from $476.9 million as reported last year. Sales for the year were $7.09 billion, down 11.1% from $7.98 billion from 2008.

“While we are disappointed that our full-year sales and earnings fell short of the prior year, we are encouraged by our earnings performance in the last half of the year resulting primarily from the appropriate steps taken by our operating segments to control costs and improve efficiencies,” said Christopher Conner, chairman and CEO.

Conner said that the company is starting to see sales stabilize in certain market segments, however demand in most markets remains weak. “We continue to focus on volume growth opportunities, primarily through share gain, by capitalizing on our controlled distribution network and strong brands,” he said.